Bunker Fuel Market 2020 Will Grow at Significant CAGR of 9.50% by 2027 With Global Players - Total, Marathon Petroleum Corporation, BP p.l.c., Gazprom, BP SINOPEC MARINE FUELS

Market Insights
Bunker fuel market will reach an estimated valuation of USD 322.18 billion by 2027, while registering this growth at a rate of 9.50% for the forecast period of 2020 to 2027. Bunker fuel market report analyses the growth, which is currently being growing due to the increase in maritime trade activities and seaborne trade.

Bunker fuel is the generic term given to any fuel delivered to ships of all states that are engaged in international navigation. It is utilized by shipping corporations to fuel their marine fleet by pouring the product into the ship’s bunker to power its engines. Residual fuel and distillate fuel are the two types of fuels mainly used in bunkers.

The technological development in vessels and their engines and expanding fleet size of shipping vessels are the key factors driving the bunker fuel market. The growth in commercialization and industrialization leading to rise in imports/exports in developing countries accelerates the market growth. The increasing number of shipping vessels to facilitate the movement of goods across different nations also increases the consumption of bunker fuels, hence escalates the market. Additionally, the growing hydrocarbon resource development activities in the offshore, high demand for fuel storage and the increasing demand for tankers shipping crude oil in emerging countries also expands the bunker fuel market growth in the forecast period of 2020 to 2027. Furthermore, increasing oil and gas exploration activities and vast unexplored reserves to meet growing demand of energy extend profitable opportunities to the market players.
On the other hand, the fuel reduction initiatives by the shipping community, environmental concerns associated with carbon footprint caused by moving vessels and technological advancements for fuel efficient vessels are projected to obstruct the market growth in the above mentioned forecast period.

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Major Market Players Covered in the Bunker Fuel Market Are:
The major players covered in the bunker fuel market report are Total, Marathon Petroleum Corporation, BP p.l.c., Gazprom, BP SINOPEC MARINE FUELS., World Fuel Services Corporation., BUNKER HOLDING, Exxon Mobil Corporation., Chevron Phillips Chemical Company., Royal Dutch ShellPlc, Neste, Brightoil Petroleum (Holdings) Limited., Saudi Arabian Oil Co., LUKOIL, GAC, Chemoil Energy Limited, KPI OCEANCONNECT, Bomin Bunker Holding, China Petrochemical Corporation., Minerva Bunkering, Petróleos Mexicanos., Petroliam Nasional Berhad (PETRONAS) among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.

Asia-Pacific dominates the bunker fuel market due to the high demand for energy which requires better transportation and infrastructure, increase in investments, technological developments and increase in population in this region.

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Global Bunker Fuel Market Scope and Market Size

Bunker fuel market is segmented on the basis of fuel, application and commercial distributor. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
• On the basis of fuel, the bunker fuel market is segmented into high sulfur fuel oil (HSFO), very low sulfur fuel oil (VLSFO), marine diesel oil (MDO) and liquefied natural gas (LNG).
• On the basis of application, the bunker fuel market is segmented into tanker fleet, glass container fleet, bulk and general cargo fleet and others.
• On the basis of commercial distributor, the bunker fuel market is segmented into major oil companies, leading independent and small independent.

Regional Analysis
• Middle East and Africa
• North America
• South America
• Europe
• Asia-Pacific

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Strategic Points Covered in Table of Content of Global Bunker Fuel Market:
1. Introduction
2. Market Segmentation
3. Market Overview
4. Executive Summary
5. Premium Insights
6. By Component
7. Product Type
8. Delivery
9. Industry Type
10. Geography
11. Company Landscape
12. Company Profiles
13. Related Reports

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