The global bunker fuel market is projected to reach around US$399.59 billion by the end of 2027

“Asia Pacific region dominated the global bunker fuel market in 2019, accounting for 39.3% share in terms of value, followed by Europe and Middle East & Africa, respectively.”

Bunker fuel is meant to be used by the shipping industry for fueling its marine fleet. Fuel oil is mostly used as a bunker oil in shipping industry. Bunker fuel is classified into distillates and residual fuel oils. In general term bunker fuel is any fuel that is burned in boiler or furnace for the generation of power in the engine.

This report provides in-depth analysis of the global bunker fuel market and provides market size (US$ Billion & Million Tons) and compound annual growth rate (CAGR %) for the forecast period (2020-2027), considering 2019 as the base year.Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics.

This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategies adopted by key players

Major Players Covered in Keyword Report are: Chemoil Energy Limited, Aegean Marine Petroleum Network, Inc., World Fuel Services Corporation, Gulf Agency Company Ltd., Gazpromneft Marine Bunker LLC, BP Marine Ltd., Exxon Mobil Corporation, Royal Dutch Shell plc, Bunker Holding A/S, and Lukoil-Bunker LLC

Market Opportunities

Increasing production of bunker oil for the shipping industry is expected to offer potential market opportunities over the forecast period. For instance, in March 2020, Sinopec has announced that its Guangzhou refinery has started producing very low sulfur fuel oil (VLSFO) for the shipping market. Thus, growing production of the bunker fuel to cater to rising demand around the globe is projected to favor the market growth in the near future.

It profiles key players in the global bunker fuel market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans.

Market Trends

Product innovation by key manufacture in marine fuel is a growing trend in the market and this is expected to augment the market growth of bunker fuel. For instance, in August 2019, Neste has announced the launch of low-sulfur marine fuels to help ships meet upcoming International Maritime Organization (IMO) regulations on sulfur dioxide emissions. Thus, continues product innovation by key manufacturers is expected to foster market growth.

Global Bunker Fuel Market - Impact of Coronavirus (Covid-19) Pandemic-

Curtailment of global economic activity has put a break on fuel oil use for shipping. As a result of Covid-19, container trade volumes and container port volumes have declined for first months of 2020. According to International Transport Forum, global container trade volumes declined by 8.6% in February 2020 compared to same month of 2019.  The main response of carriers to falling demand has been to reduce supply. Ship operators have massively started idle vessels by cancelling services. According to International Transport Forum, The share of idle container ship capacity reached 2.5 million Twenty-foot Equivalent Units (TEU) or 10.6% of capacity in early March 2020. This is expected to reduce demand for marine fuels. According to Coherent Market Insights, bunker fuel market is expected to grow at a lower CAGR between 2020 and 2021.

Detailed Segmentation:
• Global Bunker Fuel Market, By Fuel Grade:
◦ IFO 380
◦ IFO 180
◦ IFO Others
◦ MDO/MGO
• Global Bunker Fuel Market, By Vessel Type:
◦ Tankers
◦ Containers
◦ Bulk & General Cargo
◦ Others
• Global Bunker Fuel Market, By Seller:
◦ Major Oil Companies
◦ Leading Independent Distributors
◦ Small Independent Distributors

Few Recent Developments

In January 2017, Aegean Marine Petroleum Network Inc. announced the launch of a new service center in Rostock. The operations at Rostock will be managed by the existing team at OBAST Bunkering & Trading GmbH (“OBAST”), a physical bunker supplier, and cargo oil trader.

Keyword 2020-2027: Key Highlights

• CAGR of the market during the forecast period 2020-2027
• Detailed information on factors that will assist Keyword growth during the next five years
• Estimation of the Keyword size
• Predictions on upcoming trends and changes in supplier behavior
• The growth of the Keyword
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of Keyword vendors

Contact Us:
Name: Mr. Shah
Phone: US +12067016702 / UK +4402081334027
Email: sales@coherentmarketinsights.com

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

This release was published on openPR.