Bunker Fuel Market Outlook 2022-2027: Industry Size Reach US$ 203.7 Billion during Forecast Period

 According to the recent report by IMARC Group, titled "Bunker Fuel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," The global bunker fuel market reached a value of US$ 140.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 203.7 Billion by 2027, exhibiting a CAGR of 6.3% during 2022-2027.

Bunker fuel, commonly known as marine fuel, is a heavy residual oil utilized to power the engines or motors of the marine fleet. It is obtained after extracting diesel, gasoline, and other light hydrocarbons from crude oil during the fractional distillation in factories. Bunker fuel can be of various types, including marine diesel oil (MDO), liquefied natural gas (LNG), very low sulfur fuel oil (VLSFO), high sulfur fuel oil (HSFO), etc. It is a viscous liquid with a distinctive odor that consists of high sulfur content and can be reduced using several processes. A small quantity of lighter fuel, such as diesel, is often mixed to make bunker fuel less thick. Bunker fuel is used in containers, tankers, general cargo vehicles, bulk carriers, etc.

Global Bunker Fuel Market Trends

The elevating demand for international seaborne trade is among the primary factors stimulating the bunker fuel market. Besides this, the escalating oil and gas exploration activities in deep offshore areas are further augmenting the market growth. Apart from this, the rising need for bunker oil to refuel sea vessels during sailing is also catalyzing the global market. Moreover, owing to the growing environmental concerns, market players are investing in research and development (R&D) projects to develop clean, eco-friendly fuels, which is acting as another significant growth-inducing factor. Furthermore, the government bodies of various countries are strengthening geographical border security and increasing the number of naval fleets. This, in turn, is expected to bolster the bunker fuel market in the coming years. 

Request Free Sample Report: https://www.imarcgroup.com/bunker-fuel-market/requestsample

Global Bunker Fuel Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG), BP Plc, Chevron Corporation, Exxon Mobil Corporation, Gazprom Neft PJSC (Gazprom), LUKOIL, Neste Oyj, Petroliam Nasional Berhad (PETRONAS), Royal Dutch Shell Plc and TOTAL S.A.

The report has segmented the market on the basis on region, fuel type, vessel type and seller.

Breakup by Fuel Type:

High Sulfur Fuel Oil (HSFO)
Very Low Sulfur Fuel Oil (VLSFO)
Marine Diesel Oil (MDO)
Liquefied Natural Gas (LNG)

Breakup by Vessel Type:

Containers
Tankers
General Cargo
Bulk Carrier
Others

Breakup by Seller:

Major Oil Companies
Leading Independent Sellers
Small Independent Sellers

Breakup by Region:

North America:( United States, Canada)
Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico,Others)
Middle East and Africa

Ask Analyst for Customization and Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/bunker-fuel-market

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Key highlights of the report:

Market Performance (2016-2021)
Market Outlook (2022-2027)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Competitive landscape, etc. Click request free sample report, the report will be delivered to you in PDF format via email within 24 to 48 hours after the payment confirmation.

Browse Other Reports by IMARC Group:

Propylene Glycol Market: https://www.imarcgroup.com/propylene-glycol-technical-material-market-report-2

Thermal Ceramics Market: https://www.imarcgroup.com/thermal-ceramics-market

Aluminium Market https://www.imarcgroup.com/aluminium-market

China Citric Acid Market: https://www.imarcgroup.com/china-citric-acid-market

India Citric Acid Market: https://www.imarcgroup.com/india-citric-acid-market

Green Coatings Market: https://www.imarcgroup.com/green-coatings-market

Hydrazine Market: https://www.imarcgroup.com/hydrazine-market

Polybutadiene Rubber Market Size,- https://www.imarcgroup.com/polybutadiene-rubber-market

IMARC Group
30 N Gould St Ste R
Sheridan, WY 82801 USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800 |
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.