Press release
Singapore Bunker Fuel Market Development Status & Growth Projection to 2030
According to the report published by Allied Market Research, the Singapore bunker fuels market was estimated at $17.6 billion in 2020 and is expected to hit $24.5 billion by 2030, registering a CAGR of 3.5% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.Rise in offshore exploration & production (E&P) activity and increase in seaborne trade across the Asia-Pacific region are the factors that drive the growth of the Singapore bunker fuel market during the forecast period. In addition, IMO's regulations of sulfur cap for marine fuels are also expected to drive the growth of the bunker fuel market during the analyzed time frame. Moreover, increase in utilization of LNG as a marine fuel is anticipated to fuel the growth of the Singapore bunker fuel market from 2021 to 2030. High investment cost involved in development of bunker fuel infrastructure and regulatory framework is anticipated to hamper the growth of the bunker fuel market. In addition, rapid growth of bunkering ports in Asia-Pacific region with the availability of compliant marine fuel is further expected to restrain the growth of the Singapore bunker fuel market in the upcoming years.
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The Singapore bunker fuels market is analyzed across type, commercial distributor, and application. Based on type, the LSFQ segment accounted for the major share in 2020, holding more than two-thirds of the total market. The same segment would also grow at the fastest CAGR of 18.3% throughout the forecast period.
Based on commercial distributor, the oil majors segment generated the highest share in 2020, accounting for around two-fifths of the total market. The same segment is also projected to manifest the fastest CAGR of 9.8% from 2021 to 2030.
Based on application, the container segment held the lion's share in 2020, garnering nearly one-fourth of the total market. The same segment is also expected to cite the fastest CAGR of 5.8% by the end of 2030. The other segments studied in the report include bunk carrier, oil tanker, general cargo, chemical tanker, fishing vessels, and gas tankers.
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The Singapore bunker fuel market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include BP Plc., Exxon Mobil Corporation, Equatorial Marine Fuel Management Services Pte. Ltd., Glencore Singapore Pte. Ltd., PetroChina International (Singapore) Pte. Ltd., Royal Dutch Shell Plc., Sentek Marine & Trading Pte. Ltd., SK Energy International Singapore Pte. Ltd., Total Energies, and Vitol Marine Fuels Pte. Ltd.
Other players operating in the value chain of the Singapore bunker fuel market are Global Energy Trading Pte. Ltd., Chevron Singapore Pte. Ltd., Eng Hua Company Pte Ltd., Maersk Oil Trading Singapore Pte Ltd., and others.
Get detailed COVID-19 impact analysis on the Singapore Bunker Fuel Market @ https://www.alliedmarketresearch.com/request-for-customization/14860?reqfor=covid
COVID-19 impact on the market:
The demand for marine fuel has decreased, owing to the COVID-19 pandemic across the world. According to the International Energy Agency (IEA), fuel oil demand for end uses including marine bunker, power generation, and industrial uses is expected to decline by 6.3% in 2020. Furthermore, as LNG and crude oil prices declined in the 2nd quarter of 2020, thus, the overall revenue of bunker fuel is likely to diminish in the year 2020. Owing to the implementation of IMO-2020 from January, there is increase in demand for very low sulfur fuel oil, but with the supply chain disruptions there will be ups and down in the low sulfur bunker fuel sales throughout 2020. In addition, high sulfur fuel oil demand has already been collapsed due to IMO regulation along with this COVID-19 pandemic also restrained the Singapore bunker fuel market growth in first 2 quarters of 2020 and increased in the last 2 quarters of 2020. Thus, overall growth of Singapore bunker fuel market seems to be steady in the year 2020.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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