Bunker Fuel Market Research Predicts Strong Growth for Market by 2025 end Amidst Rising Demand : Minerve Bunkering, Marathon Petroleum Corporation, Gac Bunker Fuels Limited

Between 2019 and 2020, the world commercial fleet witnessed robust expansion by 81 million dwt (UNCTADstat). Bulk carriers have particularly been seeing noteworthy growth in terms of tonnage. It has been observed that LNG tankers are also gaining more prominence. An expanding fleet of both commercial, as well as recreational vessels having routine operations along international routes promise massive growth in bunker fuel consumption in the near future.

A new ongoing study of Fairfield Market Research suggests that the world trade is fast recovering after a significant setback throughout 2020. With supply chains, logistics, and shipping operations coming back on the track, bunker fuel sales are also regaining momentum. The report expects global bunker fuel market to benefit from the recently flourishing liquified natural gas (LNG) trade, and consequently growing preference for LNG-based vessels in trade.

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Opportunities Abound for Low-sulphur Oil, and LNG

Aggravating environmental concerns worldwide has been pushing industries toward adoption of clean/green fuels. The otherwise preferred heavy fuel oil (HFO) is thus expected to witness a significant fall in consumption in the near future. Since 2020, as the International Maritime Organization (IMO) imposed a 0.50% global sulphur cap, the market expects a steep drop in shares of heavy sulphur oils in the market. Similarly, the other popular bunker fuel choices such as intermediate fuel oil 380 (IFO 380), intermediate fuel oil 180 (IFO 180), marine diesel oil (MDO), marine gasoil (MGO), and marine fuel oil (MFO) are also projected to lose their shares in market. This will in contrary push both low-sulphur oil, and LNG as the newly preferred bunker fuel alternatives.

China Remains the Global Leader

Banking on the strongest contenders like China, Japan, India, Australia, and Singapore, Asia Pacific retains the top spot in global bunker fuel landscape. Chinese market especially remains at the forefront, with yearly market valuation of over US$10 Bn. Dominance of China has been attributed to the country's thriving marine trade scenes in addition to the scaling refining capacities.

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On its way to place itself as the world's most influential marine fuel hub, China is soon likely to outweigh other North Asian markets. Adopting the underbidding strategy, China continues to be the world's most dynamic container port that could manage to sustain the bunker fuel scenario despite all the disruptions amid COVID-19 pandemic. The country is also witnessing emergence of multiple ports over the recent past, which will remain the prime contributor to the expansion of bunker fuel landscape of Asia Pacific. The report also highlights lucrative opportunities in Australia and Singapore.

Bunker Fuel Market Competition :

1. Exxon Mobil Corporation
2. The PJSC Lukoil Oil Company
3. BP p.l.c.
4. Sinopec Group
5. Royal Dutch Shell PLC
6. Gazprom Neft PJSC
7. Total SE
8. PETRONAS Global
9. Chevron Corporation
10. Neste Oyj
11. Valero Energy Corporation
12. Bomin Bunker Oil Corp
13. Saudi Arabian Oil Company
14. Minerve Bunkering
15. Marathon Petroleum Corporation
16. Gac Bunker Fuels Limited
17. World Fuel Services Corporation.

are some of the leading competitors in the global bunker fuel landscape. Fairfield Market Research uncovers exclusive insights on the strategic developments of key companies, in the report.
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