Bunker Fuel Market Scenario Highlighting Major Drivers and Business Growth

Rise in offshore oil & gas exploration activities and the international maritime organization (IMO) regulations on sulfur content in marine fuel have boosted the growth of the global bunker fuel market. On the contrary, fuel reduction initiatives taken by the shipping community hamper the market growth. On the contrary, more focus toward LNG as an alternative marine fuel is expected to open new opportunities in the future.

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Surge in marine trade increased the demand for bunker fuel and bunkering services. Increase in oil & gas exploration activities in emerging oil regions drives the growth of the bunker fuel market as many bunker fuel suppliers changed their focus of operation to these offshore resource sites. Stringent environmental regulations regarding marine environment, the shipping industry decided to reduce the use of residual fuel oil that contains contaminants, including nitrogen and sulfur. The shipping industry focus toward new alternative such as liquefied natural gas (LNG), which is less harmful to the marine environment.

Depending on the type, the low sulfur fuel oil segment held the highest bunker fuel market share of around 65.17% in 2020, and is expected be dominant during the forecast period. This is due to implementation of IMO-2020, hence there will be decrease in demand for HSFO, which, in turn, is expected to fuel the market growth for low sulfur fuel oil in the future.

Depending on commercial distributor, the oil major segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to dominance of oil majors in the crude oil tanker chartering business across the globe.

By type, the LSFO segment held the lion's share in 2020, accounting for nearly two-thirds of the market. However, the segment is projected to portray the highest CAGR of 4.7% during the forecast period, due to rise in maritime trade activities to transport heavy goods, chemicals, equipment, and other bulk materials. The report includes analysis of the segments such as HSFO, MGO, and others.

By commercial distributor, the large independent segment is anticipated is estimated to register the highest CAGR of 4.7% from 2021 to 2030, due to presence of blending facilities, storage terminals, financial stability, and others in these companies. However, the oil major segment held the lion's share in 2020, contributing to more than two-fifths of the market, due to the highest revenues of the companies and dominance in crude oil tanks chartering business.

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By region, the global market across Asia-Pacific is anticipated to register the highest CAGR of 4.7% during the forecast period. In addition, the region held the largest share in 2020, accounting for nearly half of the market, due to presence of huge consumer base and surge in maritime trade activities. The market across North America is expected to register the second-highest CAGR of 4.3% during the forecast period.

The global bunker fuel market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include BP p.l.c., Exxon Mobil Corporation, Royal Dutch Shell PLC., Lukoil, Sinopec Group, Gazprom Neft PJSC, Chevron Corporation, PETRONAS, Total SE, and Neste.
Other players operating in the value chain of the global bunker fuel market are Saudi Arabian Oil Company, Marathon Petroleum Corporation, Valero Energy Corporation, Minerve Bunkering, World Fuel Services Corporation, Gac Bunker Fuels Limited, and Bomin Bunker Oil Corp.

KEY FINDINGS OF THE STUDY
• In 2020, low sulfur fuel oil segment accounted for majority of the share of the global bunker fuel market, and is expected to down throughout the bunker fuel market forecast period.
• In 2020, the oil major segment accounted for about 44.9% of the share in the global bunker fuel market, and is expected to maintain its dominance till the end of the forecast period.
• The container segment is accounted for 22.8% market share in the year 2020, and is anticipated to grow at a rate of 4.6% in terms of revenue, increasing its share in the global bunker fuel market.
• Low sulfur fuel oil is the fastest-growing fuel type in the Asia-Pacific bunker fuel market, expected to grow at a CAGR of 5.2% during 2021-2030.
• Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 4.7%, throughout the forecast period.
• In 2020, Asia-Pacific dominated the global bunker fuel market with more than 47.04% of the share, in terms of revenue.

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