Bunker Fuel Market is expected to reach US$ 192.09 Bn by the end of 2031|Key Players - Total S.A., ExxonMobil Corp & more

Bunker Fuel Market Forecast to 2031

By the end of 2031, the market for bunker fuel is anticipated to be worth US$ 192.09 billion. From 2022 to 2031, it is anticipated to expand at a CAGR of 7.49%.

Persistence Market Research predicts that during the assessment period of 2022-2301, the worldwide bunker fuel market will register a substantial market valuation and a strong growth rate. The market for bunker fuel has been expanding favourably during the past few years.

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Understanding several aspects of the global Bunker Fuel Market , Persistence Market Research has put forth an in-depth analysis on various trends, opportunities, challenges, drivers and restraints influencing the growth of the market in its recent research report titled "Bunker Fuel Market : Global Industry Analysis (2011-2021) and Forecast (2022-2031)".

Various facets of the global Bunker Fuel Market Sale are analyzed across the key regions of North America, Europe, Latin America, Asia Pacific and Middle East and Africa. An exhaustive analysis of the global Bunker Fuel Market Sale covers weighted segmentation analysis, competitive assessment and forecast projections with respect to value and volume for a period of five years from 2022 till 2031.

The Bunker Fuel Market has experienced a volatile period in recent years. Bunker fuel prices are mainly determined by the price of crude oil, which has witnessed significant swings since 2018 due to geopolitical events such as US-China trade tensions and OPEC production cuts. Bunker fuel is used for shipping purposes, primarily by ocean vessels, and demand for it ultimately depends on global economic activity and maritime transportation levels.

Key Players- 

• ExxonMobil Corporation
• Total S.A.
• Royal Dutch Shell plc.
• Neste Oyj
• Saudi Arabian Oil Company
• Marathon Petroleum Corporation
• Valero Energy Corporation
• Pemex
• OAO Gazprom
• China Petroleum & Chemical Corp (Sinopec Corporation)
• Others

Demands for bunker fuel have been relatively weak throughout 2020 due to the disruption caused by the coronavirus pandemic; however, the market is expected to recover over time as the disease is contained and economic activity resumes. Bunker fuel suppliers have had to adjust their strategies accordingly in order to remain competitive given changing customer demands. In addition, environmental regulations are pushing for the adoption of cleaner fuels, with new standards set to come into effect in 2021. Bunker fuel suppliers must factor these regulations into their operations in order to remain profitable and competitive in the long run.

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Bunker Fuel Market Segmentation

Bunker Fuel Market By Type
• IFO 380
• IFO 180
• Other IFO
• MGO/MDO

Bunker Fuel Market By End Use
• Containers
• Bulk Carriers and General Cargo
• Tankers
• Others

Bunker Fuel Market By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

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Key Questions Answered in the Bunker Fuel Market Report

How is the Bunker Fuel Market expected to grow over the projected period?

What direction is the Bunker Fuel Market expected to take in terms of volume and value during the forecast period?

What is the impact of macroeconomic factors on the Bunker Fuel Market in future?

What are the key market drivers in the Bunker Fuel Market?

What are significant opportunities and improvement areas for Bunker Fuel Market manufacturers?

What are the key developments and trends taking over the Bunker Fuel Market?

Which are the emerging countries that are expected to create significant growth opportunities in the Bunker Fuel Market?  

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