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Bunker Fuel market was valued at US$ 142300 million in 2020 and it is expected to reach US$ 223700 million by the end of 2027, growing at a CAGR of 6.9% - Valuates reports
The global Bunker Fuel market was valued at US$ 142300 million in 2020 and it is expected to reach US$ 223700 million by the end of 2027, growing at a CAGR of 6.9% during 2021-2027.Get sample report - https://reports.valuates.com/request/sample/QYRE-Auto-20E36/Global_Bunker_Fuel_Market_Outlook_2022
Bunker Fuel Market Insights
Bunker fuel is a type of fuel oil used by ships. It is a thick, black liquid that is made from crude oil. Bunker fuel is a major source of air pollution, and it is responsible for about 3% of global greenhouse gas emissions.
The global bunker fuel market is expected to grow at a CAGR of 2.7% from 2022 to 2027. The growth of the market is being driven by the increasing demand for shipping services. The global shipping industry is expected to grow at a CAGR of 3.5% from 2022 to 2027. The growth of the shipping industry is being driven by the increasing trade between countries.
The Asia-Pacific region is the largest market for bunker fuel, accounting for about 38% of the global market. The growth of the bunker fuel market in the Asia-Pacific region is being driven by the increasing economic growth in the region. The economic growth in the Asia-Pacific region is leading to an increase in the demand for shipping services.
The key players in the global bunker fuel market are World Fuel Services, Bunker Holding, Chemoil, Aegean Marine Petroleum, China Marine Bunker, Bright Oil, BP, Exxon Mobil, Shell, Sinopec, Lukoil-Bunker, Total Marine Fuel, Gazpromneft, China Changjiang Bunker, Southern Pec, GAC, Shanghai Lonyer Fuels, etc.
Bunker Fuel Market Segmentation
The global bunker fuel market is segmented by type, application, and region.
By type: The bunker fuel market is segmented into distillate fuel oil, residual fuel oil, and LNG.
By application: The bunker fuel market is segmented into tanker vessels, container vessels, bulk vessels, general cargo vessels, and others.
By region: The bunker fuel market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Bunker Fuel Market Drivers
The growth of the bunker fuel market is being driven by the following factors:
Increasing demand for shipping services
Increasing economic growth in Asia-Pacific region
Rising trade between countries
Increasing demand for LNG as a bunker fuel
Bunker Fuel Market Challenges
The growth of the bunker fuel market is being challenged by the following factors:
Stringent environmental regulations
High cost of bunker fuel
Availability of alternative fuels
Bunker Fuel Market Trends
The following are the trends that are expected to impact the bunker fuel market in the coming years:
Increasing demand for LNG as a bunker fuel
Development of new technologies for reducing the emissions from bunker fuel
Rise of green shipping initiatives
Get detailed report -- https://reports.valuates.com/market-reports/QYRE-Auto-20E36/global-bunker-fuel
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