Press release
Global Bunker Fuel Market Size To Grow At A CAGR Of 1.8% During The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter's Five Forces Models.
Bunker Fuel Market Size, Share, Price, Growth, Trends, Industry Report, Key Players, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size: Over 4.3 Million B/D
Forecast CAGR (2023-2028): 1.8%
The growing activities related to the development of hydrogen resources offshore are driving the bunker fuel market.
The demand for bunker fuel has increased as a result of the shipping sector's tremendous growth in global trade as well as increased offshore hydrocarbon exploration and production activities. The maritime sector's need for bunker fuel is supported by the fact that it is one of the least expensive and most commonly used fuels.
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The growing energy demand and surging bunker requirements in crude oils and product tankers are positively influencing the market. Over the forecast period, rising oil and gas exploration activities are anticipated to further support the bunker fuel market growth.
Bunker Fuel Industry Definition and Major Segments
Bunker fuel, also known as residual fuel oil (RFO), is a term that refers to fuel oil used by marine vessels. Metals and other contaminants found in bunker oils have the potential to corrode cargo, cruise ships, and commercial vessels. Since it carries a range of toxins, when it is spilt, it can cause major environmental issues.
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On the basis of type, the market is divided into:
Distillate Fuel
Residual Fuel
Based on fuel grade, the market segmentations include:
High Sulphur Fuel Oil (HSFO)
Very Low Sulphur Fuel Oil (VLSFO)
Marine Diesel Oil (MDO)
Liquefied Natural Gas (LNG)
Others
By commercial distributors, the market is categorised into:
Oil Majors
Large Independent
Small Independent
The various end users of bunker fuel are:
Containers
Bulk Carriers
General Cargo
Tankers
Others
The major regional markets of bunker fuel include:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Bunker Fuel Market Trends
The increase in LNG consumption worldwide amid the growing demand for clean energy and its capacity to lower greenhouse gas emissions is significantly contributing to the bunker fuel market development. The demand and delivery of vessels powered by LNG are growing, which is bolstering the market expansion of bunker fuel.
Due to the enormous marine commerce potential of countries present in the region, the Asia Pacific is anticipated to represent a considerable share of the market. Also, emerging economies in the region like China, Indonesia, and India are expected to support the overall bunker fuel market expansion in the coming years.
Key Market Players
The major players in the global bunker fuel market report include ExxonMobil Corporation, Royal Dutch Shell plc., BP Plc, Total SA, Chevron Corporation, and Neste Oyj, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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