openPR Logo
Press release

Bunker Fuel Market Trends & Forecast To 2030 | APAC 4.7% CAGR by Australia, Singapore, Malaysia, Japan, South Korea, Indonesia

02-12-2024 11:12 AM CET | Logistics & Transport

Press release from: Allied Analytics LLP

Bunker Fuel Market Trends & Forecast To 2030 | APAC 4.7% CAGR

According to a new report published by Allied Market Research, The bunker fuel market size was valued at $109.6 billion in 2020, and is estimated to reach $164.9 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030.

Bunker fuel, also known as marine fuel or bunker oil, is a type of fuel specifically designed for use in marine vessels, such as ships and large boats. It is a heavy fuel oil with high viscosity and is primarily used as a source of energy for propulsion and onboard power generation in the maritime industry.

Request Sample Pages: https://www.alliedmarketresearch.com/request-sample/2143

Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 4.7%, throughout the forecast period. This is attributed to numerous factors such as presence of huge consumer base and increase in maritime trade activities in the region.

Growth in opportunities for market players to expand business in the developing countries such as India, Japan, and China is expected to provide lucrative growth opportunities for the global bunker fuel market, due to exploration of untapped hydrocarbon reserves in these oil emerging countries.

Key Industry Players

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.

Fuel reduction initiatives by shipping industries hamper the market growth. Therefore, due to 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.

Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/2143

The shipping industry focus toward new alternative such as liquefied natural gas (LNG), which is less harmful to the marine environment.

Key aspects of bunker fuel:

Composition: Bunker fuel is derived from crude oil and is typically a residual fuel oil obtained after the refining process. It is composed of various hydrocarbons, including heavy fractions such as residual oils and bottoms from the refining process. Bunker fuel has a higher density and viscosity compared to lighter fuels like gasoline or diesel.

Fuel Grades: Bunker fuel is available in different grades or types, classified based on their sulfur content and viscosity. The most common types include IFO (Intermediate Fuel Oil), HFO (Heavy Fuel Oil), and LSFO (Low Sulfur Fuel Oil). The sulfur content of bunker fuel has been a significant focus due to environmental concerns, and stricter regulations have led to the development of low sulfur alternatives.

Energy Source: Bunker fuel is primarily used as a source of energy for marine propulsion systems. It is burned in the ship's engines, which convert the chemical energy of the fuel into mechanical energy to drive the propellers and move the vessel through the water. Bunker fuel is also used for onboard power generation to operate auxiliary systems, such as lighting, pumps, and electrical equipment.

Buy This Report (440 Pages PDF with Insights, Charts, Tables, and Figures): https://bit.ly/42PhTos

Challenges and Emissions: Bunker fuel combustion emits various air pollutants, including sulfur oxides (SOx), nitrogen oxides (NOx), particulate matter, and greenhouse gases (GHGs). These emissions contribute to air pollution, climate change, and environmental degradation. In recent years, regulations such as the International Maritime Organization's (IMO) sulfur cap have imposed stricter limits on sulfur content in bunker fuel to reduce air pollution from shipping.

Transition to Cleaner Fuels: The maritime industry is undergoing a transition toward cleaner and more sustainable fuels to meet environmental regulations and reduce emissions. This includes the adoption of low sulfur fuels, such as LSFO, as well as the exploration and development of alternative fuels like liquefied natural gas (LNG), biofuels, hydrogen, and ammonia.

Storage and Handling: Bunker fuel is stored in dedicated onboard fuel tanks, known as bunkers. These tanks are designed to withstand the high-density and high-temperature nature of the fuel. Proper handling, storage, and maintenance procedures are necessary to ensure the safe and efficient use of bunker fuel.

Pricing and Supply: Bunker fuel prices are influenced by various factors, including crude oil prices, refining costs, regional availability, and market demand. Prices can be subject to significant fluctuations. The availability and supply of bunker fuel are critical for the smooth operation of the maritime industry, and ports and terminals play a vital role in providing bunkering services to ships.

Rise 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.

Read Complete Research Report: https://www.alliedmarketresearch.com/bunker-fuel-market

The maritime industry is actively exploring cleaner and more sustainable alternatives to bunker fuel to reduce emissions and environmental impact. The development and adoption of new technologies, regulations, and infrastructure are driving the shift toward greener maritime fuels and practices.

Trending Reports in Energy and Power Industry:

Singapore Bunker Fuel Market

https://www.globenewswire.com/news-release/2021/12/20/2355361/0/en/Singapore-Bunker-Fuels-Market-Is-Expected-to-Reach-24-5-Billion-by-2030-Says-AMR.html

Bio-LNG Market

https://www.prnewswire.com/news-releases/bio-lng-market-to-reach-3-4-billion-globally-by-2032-at-17-9-cagr-allied-market-research-301933456.html

Second Generation Biofuels Market

https://www.prnewswire.com/news-releases/second-generation-biofuels-market-to-reach-87-5-billion-globally-by-2032-at-26-8-cagr-allied-market-research-302014569.html

Decarbonised Fuel Market

https://www.globenewswire.com/news-release/2023/05/08/2663336/0/en/Decarbonised-fuel-Market-to-Reach-24-2-Billion-Globally-by-2032-at-11-2-CAGR-Allied-Market-Research.html

Synthetic Fuel Market

https://www.globenewswire.com/en/news-release/2023/04/04/2640781/0/en/Global-Synthetic-Fuel-Market-Is-Expected-to-Reach-22-5-Billion-by-2031-Allied-Market-Research.html

Renewable Fuel Market

https://www.globenewswire.com/news-release/2022/11/29/2564068/0/en/Renewable-Fuel-Market-Is-Expected-to-Generate-2-0-Trillion-by-2031-Allied-Market-Research.html

Bio Jet Fuels Market

https://www.globenewswire.com/news-release/2022/05/30/2452392/0/en/Bio-Jet-Fuel-Market-Is-Expected-to-Reach-837-7-Million-by-2030-Allied-Market-Research.html

David Correa1209 Orange Street,Corporation Trust Center,Wilmington, New Castle,Delaware 19801 USA.Int'l: +1-503-894-6022Toll Free: +1-800-792-5285Fax: +1-800-792-5285help@alliedmarketresearch.com

Web: www.alliedmarketresearch.com

Allied Market Research Blog:

https://blog.alliedmarketresearch.com

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Bunker Fuel Market Trends & Forecast To 2030 | APAC 4.7% CAGR by Australia, Singapore, Malaysia, Japan, South Korea, Indonesia here

News-ID: 3381084 • Views:

More Releases from Allied Analytics LLP

Heat Meters Market Set to Grow with Rising Demand for Energy Efficiency
Heat Meters Market Set to Grow with Rising Demand for Energy Efficiency
According to a new report published by Allied Market Research, the heat meters market size was valued at $1.6 billion in 2022, and is estimated to reach $2.7 billion by 2032, growing at a CAGR of 5.4% from 2023 to 2032. A heat meter is a device used to measure and quantify the amount of thermal energy (heat) transferred from a heat source to a system or consumer. It accurately measures
Heat Pump Market Set for Strong Growth Through 2032
Heat Pump Market Set for Strong Growth Through 2032
According to a new report published by Allied Market Research, the heat pump market size was valued at $71.2 billion in 2022, and is estimated to reach $201.5 billion by 2032, growing at a CAGR of 11.1% from 2023 to 2032. A heat pump is a versatile and efficient device that transfers heat from one location to another using a refrigeration cycle. It operates by absorbing heat from a low-temperature source
Energy Efficient Lighting Market Shines Bright with Strong Growth Outlook
Energy Efficient Lighting Market Shines Bright with Strong Growth Outlook
According to a new report published by Allied Market Research, the global energy efficient lighting market was valued at $46.2 billion in 2021 and is projected to reach $93.3 billion by 2030, growing at a robust CAGR of 8.1% from 2022 to 2030. This surge reflects a powerful global movement toward greener, smarter, and more cost-effective lighting technologies. Energy efficient lighting refers to lighting systems and products that use less electricity
The Future of Energy: How Fuel Cells Are Reshaping Power Generation
The Future of Energy: How Fuel Cells Are Reshaping Power Generation
According to a new report published by Allied Market Research, titled, "Fuel Cell Market," The fuel cell market size was valued at $3.6 billion in 2020, and is estimated to reach $32.0 billion by 2030, growing at a CAGR of 19.4% from 2021 to 2030. The fuel cell market has emerged as a transformative force in the global energy landscape, offering a clean, efficient, and sustainable alternative to conventional energy sources.

All 5 Releases


More Releases for Fuel

Fuel Cell Market to Expand Significantly by 2024 | Horizon Fuel Cell Technologie …
The "Fuel Cell Market" intelligence report, just published by USD Analytics, covers insurers' micro-level study of important market niches, product offers, and sales channels. In order to determine market size, potential, growth trends, and competitive environment, the Fuel Cell Market provides dynamic views. Both primary and secondary sources of data were used to generate the research, which has both qualitative and quantitative depth. Several of the major figures the study
Electronic Fuel Management System Market Share and Future Forecast 2022 to 2028 …
The global Electronic Fuel Management System market revenue is expected to register a CAGR of 8.8% during the forecast period. Latest Study on Industrial Growth of Electronic Fuel Management System Market 2022-2028. A detailed study accumulated to offer current insights about important features of the Electronic Fuel Management System market. The report contains different market predictions related to revenue size, production, CAGR, Consumption, value chain optimization, price, and other substantial factors. While emphasizing
Marine Gensets Market: Information by Vessel Type (Commercial Vessel, Defense Ve …
A marine genset is a power unit generator that supplies electricity to ships. It offers reliable and fuel-efficient electric power generation for onboard power, emergency gensets, and diesel-electric propulsion. It can be fueled by gas, diesel, hybrid fuel, and others. It has application in offshore commercial vessels, defense vessels, and offshore vessels, among others. Nowadays, most of the marine gensets are fueled by diesel. However, the introduction of alternative fuels
Fuel Card Market to 2027 - Global Analysis and Forecasts By Type (Branded Fuel C …
The global fuel card market is estimated to account US$ 6.29 Bn in 2018 and is expected to grow at a CAGR of 5.8% during the forecast period 2019 – 2027, to account to US$ 10.39 Bn by 2027. Request Sample Pages of “Fuel Card Market” Research Report @ www.theinsightpartners.com/sample/TIPRE00003099/?utm_source=openpr&utm_medium=10387 Fuel Card Market: Key Insights Fuel Card Market Size 2021, by manufacturer, region, types, and application, forecast till 2028 is analyzed and researched on
Clean Fuel Technology Market – Development Assessment 2025 | Clean Fuel Develo …
Global Clean Fuel Technology Market: Overview Clean technology in general implies the use of any service, product, or system that has as little of a negative impact on the environment as possible. Aspects of clean technology include the conservation of energy, sustainable resources, and clean sources of fuels. Clean fuels can refer to the use of renewable fuels such as biogas, or also blended fuels such as fossil fuels with renewable
Fuel Cell Interconnectors Market By Product Type Ceramic based, Metal based; By …
Global Fuel Cell Interconnectors Market Introduction A fuel cell is a battery that generates electricity through an electrochemical reaction where the fuel cell interconnector is a layer made up of either ceramic or metallic material, which combines the electricity generated by each individual cell. Fuel cell interconnectors are placed between each individual cell to connect the cells in the series. Ceramic fuel cell interconnectors are more suitable for high-temperature working conditions