Bunker Fuel Market Pegged for Robust Expansion During 2024 - 2031 | Chemoil Energy Limited, Aegean Marine Petroleum Network

Market Overview:

Global bunker fuel market was valued at US$ 26.93 Billion in 2022 in terms of revenue, exhibiting a CAGR of 7.1% during the forecast period (2023 to 2030).

Market Dynamics:

The global bunker fuel market is expected to witness significant growth over the forecast period, owing to increasing global trade activities. International seaborne trade has grown at an average annual rate of over 3% over the past decade, driving the demand for bunker fuels from cargo and container vessels globally. Furthermore, recovery of the cruise industry post pandemic is also expected to contribute to the market growth. While environmental regulations are moving the industry towards cleaner fuels like LNG, traditional bunker fuels will continue to dominate over the near-term given infrastructure and fleet conversion challenges.

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Bunker Fuel Market Drivers: Global Shipping Demand Increase is Driving Higher Bunker Fuel Consumption

As global trade has increased significantly over the past few decades, the demand for international shipping and seaborne trade has grown correspondingly. Majority of world trade is carried out through international shipping, with over 80% of global trade by volume and over 70% of global trade by value being transported by sea. This growing reliance on maritime shipping has led to substantial rise in demand for bunker fuels, which are fuels used to power ships. With increasing import and export activities across countries, more ships are required to ferry freight across oceans. The fleet of merchant ships has expanded considerably to cope with larger cargo volumes being traded internationally. More ships imply higher bunker fuel consumption to run these vessels. This growth in global seaborne trade and international shipping capacity is expected to remain a key driver propelling demand for bunker fuels in the coming years.

Bunker Fuel Market Opportunity: Growing LNG Bunkering Infrastructure Widens Options

With mounting demand for cleaner marine fuels, liquefied natural gas (LNG) is emerging as a commercially viable alternative to conventional bunker fuels. When combusted, LNG produces considerably lower emissions of sulfur oxides, nitrogen oxides and particulate matter compared to heavy fuel oil or marine gas oil. Development of bunkering infrastructure, such as specialized LNG fuel bunker vessels and terminal facilities, is increasing worldwide. Major ports across Europe, North America and Asia are investing in LNG bunkering and storage facilities. Ship builders are also constructing more LNG-powered ships suitable for widespread bunkering. This expansion of global LNG bunkering network presents lucrative opportunities for fuel suppliers and bunker traders to expand their LNG bunker fuel business. It also encourages ship owners towards LNG-fueled vessels owing to secure supply assurance. The growing availability of LNG as a marine fuel opens up new opportunities driving the overall bunker fuel market expansion.

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Top Companies Featured in This Report:

★ Chemoil Energy Limited
★ Aegean Marine Petroleum Network Inc.
★ World Fuel Services Corporation
★ Gulf Agency Company Ltd.
★ Gazpromneft Marine Bunker LLC
★ BP Marine Ltd.
★ Exxon Mobil Corporation
★ Royal Dutch Shell plc
★ Bunker Holding A/S
★ Lukoil-Bunker LLC

Market Segmentation:

By Product Type:

★ By Fuel Grade: IFO 380, IFO 180, IFO others, MDO/ MGO
★ By Vessel Type: Tankers, Containers, Bulk & General Cargo, Others

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

Key Inquiries Addressed in this Report include:

📈 What was the size of the Bunker Fuel Market in 2024, and what is the projected value by 2031?

📈 What is the present global market landscape for the Bunker Fuel Market?

📈 What strategies offer optimal opportunities for growth maximization in the business?

📈 What recent trends are shaping the Bunker Fuel Market?

📈 How does the market share of Bunker Fuel Market revenue, sales, and size vary across specific geographical regions?

📈 Who are the prominent industry players in the Bunker Fuel Market?

📈 Which segment of the Bunker Fuel Market is experiencing heightened demand?

The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.

In summary, whether you're engaged in manufacturing, distribution, or investment within the Bunker Fuel sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.

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Author Bio:

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)

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