Bunker Fuel Market Expected to Reach $142,489 Million, Globally, by 2023

According to a new report published by Allied Market Research titled, Bunker Fuel Market by Type, Commercial Distributor, and End User: Global Opportunity Analysis and Industry Forecast, 20172023, the bunker fuel market was valued at $97,230 million in 2016, and is projected to reach $142,489 million by 2023, growing at a CAGR of 9.6% from 2017 to 2023. Asia-Pacific dominates the bunker fuel market, both in terms of volume and value, and is expected to continue to maintain this trend throughout the forecast period.

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An alcoholic beverage is ethanol-based drink, which is commonly known as alcohol. Bunker fuel are divided into three general classes-beers, wines, and spirits. Bunker fuels are consumed across the globe for various uses. The demand for these beverages has changed over the past few years, owing to dwindling premises consumption trends.

The global bunker fuel market is driven by International Maritime Organizations regulations of sulfur emissions to 0.50% m/m (mass/mass) by 2020 in marine fuels and increase in sea-borne trade, particularly in terms of ton-km travelled. However, replacement of obsolete ships by efficient counterparts is expected to hamper the market growth.

The oil majors segment accounted for more than one-third share of the total market in 2016, in terms of value, and is expected to maintain its dominance during the forecast period, owing to its high demand across the globe. However, large independent distributors are expected to grow with a faster rate due to rise in demand for MDO and MGO in the future.

In 2016, distillates (MDO/MGO) dominated the global market, with nearly half of the market share, in terms of value. The demand for gasoil is expected to increase post January 2020, resulting in higher prices. Moreover, the price of residual fuel oil is anticipated to plummet in the near future. These factors are expected to drive the market during the forecast period. The profit margins for refining is expected to increase to cater to the anticipated supply of MGO by 2020.

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Key Findings And Scope

• In terms of value, MGO segment is expected to grow at a CAGR of 20.1% during the forecast period.

• In Asia-Pacific, China is estimated to grow fastest, in terms of value, registering a CAGR of 9.9%.

• Large independent as commercial distributors occupied around one-third of the global market share in 2015, in value terms.

• Containers accounted for over one-fifths of the bunker fuel market in 2016, and is expected to grow at a significant CAGR of 7.9%, in terms of value.

In 2016, Asia-Pacific and Europe collectively accounted for over three-fourths of the global bunker market, by volume, though Asia-Pacific is expected to grow at a faster rate during the forecast period. High trade frequency from emerging countries such as South Korea, India and Australia is estimated to drive the market growth.

The major companies profiled in the report include Aegean Marine Petroleum Network Inc., Bomin Bunker Oil Corp., BP PLC, Bunker Holding A/S, Chemoil Energy Ltd., Exxon Mobil, Gazprom Neft PJSC, GAC Bunker Fuels Ltd., KPI Bridge Oil A/S, and Royal Dutch Shell PLC.

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