Global Bunker Fuel Market Trends and Forecast for Eight Years!!!

Big Market Research added a report on “Bunker Fuel Market By Product Type (Soft Drinks, Bottled Water, Tea & Coffee, Juice, Dairy Drinks, And Others) - Global Opportunity Analysis And Industry Forecast, 2014-2022”

The global bunker fuel market was valued at $97,203 million in 2016, and is expected to reach $142,489 million by 2023, registering a CAGR of 9.6% from 2016 to 2022. The term “oil fuel” describes any fuel manufactured from petroleum crude oil and can apply to gasoline and jet kerosene or, in the marine world, gas oil, diesel oil, or fuel oil. Fuel oil refers to residual fuel oil manufactured at the bottom end of an oil refining process. The two main oil fuel classifications in the marine industry are distillates and residual fuel oils. Marine distillates divide into two broad types, marine gas oil (MGO) and marine diesel oil (MDO), which are used in the main engines of small vessels and auxiliary engines of larger vessels. Distillates are widely used by fishing vessels with less space to deploy equipment for treating high viscosity fuels.

The International Maritime Organization’s regulations of sulfur cap of 0.50% m/m (mass/mass) in 2020 for marine fuels, and increase in ocean-borne trade, especially in ton-km travelled, are the factors that drive the growth of the global bunker fuel market. However, obsolete vessels has been replaced by more competent boats, which in turn is expected to drive the market. Moreover, implementation and monitoring of the sulfur cap by IMO is expected to be a key challenge for the market.

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The global bunker fuel market is segmented based on type, commercial distributor, end user, and geography. The type segment is classified into residual fuel oil, MDO, and MGO. On the basis of commercial distributors, the market is divided into oil majors, large independent, and small independent. By end user, it is categorized into container, bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessel, gas tanker, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In 2016, Asia-Pacific occupied the largest market share, followed by Europe. Asia-Pacific is expected to dominate the global bunker fuel market by 2023, witnessing substantial growth in emerging countries such as, China, India, and South Korea.

The prominent players in the global bunker fuel market have strategically focused on product development and agreements as their key strategy to gain significant market share.

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KEY MARKET BENEFITS
• This report provides an extensive analysis of the current trends and emerging estimations and dynamics in the bunker fuel market.
• In-depth analysis of bunker fuel market size is conducted, and estimations for key segments between 2015 and 2023 are provided.
• Factors that drive and restrain the growth of the market are provided.
• Bunker fuel market share for all segments with respect to each geography is detailed in the report.
• Key market players are profiled and their strategies are analyzed thoroughly, which provide a competitive outlook of the bunker fuel industry trends.

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Market Key Segments:
By Type
• Residual Fuel Oil
• MDO
• MGO
By Commercial Distributor
• Oil Majors
• Large Independent
• Small Independent
By End User
• Container
• Bulk Carrier
• Oil Tanker
• General Cargo
• Chemical Tanker
• Fishing
• Gas Tanker
By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o UK
o Germany
o France
o Spain
o Italy
o Rest of Europe
• Asia-Pacific
o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia-Pacific
• LAMEA
o Brazil
o South Africa
o Saudi Arabia
o Turkey
o Rest of LAMEA

Key Vendors Profiled in the Report
• 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
• Royal Dutch Shell PLC

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