Bunker Fuel Market Size to Fly High as Demand Continues to Increase

Report Ocean has released a research study titled “Bunker Fuel Market ” 2023 Forecast to 2031 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.

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.

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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 However, obsolete vessels has been replaced by more competent boats, which in turn is expected to drive the market.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.

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.

KEY BENEFITS FOR STAKEHOLDERS

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.

The key players profiled in the report are as follows:

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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*Other players in the value chain include

ChinaMarine Bunker Company Ltd.
Dan-Bunkering Inc.
Glander International Bunkering DMCC
Gulf Nederland
Lukoil-Bunker OOO
PetroChina Company Ltd.
Sentek Marine & Trading Pte, Ltd.
Shanghai Lonyer Fuels Co., Ltd.
World Fuel Services Corp.

Important Features that are under offering & key highlights of the market report:

➣ Comprehensive Market Analysis:

• The report provides a thorough analysis of the market, including quantitative and qualitative assessments, to offer a comprehensive understanding of the market dynamics.

 Market Segmentation:

• The market is segmented based on various factors such as product type, application, end-user, and geography.
• This segmentation provides a detailed view of different market segments and their growth potential.

 In-depth Research:

• The report offers in-depth research and analysis, utilizing various research methodologies and data sources, to ensure accuracy and reliability of the findings.

 Competitive Landscape:

• The competitive landscape section highlights the key players in the market, their market rankings, recent developments, partnerships, and acquisitions.
• This information assists in understanding the competitive environment and making informed business decisions.

 Market Trends and Forecast:

• The report identifies and analyzes the current market trends and provides forecasts for the future.
• This helps businesses to anticipate market changes and strategize accordingly.

 Insights into Market Drivers and Challenges:

• The report identifies the key drivers and challenges influencing the market growth. Understanding these factors helps businesses to capitalize on opportunities and overcome obstacles.

 Market Opportunities:

• The report highlights potential growth opportunities in the market, enabling businesses to identify untapped market segments or regions for expansion.

KEY MARKET SEGMENTS

By Type

Residual Fuel Oil
MDO
MGO

By Commercial Distributor

Oil Majors
Large Independent
Small Independent

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By End User

Container
Bulk Carrier
Oil Tanker
General Cargo
Chemical Tanker
Fishing
Gas Tanker

By Geography

North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
UAE
Brazil
South Africa
Rest of LAMEA

Table of Content

1. Introduction
   1. Study Assumptions
   2. Scope of the Study
2. Research Methodology
3. Executive Summary
4. Market Dynamics
   1. Market Drivers
   2. Market Restraints
   3. Industry Attractiveness – Porter’s Five Forces Analysis
5. Market Segmentation
6. Competitive Landscape
   1. Vendor Market Share
   2. Company Profiles
7. Market Opportunities and Future Trends
8. Industrial Chain, Downstream Buyers, and Sourcing Strategy
9. Marketing Strategy Analysis

 ………Continued…!

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