ALBANY, New York, March 12, 2020 /PRNewswire/ -- According to the recent research report published by Transparency Market Research, the global bunker fuel market is expected to exhibit a moderate CAGR of 2.5% over the duration of the given forecast period ranging from 2019 to 2027. The market was previously valued at US$143.97 Bn in 2018. Provided the rate of growth, the revenue of the global bunker fuel market is projected to rise up to US$177.8 Bn by the fall of 2027.
"Companies operating in the global bunker fuel market are now concentrating on investing their resources to improve the availability of liquefied natural gas and marine diesel bunker fuels. The mandates and regulations issued by the International Marine Organization will help in propelling the development of the global market for bunker fuel over the given period of assessment, as a stark change towards marine diesel oils and LNG from high sulfur fuel oils is observed", notes TMR analyst.
Download PDF Brochure - https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=3894
Global Bunker Fuel Market – Key Takeaways from the Research Report
- In terms of fuel, the segment of High Sulfur Fuel Oil (HSFO) accounted for a dominant share in global market in 2018.
- However, issuance of IMO's 2020 regulation is projected to have a considerable impact on the use of HFSO because of higher sulfur content.
- Based on seller, the segment of independent sellers has been leading the global market in recent years.
- Well-developed set up with own physical assets, storage terminals, and blending facilities is key for the dominance of independent sellers.
- Tanker fleet dominated the segments based on application in 2018 because of the growth in demand for liquid raw materials, chemicals, petroleum products, and crude oil in several regions.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Bunker Fuel Market by Fuel: High Sulfur Fuel Oil [HSFO], Very Low Sulfur Fuel Oil [VLSFO], Marine Diesel Oil [MDO], and Liquefied Natural Gas [LNG]; Application: Tanker Fleet, Glass Container Fleet, Bulk & General Cargo Fleet, and Others; and Seller: Major Oil Companies, Leading Independent Sellers, and Small Independent Sellers - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027, at https://www.transparencymarketresearch.com/bunker-fuel-market.html
Global Bunker Fuel Market – Key Driving Factors
- Recent growth in international sea trade is among the primary reasons for the development of global bunker fuel market.
- Additionally, rise in shipping activities, international trade, import and export of goods, products, and food & beverage, and transport of raw materials are also complementing sea trade growth.
- Rise in offshore oil exploration and production activities have also contributed in the development of the global market.
- Leading market players have strategically set up bunkering divisions at ports that are near prominent offshore hydrocarbon basins.
View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/3894
Global Bunker Fuel Market – Prominent Growth Inhibitors
- Increasing ecological concerns is the biggest restraining factor for the development of bunker fuel market.
- Imposing strict mandates about use of high sulfur fuel oils is also projected to slow down market growth.
- Increasing depletion of marine bio-system and ecology will act as another prominent growth inhibitor for market.
Global Bunker Fuel Market – Geographical Outlook
- Asia Pacific to emerge as highly lucrative regional segment due to increasing urbanization and industrialization in the region.
- Emerging economies such as India and China are expected to contribute significantly in market growth. China in particular, with nearly one third of global container traffic will help in driving Asia Pacific market growth.
- Emergence of Singapore as a key contributor in Asia Pacific market will also be significant for market growth.
Analyze Bunker Fuel market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Bunker Fuel Market – Key Industry Leaders
Some of the prominent brands operating in the global bunker fuel market are Total, Neste, Marathon Petroleum Corporation, Brightoil Petroleum (Holdings) Limited, BP., Saudi Arabian Oil Co., Gazprom, LUKOIL, BP Sinopec Marine Fuels, Chevron U.S.A. Inc., Exxon Mobil Corporation, Royal Dutch Shell plc, World Fuel Services Corporation., GAC, and BUNKER HOLDING.
Global Bunker Fuel Market: Segmentation
Bunker Fuel Market, by Fuel
- High Sulfur Fuel Oil (HSFO)
- Very Low Sulfur Fuel Oil (VLSFO)
- Marine Diesel Oil (MDO)
- Liquefied Natural Gas (LNG)
Bunker Fuel Market, by Application
- Tanker Fleet
- Glass Container Fleet
- Bulk & General Cargo Fleet
- Others (including Passenger Ferries, Cruise Ships)
Bunker Fuel Market, by Seller
- Major Oil Companies
- Leading Independent Sellers
- Small Independent Sellers
Bunker Fuel Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- Rest of Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Energy and Natural Resources Industry,
Marine Hybrid Propulsion Market - The opportunities in this Marine Hybrid Propulsion Market to translate into a revenue of US$7,586.41 Mn by the end of 2027, swelling up from its evaluated worth of US$3,550.40 Mn in 2018.
Stationary Fuel Cell Market - The global stationary fuel cell market is set to grow at a robust pace over the forecast period of 2019 - 2027, as high efficiency and minimal-to-zero emission of GHG are being targeted globally, leading to stationary fuel cells gaining traction in commercial and industrial sectors.
Bunker Fuel Market - The bunker fuel market is expected to grow at a sluggish CAGR of ~2.5% during the forecast period. Some of the factors that are expected to fuel market growth include a significant rise in demand for marine diesel oil and steady adoption of low-sulfur fuel oils.
Artificial Lift Systems Market - Rise in number of mature fields and aging oil & gas wells is estimated to boost the demand for artificial lift systems market during the forecast period.
Biogas Market - The global biogas market is scheduled to expand at a considerable CAGR of 6.62% in terms of volume, within a forecast period from 2019 to 2027. The biogas market recorded 28,989.86 kilo tons of oil equivalent (KTOE) in 2018, which is likely rise up to 51,581.99 KTOE by the end of 2027.
Gain access to Market Ngage, an AI-powered, real-time business intelligence that goes beyond the archaic research solutions to solve the complex strategy challenges that organizations face today. With over 15,000+ global and country-wise reports across 50,000+ application areas, Market Ngage is your tool for research on-the-go. From tracking new investment avenues to keeping a track of your competitor's moves, Market Ngage provides you with all the essential information to up your strategic game. Power your business with Market Ngage's actionable insights and remove the guesswork in making colossal decisions.
About Transparency Market Research
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Mr. Rohit Bhisey
Transparency Market Research
90 State Street,
Albany NY - 12207
USA - Canada Toll Free: 866-552-3453
Email: [email protected]
SOURCE Transparency Market Research