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.
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.
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.
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