Bunker Fuel Market Forecasts to 2028 – Global Analysis By Type (HFSO, LNG and VLSFO), Fuel Grade (IFO 180, IFO 380 and Others), Seller (Large Independent Sellers, Oil Majors and Others), Application and By Geography
According to Stratistics MRC, the Global Bunker Fuel Market is accounted for $123.82 billion in 2020 and is expected to reach $184.34 billion by 2028 growing at a CAGR of 5.1% during the forecast period. Rise in offshore oil & gas activities, regulations on sulphur content by the international maritime organization and rising preference of liquefied natural gas (LNG) based vessels are driving the market growth. However, shipping community initiatives pertaining to fuel reduction are hampering the growth of the market.
Bunker fuel is used in marine vessels as a fuel oil. It is poured into the ship bunkers in order to power the ship engines. Bunker oil is emerging to be one of the primary fuels for marine and shipping industry.
Based on the application, the container segment is going to have lucrative growth during the forecast period due to the demand for industrial transportation across the globe. By geography, Asia Pacific is going to have high growth during the forecast period due to the rise in import and export activities especially in emerging countries like China and India in the region.
Some of the key players profiled in the Bunker Fuel Market include AP Moeller Maersk A/S, BP PLC, Bunker Holding, Chevron Corporation, China COSCO Holdings Company Limited, Exxon Mobil Corporation, Gazpromneft Marine Bunker LLC, Indian Oil Corp. Ltd., Lukoil-Bunker LLC, Mediterranean Shipping Company SA, Ocean Bunkering Services (Pte.) Ltd., Royal Dutch Shell Plc, Rosneft Oil Co., Sinopec and Total SA.
Estimated Market Size in 2020:
USD 123.82 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 184.34 billion
Tables, Graphs & Figures
Type, Fuel Grade, Seller, Application and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
• High Sulfur Fuel Oil (HSFO)/Residual Fuel Oil (RFO)
• Liquified Natural Gas (LNG)
• Very Low Sulfur Fuel Oil (VLSFO)/Distillate Fuel
Fuel Grades Covered:
• Intermediate Fuel Oil (IFO) 180
• Intermediate Fuel Oil (IFO) 380
• Intermediate Fuel Oil (IFO) 500
• Intermediate Fuel Oil (IFO) 700
• Marine Gas Oil (MGO)/Marine Diesel Oil (MDO)
• Low Sulfur (LS) 380
• Low Sulfur (LS) 180
• Large Independent Sellers
• Oil Majors
• Small Independent Sellers
• Bulk Carrier
• Fishing Vessels
• General Cargo
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2018, 2019, 2020, 2024 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Bunker Fuel Market is majorly driven by rise in offshore oil & gas activities, regulations on sulphur content by the international maritime organization and rising preference of liquefied natural gas (LNG) based vessels.
The liquified natural gas (LNG) segment is growing at a highest CAGR owing to growth in global LNG usage, clean energy demand, and its ability to reduce greenhouse gas emissions.
Asia Pacific dominated with a significant market share due to the factors such as rise in import and export activities especially in emerging countries like China and India in the region.
North America market is growing at a highest CAGR owing to the increasing hydrogen resource development activities in offshore areas resulting in increased requirement for bunker fuel in the region.
Key players in Bunker Fuel Market include AP Moeller Maersk A/S, BP PLC, Bunker Holding, Chevron Corporation, China COSCO Holdings Company Limited, Exxon Mobil Corporation, Gazpromneft Marine Bunker LLC, Indian Oil Corp. Ltd., Lukoil-Bunker LLC, Mediterranean Shipping Company SA, Ocean Bunkering Services (Pte.) Ltd., Royal Dutch Shell Plc, Rosneft Oil Co., Sinopec and Total SA.
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