According to the recent report by IMARC Group, titled “Bunker Fuel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” The bunker fuel market size reached a value of US$ 123.9 Billion in 2020. Looking forward, IMARC Group expects the market to reach a value of US$ 155.2 Billion by 2026.
Bunker fuel or marine fuel refers to a heavy, residual oil left after extracting fuel like diesel, gasoline and light hydrocarbons during fractional distillation. It is brown or black in color and consists of levels of sulfur and characteristic odor. It is a viscous liquid used to power the motors or engines of marine fleets. Bunker fuel has a thick consistency which is lightened by adding a small quantity of lighter fuel like diesel. This lighter bunker fuel is also utilized as a cheap fuel alternative for shipping.
Global Bunker Fuel Market Trends
The global bunker fuel market is primarily driven by the increasing demand for the ship transportation industry. In addition, rapid globalization and rising international seaborne trade, there has been increase in import and export activities. This represents another major growth-inducing factor. Besides this, the growing preference for fuel oil with the low process by ship operators and the rising oil and gas exploration activities in deep offshore areas are also escalating the demand for bunker fuel. Furthermore, governments across various countries are implementing initiatives to strengthen geographical border security, which is fueling market growth. Furthermore, extensive investments in the research and development(R&D) activities to develop clean fuels are expected to create a positive outlook for the market in the upcoming years.
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Global Bunker Fuel Market 2021-2026 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG), BP Plc, Chevron Corporation, Exxon Mobil Corporation, Gazprom Neft PJSC (Gazprom), LUKOIL, Neste Oyj, Petroliam Nasional Berhad (PETRONAS), Royal Dutch Shell Plc and TOTAL S.A.
The report has segmented the market on the basis on region, fuel type, vessel type and seller.
Breakup by Fuel Type:
High Sulfur Fuel Oil (HSFO)
Very Low Sulfur Fuel Oil (VLSFO)
Marine Diesel Oil (MDO)
Liquefied Natural Gas (LNG)
Breakup by Vessel Type:
Containers
Tankers
General Cargo
Bulk Carrier
Others
Breakup by Seller:
Major Oil Companies
Leading Independent Sellers
Small Independent Sellers
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
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