Bunker Fuel Market for Containers is expected to grow at a CAGR of 5.6% during 2022-2027
Bunker Fuel Market for Containers
The global bunker fuel market for containers was valued at US$ 135.1 billion in 2020 and is expected to grow at a CAGR of 5.6% during the forecast period (2021-2027). The growth of the market is driven by increasing global trade, which has led to a rise in container shipping demand. According to the World Trade Organization, global merchandise trade is projected to increase by 8.0% in 2021, following a 5.3% decline in 2020 due to the COVID-19 pandemic.
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By the end of 2031, the market for bunker fuel is anticipated to be worth US$ 192.09 billion. From 2022 to 2031, it is anticipated to expand at a CAGR of 7.49%.
Persistence Market Research predicts that during the assessment period of 2022-2031, the worldwide bunker fuel market will register a substantial market valuation and a strong growth rate. The market for bunker fuel has been expanding favourably during the past few years.
The Bunker Fuel Market for Containers is one of the most important markets in the shipping industry. Bunker fuel is a type of oil that is used to power vessels, and containers are an essential part of international trade and transportation. As such, there are many factors that influence the prices for bunker fuel for containers.
The global market for bunker fuel for containers is highly dependent on the state of global trade. As more goods move through maritime channels, demand for bunker fuel increases. Additionally, geopolitical events can also have an effect on bunker fuel prices as they may lead to increased costs associated with insurance and security. The cost of bunker fuel is also affected by fluctuations in crude oil prices, which can cause major swings in its price as companies try to make up their margins.
Key Players-
• ExxonMobil Corporation
• Total S.A.
• Royal Dutch Shell plc.
• Neste Oyj
• Saudi Arabian Oil Company
• Marathon Petroleum Corporation
• Valero Energy Corporation
• Pemex
• OAO Gazprom
• China Petroleum & Chemical Corp (Sinopec Corporation)
• Others
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Trends:
One of the major trends in the bunker fuel market for containers is the shift towards low-sulfur fuels. In response to regulations aimed at reducing sulfur emissions, many container shipping companies have switched to low-sulfur fuel oils (LSFOs) or marine gas oil (MGO). The International Maritime Organization’s (IMO) regulations require that the sulfur content of marine fuels be reduced to 0.5% or less, down from the previous limit of 3.5%.
Another trend in the market is the adoption of alternative fuels such as liquefied natural gas (LNG) and hydrogen. These fuels have lower emissions than traditional bunker fuels and are seen as a way to reduce the environmental impact of the shipping industry. However, their adoption is still in its early stages and faces several challenges such as lack of infrastructure, high costs, and limited availability.
Drivers:
The main driver of the bunker fuel market for containers is the growth of global trade, which has led to an increase in container shipping demand. The rise of e-commerce and globalization has fueled this growth, with container shipping being a key component of the global supply chain.
Another driver of the market is the increasing focus on environmental regulations. Governments and international organizations are implementing stricter regulations to reduce emissions from the shipping industry, which is one of the largest contributors to global greenhouse gas emissions. This has led to a shift towards low-sulfur fuels and alternative fuels.
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Challenges:
One of the main challenges facing the bunker fuel market for containers is the volatility of crude oil prices. Bunker fuel prices are closely tied to crude oil prices, which can be highly volatile and subject to geopolitical events and economic conditions.
Another challenge is the complexity of regulations governing the shipping industry. The IMO’s regulations on sulfur emissions are just one example of the complex web of regulations that container shipping companies must comply with. Compliance can be costly and time-consuming, and failure to comply can result in fines and other penalties.
Conclusion:
The bunker fuel market for containers is a critical segment of the global marine fuel market. The market is expected to continue to grow due to the increasing demand for container shipping driven by global trade. The shift towards low-sulfur fuels and alternative fuels is a key trend in the market, driven by environmental regulations. However, the market faces challenges such as volatile crude oil prices and complex regulations. Overall, the bunker fuel market for containers is expected to continue to evolve in response to changing market conditions and regulatory requirements.
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