Market Research Future has published a half-cooked research report on the Global Bunker Fuel Market, 2019–2030. The global Bunker Fuel market is projected to exhibit a CAGR of 5.2% during the forecast period of 2022 to 2030.
Market Research Future has recognized the following companies as the key players in the global Bunker Fuel market BP p.l.c., Exxon Mobil Corporation, Royal Dutch Shell PLC., Lukoil, Sinopec Group, Gazprom Neft PJSC, Chevron Corporation, Petronas, Total SE, and Neste.
The global Bunker Fuel market is projected to be valued at USD 170 billion by 2030, recording a CAGR of 5.2% during the forecast period. Bunker fuel is a mixture of fuel oils used in marine vessels to keep engines running. It is poured into the ship's bunkers and can be in several forms, including high-sulfur fuel oil, low-sulfur fuel oil, and diesel oil. Expect environmental awareness and government regulations to continue providing lucrative growth opportunities for the fuels. This includes LNG, gas oil, and liquefied petroleum gas (LPG).
COVID-19 had affected the global economy badly. Due to the sudden increase in COVID cases, there were various restrictions and regulations imposed by the government. These have disrupted production and demand, affected the supply chain and market, and also created an imbalance of finance in various industries.
There was a decrease in the demand for the bunker fuel market. During this pandemic, there was a closedown of borders by various countries that stopped the trade between countries. The stoppage of trade has led the ship to stay at the port leading to a decrease in the fuel market.
The global bunker fuel market has been segmented based on type, commercial distributor, application, and region.
By type, the global bunker fuel market has been segmented into High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gasoil, and Others. The low sulfur fuel oil segment is the fastest growing in the global bunker fuel market. The demand for low sulfur fuel oil is mainly driven by the stringent emission regulations imposed by the European countries and the U.S. EPA. Both these agencies are putting regulations on the emission of sulfur from marine vessels. One of the requirements is to control the sulfur by using low sulfur fuel oil, which is the major application for this fuel type. The use of low sulfur fuel oil has contributed to the growth of the market.
By commercial distributor, the global bunker fuel market has been segmented into Oil Majors, Large Independent Distributors, and Small Independent distributors. The oil majors segment is expected to be the fastest-growing in the global Bunker Fuel market owing to rising demand for bunker fuel from the shipping industry. In addition, the growing number of oil majors is expected to fuel the oil majors segment of the global Bunker Fuel market.
Based on the application, the global bunker fuel market has been segmented based on Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing Vessels, Gas Tanker, Others. The container segment is expected to be the largest in the global bunker fuel market. The bunker fuel market is expected to grow, as the bunker container segment is expected to grow at the highest CAGR during the forecast period. The increase in bunker volume due to the increase in the number of vessels is driving the growth of the bunker container segment in the bunker fuel market. The increasing bunker volumes are also driving the demand for bunker fuel.
Geographically, the global bunker fuel market has been categorized as North America, Europe, Asia-Pacific, and Rest of the World. The North American market has seen tremendous development in the bunker fuel sector. This sector is projected to grow exponentially in the upcoming years. This is due to the increase of renewable energy alternatives and decreasing demand for traditional fossil fuels.
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