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The Demand for Bunker Fuel Was valued At US$ ~153 Billion in 2019. It is projected to Expand at a CAGR Of 5.2% During the Forecast Period (2020-2028)
A combination of factors including gradually increasing seaborne trade activities across the globe, technological advancements in the development of vessels and environmental concerns are proliferating the demand of the bunker fuel market. Moreover, increasing oil & gas exploration activities across the globe at deep offshore locations coupled with organizations spending on research and development of cleaner energy fuels are factors further enhancing the growth of the bunker fuel market. The expanding fleet size of shipping vessels and rapid industrialization in the developing nations are factors boosting the demand for bunker fuel market.
Additionally, rising bunker requirements for fuel storage along with increasing hydrocarbon resource development activities are expected to have a positive influence on market growth. However, a factor such as the implementation of IMO regulations is expected to hamper the market growth.
By Fuel Type, Very Low Sulfur Fuel Oil Segment Is Anticipated To Witness Highest Growth In The Bunker Fuel Market Across The Globe. It Is Expected To Hold XX% Of The Total Market.
On the basis of fuel type, the bunker fuel market is further classified into high sulphur fuel oil, very low sulphur fuel oil, marine diesel oil, and liquified natural gas. The liquified natural gas segment led the global bunker fuel market and accounted for a revenue share of more than 25% of the market. This can be attributed to the rising consumption and demand for liquefied natural gas from the transport sector, especially for seaborne trade. The shift from using conventional sources to more clean, affordable and sustainable sources are factors further proliferating the demand of the segment in the market. Thus providing a lucrative opportunity for LNG based vessels.
In contrast, very low sulphur fuel oil segment is anticipated to expand with the highest growth rate during the forecast period. This can be associated with rising environmental concerns and regulations by organizations such as the US Environmental Protection Agency for using low sulphur fuel which leave less carbon footprint on the environment.
By Vessel Type, Container Segment Is Expected To Dominate The Bunker Fuel Market
On the basis of vessel type, the global bunker fuel market is bifurcated into containers, tankers, general cargo, bulk carriers, and others. The global bunker fuel market is led by the containers segment followed by the tanker segment. The segment is expected to account for a market share of more than 30% of the global bunker fuel market and is expected to continue its dominance throughout the forecast period. This can be attributed with an increasing focus on sustainability and growth of containerisation across the globe due to benefits offered by it such as low energy consumption, and greater protection to goods among others. Additionally, the segment is poised to register significant growth owing to its gaining importance in the global sea trade.
Asia Pacific Region Anticipated To Dominate The Overall Bunker Fuel Market In Terms Of Revenue Share.
Asia Pacific region is anticipated to dominate the bunker fuel market and accounts for US$ XX Bn in terms of market share and is projected to expand at a CAGR of XX% during the forecast period. This can be attributed to rapid industrialization and urbanization in nations such as India, and China among others. Apart from this the economic development in countries such as Japan, Singapore, and South Korea has been significant which is having a positive influence on the market growth in the region. According to the UN Conference, out of the global seaborne trade, Asia Pacific region accounted for approximately 60%.
On the other hand, the Europe region accounted for a major share of the market. Owing to increasing seaborne trade with other regions coupled with the presence of the largest shipping fleet of the world are factors propelling the bunker fuel market growth in the region.
The major players in the bunker fuel market include Total, Neste, Saudi Arabian Oil Co, Marathon Petroleum Corporation., BP, Gazprom, Lukoil, Chevron USA Inc., Royal Dutch Shell Plc, Exxon Mobil Corporation, World Ful Services Corporation, Bunker Holdings, and BP Sinopec Marine Fuels among others are few of the key players in the global bunker fuel market.
Segmentation of Global Bunker Fuel Market:
Bunker Fuel Market by Fuel Type:
- High Sulfur Fuel Oil (HSFO)
- Very Low Sulfur Fuel Oil (VLSFO)
- Marine Diesel Oil (MDO)
- Liquified Natural Gas (LNG)
Bunker Fuel Market by Vessel Type:
- General Cargo
- Bulk Carrier
Bunker Fuel Market by Region:
- North America
- South America
- Middle East & Africa