A recent news article published in the Globe News Wire states that Bunker Fuel Market Size Worth USD 170 Billion by 2030 at 5.2% CAGR – Report by Market Research Future (MRFR).
Bunker Fuel Market Insights and Industry Analysis
Bunker Fuel Market Insights and Industry Analysis by Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gasoil), by Commercial Distributor (Oil Majors, Large Independent Distributor, Small Independent Distributor), by Application (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing Vessels, Gas Tanker) and Region, Competitive Market Size, Share, Trends, and Forecast to 2030.
According to a Comprehensive Research Report by Market Research Future (MRFR), “Bunker Fuel Market Information by Type, Commercial Distributor, Application, and Region – Forecast till 2030”, the market is estimated to grow at a 5.2% CAGR to reach USD 170 Billion by 2030.
Heavy fuel oil includes bunker fuel. It is employed in the transportation and maritime sectors. Marine fuel, marine gas oil (MGO), and heavy fuel oil are further names for bunker fuel (HFO). With a viscosity of roughly 15mm/s, it is the heaviest part of crude oil. Oil used in marine boats as bunker fuel. To keep the ship’s engines operating, it is dumped into the bunkers. Diesel oil, low sulfur fuel oil, and high sulfur fuel oil are the three types of marine fuels that are used by ships.
|2030 Market Size||USD 170 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Commercial Distributor, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||High demand for bunker fuel|
|Bunker fuel is used for power generation on larger vessels|
The market has a number of domestic and foreign competitors. Market participants are spending money on R&D while also looking for innovative ways to expand and enhance their product portfolios. To improve their market position and gain a sizable consumer base, several firms are expanding their businesses, launching new products, forming joint ventures, and forming alliances.
Major players in the global Bunker Fuel market are:
- BP p.l.c.
- Exxon Mobil Corporation
- Royal Dutch Shell PLC.
- Sinopec Group
- Gazprom Neft PJSC
- Chevron Corporation
- Total SE
As the demand for bunker fuel shipments increases internationally, market growth for bunker fuel is anticipated in the upcoming years. Due to the rise in international shipping costs, bunker fuel shipments will increase in the upcoming years.
Due to the rising demand for bunker fuel, a vital component of the global economy that is utilized in shipping, the market is anticipated to expand in the next years. This fuel is utilized in the shipping sector in high-performance, huge ships that carry a lot of passengers and are in high demand, mostly because of their speed and the capacity for cargo.
Due to the strong demand for this fuel, the market for bunker fuel is anticipated to expand over the next few years. Due to its high viscosity, bunker fuel, a type of heavy fuel oil, is most frequently used by cruise liners, oil tankers, and container ships. On larger ships, bunker fuel is utilized to generate electricity, heat, and other forms of propulsion. The increase in maritime companies’ focus on using LNG as an alternative marine fuel is credited with the growth in the worldwide bunker fuel market. This is because LNG is regarded as one of the marine fuels that is least harmful to the environment. Additionally, the rising demand for low-sulfur bunker fuels is anticipated to support market expansion.
The high expense of carrying out bunker fuel operations is what is limiting the market’s expansion for bunker fuel. Crude oil and leftover fuel are combined to create bunker fuel. This method is the most practical for carrying out bunker fuel activities since it reduces the amount of time needed to transfer the oil to the location, making it more effective and economical. However, purchasing bunker fuel is getting more and more expensive due to the present price of crude oil and the cost of delivering it. This is the element limiting the market’s expansion.
Browse In-depth Market Research Report (100 Pages) on Bunker Fuel: https://www.marketresearchfuture.com/reports/bunker-fuel-market-10871
The Bunker Fuel market had suffered as a result of COVID-19. Imports and exports were temporarily prohibited as a result of the COVID-19 pandemic’s lockdown, which was enacted. The lockdown imposed in reaction to the COVID-19 pandemic affected the supply chain, which had an adverse effect on the growth of the bunker fuel market in the second, third, and fourth quarters of 2020. However, the market started to recover in the later part of the year or by the first quarter of 2021 as the demand for bunker fuel from the maritime transport and shipping industry increased. The supply chain disruption caused a slowdown in the growth of the bunker fuel industry in the second, third, and fourth quarters. The maritime and transportation industries had a greater need for bunker fuel by 2021.
In the global market for bunker fuel, the low sulfur fuel oil category is expanding at the fastest rate.
By Commercial Distributor
In the global market for bunker fuel, the oil majors category is predicted to develop at the fastest rate.
In the global market for bunker fuel, the container sector is anticipated to be the largest.
The global market for bunker fuel has been segmented into four geographic areas: North America, Europe, Asia-Pacific, and the Rest of the World. The Bunker Fuel industry’s greatest market is in the Asia-Pacific region.
The greatest market share for bunker fuel consumption is in the Asia-Pacific region. The Asia Pacific region’s growing intraregional and international trade as well as the expansion of the region’s shipping lanes are what are driving the bunker fuel industry there. Other significant drivers driving the Asia Pacific bunker fuel market are rising commercial activity and the expansion of the merchant marine fleet.
Due to the rising demand for oil and natural gas, North America is the region in the bunker fuel market that is expanding at the highest rate. Due to rising shale gas production, which is anticipated to continue in the near future, the demand for oil and natural gas in the North American region has surged significantly.
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Source: Globe news wire