Expanding marine transportation leading to increase in number of ships is fuelling the growth of bunker fuel market, reports Yahoo quoting Transparency Market Research Inc.
Maritime transport plays a significant role in international trade and global economy. According to the United Nations Conference on Trade and Development, global fleet size increased by 3.04% in 2021 compared to 2020, across all types except for general cargo ships and other ships. The bunker fuel market size was pegged at US$ 159.12 Bn in 2021.
Bunker fuel market trends
An assessment of bunker fuel market trends finds that rise in international seaborne trade and increase in offshore exploration & production activities to spur growth prospects. Increasing demand for crude oil, coal, steel, and iron leading to augmented offshore exploration and production activities, is contributing to the growth of bunker fuel market.
Rapid increase in exploration activities and swift rise in demand for new hydrocarbon reserves is leading to increasing shift from onshore to offshore exploration.
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