The Singapore bunker fuels market was estimated at $17.6 billion in 2020 and is expected to hit $24.5 billion by 2030, registering a CAGR of 3.5% from 2021 to 2030, reads a GlobeNewsWire press release quoting a Allied Market Research Report.
Fuel reduction initiatives
The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
IMO regulations on sulfur content in marine fuel and increase in oil & gas exploration activities drive the growth of the Singapore bunker fuels market. On the other hand, competition from regional players and different fuel reduction initiatives by the shipping community hinder the growth to some extent.
However, several LNG break bulk services opportunities have been beneficial for the market growth.
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Source: GlobeNewsWire
