Bunker Fuel Market expected to reach $142,489 million by 2023, registering a CAGR of 9.6% | Aegean Marine Petroleum Network, Bomin Bunker Oil, BP PLC, Bunker Holding A/S
The report on “Bunker Fuel Market” will help Major Players and the new entrants to understand scrutinize the market in detail. This information will encourage the Major Players to decide their business strategy and achieve proposed business aims.
The global bunker fuel market was valued at $97,203 million in 2016, and is expected to reach $142,489 million by 2023, registering a CAGR of 9.6% from 2016 to 2022. The term “oil fuel” describes any fuel manufactured from petroleum crude oil and can apply to gasoline and jet kerosene or, in the marine world, gas oil, diesel oil, or fuel oil. Fuel oil refers to residual fuel oil manufactured at the bottom end of an oil refining process. The two main oil fuel classifications in the marine industry are distillates and residual fuel oils. Marine distillates divide into two broad types, marine gas oil (MGO) and marine diesel oil (MDO), which are used in the main engines of small vessels and auxiliary engines of larger vessels. Distillates are widely used by fishing vessels with less space to deploy equipment for treating high viscosity fuels.
Top Companies Covered in this Report:
Aegean Marine Petroleum Network Inc., Bomin Bunker Oil Corp., BP PLC, Bunker Holding A/S, Chemoil Energy Ltd., Exxon Mobil, Gazprom Neft PJSC, GAC Bunker Fuels Ltd., KPI Bridge Oil A/S, Royal Dutch Shell PLC
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The International Maritime Organization’s regulations of sulfur cap of 0.50% m/m (mass/mass) in 2020 for marine fuels, and increase in ocean-borne trade, especially in ton-km travelled, are the factors that drive the growth of the global bunker fuel market. However, obsolete vessels has been replaced by more competent boats, which in turn is expected to drive the market. Moreover, implementation and monitoring of the sulfur cap by IMO is expected to be a key challenge for the market.
The global bunker fuel market is segmented based on type, commercial distributor, end user, and geography. The type segment is classified into residual fuel oil, MDO, and MGO. On the basis of commercial distributors, the market is divided into oil majors, large independent, and small independent. By end user, it is categorized into container, bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessel, gas tanker, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In 2016, Asia-Pacific occupied the largest market share, followed by Europe. Asia-Pacific is expected to dominate the global bunker fuel market by 2023, witnessing substantial growth in emerging countries such as, China, India, and South Korea.
The prominent players in the global bunker fuel market have strategically focused on product development and agreements as their key strategy to gain significant market share.
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Fundamentals of Table of Content:
1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered
1.4 Market Analysis by Type
1.5 Market by Application
1.6 Study Objectives
1.7 Years Considered
2 Global Growth Trends
2.1 Bunker Fuel Market Size
2.2 Bunker Fuel Growth Trends by Regions
2.3 Industry Trends
3 Market Share by Key Players
3.1 Bunker Fuel Market Size by Manufacturers
3.2 Bunker Fuel Key Players Head office and Area Served
3.3 Key Players Bunker Fuel Product/Solution/Service
3.4 Date of Enter into Bunker Fuel Market
3.5 Mergers & Acquisitions, Expansion Plans
4 Breakdown Data by Product
4.1 Global Bunker Fuel Sales by Product
4.2 Global Bunker Fuel Revenue by Product
4.3 Bunker Fuel Price by Product
5 Breakdown Data by End User
5.2 Global Bunker Fuel Breakdown Data by End User
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