Bunker Fuel Market: Global Industry Analysis, Share, Growth and Forecast to 2025
This report offers comprehensive analyses of the global bunker fuel market along with the market trends, drivers, opportunities, key player positioning, top investment pockets, and competitive landscape. According to the report, the global bunker fuel market generated $82.04 billion in 2017, and is expected to reach $142.48 billion by 2023, registering a CAGR of 9.6% from 2017 to 2023. Rise in marine-borne trade and growing offshore exploration activities would propel the growth of the global bunker fuel market
Several bunker fuel companies have come forward into the bunker fuel business to expand market opportunities. The global bunker fuel market has registered a dynamic growth over the past few years, as a result of enormous growth in oil and gas exploration activities in the Asia-Pacific region. In addition, IMO regulation regarding reduction of current sulfur cap from 0.5% to 3.5% to reduce marine pollution will also increase the demand of bunker fuel market among shipping companies. New oil-producing regions have vast unexplored reserves, which will meet the growing demand of energy in the future. Exploration of these untapped reserves will increase the demand for shipping vessels, as increase in exploration, drilling, and production of oil & gas will require more shipping vessels to transport oil and gas to desired destinations, which will boost the growth of the bunker fuel market.
The growth of the market is attributed to the surge in marine-borne trade and increase in offshore exploration activities, which augments the requirement of bunker fuel. However, high investment costs involved in creating the bunker fuel infrastructure and persistent need to replace the old containers hinder the market growth. On the contrary, pressing need to find alternate sources of marine fuel would create lucrative prospects for the market players.
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In terms of commercial distribution, oil majors segment contributed the highest share in 2017, accounting for more than one-third of the total revenue. This is due to the dominance of six multinational oil organizations that control the activities of most of the oil requirement worldwide. Small independent distributor segment would grow at the fastest CAGR of 9.8% from 2017 to 2023, owing to the increase in the number of small independent companies. The large independent distributors segment is expected to witness steady rate during the forecast period.
Containers segment contributed the highest share in terms of revenue, accounting for nearly one-fourth of the total market revenue in 2017, owing to their massive weight carrying capacity. This segment is expected to maintain its dominance through 2023. Fishing vessels segment would register the fastest CAGR of 10.2% from 2017 to 2023, owing to the high adoption of bunker fuel to transport heavy fishing boats. The report also analyzes bulk carrier, oil tanker, general cargo, chemical tanker, gas tanker, and others.
Asia-Pacific contributed nearly half of the total market share in 2017 and is expected to retain its dominance throughout the forecast period. This region is anticipated to continue its lead position in terms of revenue by 2023, owing to the increased number of refineries, which produces fuel oil in large quantities. On the other hand, North America is expected to register the fastest CAGR of 10.9% from 2017 to 2023, owing to the abundance of ultralow sulfur fuel oil (ULSFO) & MGO in the region coupled with implementation of IMOs marine fuel directives for 2020.
The key players analyzed in the report include Bomin Bunker Oil Corp., Aegean Marine Petroleum Network Inc., KPI Bridge Oil A/S, Chemoil Energy Ltd., BP PLC, Exxon Mobil, Bunker Holding A/S, Gazprom Neft PJSC, GAC Bunker Fuels Ltd., and Royal Dutch Shell PLC. The companies have adopted expansion, product development, collaboration, joint ventures, and merger strategies to sustain the intense market competition in the industry.
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