The global bunker fuel market is poised for growth due to the increasing adoption of LNG-fueled fleets and the expanding natural gas trade in the forecast period.
TechSci Research’s report, “Bunker Fuel Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2028,” predicts robust growth in the global bunker fuel market. Key drivers include the International Maritime Organization’s sulfur regulations for marine fuel and the uptick in offshore oil and gas exploration activities. The market is expected to benefit from the growing interest in LNG as a marine fuel alternative.
Considerable investment in LNG bunkering infrastructure has made LNG-based vessels preferable for ship owners, particularly those operating in European or American waters. However, LNG-fueled ships have yet to make significant inroads in the bulk carrier market due to technological limitations and the predominant use of conventional vessels in this sector. Bulk carriers primarily transport large cargoes, with livestock transporters comprising a significant portion of the current fleet.
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The global bunker fuel market is categorized by type, commercial distributor, application, and region. Types include high sulfur fuel oil, low sulfur fuel oil, marine gasoil, and others. Commercial distributors are divided into oil majors, large independents, and small independents. Applications encompass container, bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessels, gas tankers, and others. Regions covered are North America, Asia-Pacific, Europe, South America, and the Middle East & Africa.
The low sulfur fuel oil segment is expected to be the most profitable due to the decline in demand for high sulfur fuel oil (HSFO) following the implementation of IMO-2020 regulations, driving demand for low sulfur fuel oil.
Among commercial distributors, the oil majors segment is forecasted to lead, maintaining its dominance in the global bunker fuel market, particularly in the crude oil tanker chartering industry.
The container segment holds the largest share in applications, driven by increasing trade agreements and cargo transportation demands, especially in regions like LAMEA and Asia-Pacific.
Asia-Pacific dominates the market, fueled by the robust marine commerce potential of countries like India, China, Singapore, and Japan. China, a top exporter and importer, is experiencing oversupply in its fleet. India’s government has announced significant investments to modernize ports, boosting demand for marine fuel in the region.
With port infrastructure expansions and increased demand from the maritime industry, Asia-Pacific is poised to lead the global bunker fuel market during the forecast period.
Key market players in the global bunker fuel market are:
- Exxon Mobil Corporation
- Gazprom Neft PJSC
- Lukoil Oil Company
- Total Energies SE
- Chevron Corporation
- Gulf Agency Company Ltd (GAC)
- Bomin Bunker Holding GmbH & Co. KG
- Bunker Holding A/S
- Fratelli Cosulich S.p.A.
- Adani Bunkering Private Limited (part of Adani Group)
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“The demand for bunker fuel is influenced by sulfur emission regulations, increasing maritime activity, and investments in the oil and gas sector. Market players are advised to invest in research and development and enhance marine bunker fuel supply to meet growing demand and stay competitive. Technological advancements in the oil and gas industry are expected to accelerate offshore exploration, driving global bunker fuel market growth by 2028,” stated Mr. Karan Chechi, Research Director at TechSci Research.
The report, “Bunker Fuel Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028F,” assesses the future growth potential of the global bunker fuel market, providing insights into market size, structure, and future growth. It aims to offer advanced market intelligence to aid decision-makers in making sound investment decisions. Additionally, the report identifies and analyzes emerging trends, key drivers, challenges, and opportunities in the global bunker fuel market.
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