By 2032, the worldwide Bunker Fuel Market is expected to develop significantly and reach a value of $228,800 million. From 2022 to 2032, the market is anticipated to develop at a consistent annual growth rate of 5.1%. The rising demand for international seaborne trade, the rising oil and gas exploration activities in deep offshore regions, government support for bolstering border security, and the growing emphasis on research and development (R&D) projects to create clean and environmentally friendly fuels are key factors causing this growth.
One of the main factors driving the expansion of the bunker fuel industry is the soaring need for international seaborne trade. International trade volume is increasing quickly as globalisation thrives. Bunker fuel, a vital component for maritime vessel propulsion, is necessary to maintain cross-border cargo movement. The need for bunker fuel is being significantly fueled by the continual increase in seaborne commerce operations, which is being driven by the necessity for affordable and effective transportation.
The market is expanding as a result of the expanding oil and gas exploration activity in deep offshore regions. The oil and gas sector is expanding into deeper offshore locations due to the depletion of onshore deposits, which calls for specialised vessels propelled by bunker fuel.
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The market for bunker fuel is now being supported by the government’s support for enhancing geographic border protection. The protection of geographical borders is a top priority for governments around the world, particularly in coastal regions. A strong marine infrastructure, including ships with bunker fuel to support border patrols and surveillance operations, is necessary for enhancing border security. The need for bunker fuel in naval fleets and coast guard activities is being driven by the increased focus on border security efforts.
Furthermore, research and development initiatives to create clean fuels for the maritime sector are being driven by the growing emphasis on environmentally benign and sustainable practises. There is an increasing need for cleaner substitutes for conventional bunker fuels as environmental concerns and laws become more stringent. Research and development is being done to provide fuels with lower carbon emissions and less negative environmental effects. The market’s future is anticipated to be shaped by these developments in clean and environmentally friendly bunker fuel technologies, which are in line with the worldwide movement towards a greener and more sustainable maritime industry.
The worldwide bunker fuel market is predicted to have significant expansion over the forecast period because to these important industry factors and technological advancements. Industry participants are anticipated to take advantage of this chance by making investments in cutting-edge fuel technologies, growing their distribution networks, and working with stakeholders to meet the changing needs of the global shipping sector.
Highlighted with 81 tables and 81 figures, this 162-page report “Global Bunker Fuel Market 2022-2032 by Fuel Type (VLSFO, HSFO, MGO, LNG), Fuel Grade (Bunker A, Bunker B, Bunker C), Vessel Type (Bulk Carriers, Tankers, Containers, General Cargo, Others), Seller Type (Major Oil Companies, Leading Independent Sellers, Small Independent Sellers), and Region: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire global bunker fuel market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2020-2022 and provides forecast from 2023 till 2032 with 2022 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
View Report Scope and Latest Developments in the Market: https://www.marketwatch.com/press-release/bunker-fuel-market-trends-top-key-players-covid-19-impact-analysis-and-forecast-2032-2023-06-04?mod=search_headline
In-depth qualitative analyses include identification and investigation of the following aspects:
- Market Structure
- Growth Drivers
- Restraints and Challenges
- Emerging Product Trends & Market Opportunities
- Porter’s Fiver Forces
The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify global bunker fuel market in every aspect of the classification from perspectives of Fuel Type, Fuel Grade, Vessel Type, Seller Type, and Region.
Based on Fuel Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
- Very Low Sulfur Fuel Oil (VLSFO)
- High Sulfur Fuel Oil (HSFO)
- Marine Gas Oil (MGO)
- Liquefied Natural Gas (LNG)
- Other Fuel Types
Based on Fuel Grade, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
- Bunker A
- Bunker B
- Bunker C
By Vessel Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
- Bulk Carriers
- Tankers
- Containers
- General Cargo
- Other Vessel Types
By Seller Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
- Major Oil Companies
- Leading Independent Sellers
- Small Independent Sellers
Geographically, the following regions together with the listed national/local markets are fully investigated:
- North America (U.S., Canada, and Mexico)
- Europe (Germany, UK, Norway, Spain, Italy, Netherlands, Rest of Europe; Rest of Europe is further segmented into France, Russia, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Denmark, and Finland)
- APAC (Japan, China, Singapore, India, Malaysia, and Rest of APAC; Rest of APAC is further segmented into South Korea, Australia, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (UAE，Saudi Arabia, Iran, and Rest of MEA)
For each aforementioned region and country, detailed analysis and data for annual revenue ($ mn) are available for 2022-2032. The breakdown of all regional markets by country and split of each national market by Fuel Type, Vessel Type and Seller Type over the forecast years are also included.
The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Selected Key Players:
Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG)
BP PLC
Bunker Holding A/S
Chevron Corporation
China COSCO Shipping Corporation Limited
Clipper Oil
Evergreen Marine Corp Taiwan Ltd.
Exxon Mobil Corporation
Fuel Suppliers
Gazprom Marine Bunker LLC
Gulf Agency Company Ltd.
Neste Corporation
Pacific International Lines Pte Ltd.
PJSC (Lukoil Oil Company)
Shell Plc
TotalEnergies SE
World Fuel Services Corporation
Yang Ming Marine Transport Corporation
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