Bunker fuel is also known as marine diesel or marine gasoil and is a final solid product obtained from oil refining. It is available in two forms: fuel grade and calcined grade. Power generation, construction, and metal industry are some of the major end-use of the bunker fuel. It is also used in the production of titanium and fertilizers.
Market Dynamics
Rapid industrialization and urbanization across emerging countries have significantly raised the demand for bunker fuel. Growth in the seaport trade has increased the consumption of fuels in ship bunkers, thereby fueling the market growth of the bunker fuel. Moreover, rising demand for petroleum products along with the increasing number of tanker vessels around the globe is further expected to foster the market growth of bunker fuel.
Increasing focus of bunker providers to open bunkering facilities in ports that are near offshore hydrocarbon is acting as a catalyst in the growth of the bunker fuel market. Increase in offshore production and exploration activities is also expected to foster the market growth of the bunker fuel over the forecast period. Moreover, the growing development of LNG bunkering infrastructure is further anticipated to spur the market growth.
Strict regulation regarding usage of bunker fuel as these contain pollutants such as sulfur and nitrogen is expected to hinder the market growth.
Key features of the study:
- This report provides an in-depth analysis of global bunker fuel market, and provides market size (US$ 26.93 Billion) and compound annual growth rate (CAGR 7.1%) for the forecast period (2023-2030), considering 2022 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market.
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global bunker fuel market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
- Key companies covered as a part of this study include Chemoil Energy Limited, Aegean Marine Petroleum Network, Inc., World Fuel Services Corporation, Gulf Agency Company Ltd., Gazpromneft Marine Bunker LLC, BP Marine Ltd., Exxon Mobil Corporation, Royal Dutch Shell plc, Bunker Holding A/S, and Lukoil-Bunker LLC
- Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future products launches, technology up gradation, market expansion, and marketing tactics
- The global bunker fuel market report caters to various stakeholders in this industry including investors, suppliers, sodium hypochlorite manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global bunker fuel market.
Detailed Segmentation:
- Global Bunker Fuel Market, By Fuel Grade:
- IPO 380
- IPO 180
- IPO Others
- MDO/MGO
- Global Bunker Fuel Market, By Vessel type:
- Tankers
- Containers
- Bulk & General Cargo
- Others
- Global Bunker Fuel Market, By Seller:
- Major Oil Companies
- Leading Independent Distributors
- Small Independent Distributors
- Global Bunker Fuel Market, By Region:
- North America
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Company Profiles
- Chemoil Energy Limited
- Aegean Marine Petroleum Network, Inc.
- World Fuel Services Corporation
- Gulf Agency Company Ltd.
- Gazpromneft Marine Bunker LLC
- BP Marine Ltd.
- Exxon Mobil Corporation
- Royal Dutch Shell plc
- Bunker Holding A/S
- Lukoil-Bunker LLC
