Bunker Fuel Market, By Fuel Grade (IFO 380, IFO 180, IFO others, MDO/ MGO), By Vessel Type (Tankers, Containers, Bulk & General Cargo, Others), By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)

Published In : Jul 2023

Code : CMI4049

Pages :120

Formats :

Excel and PDF

Industry : Energy

Market Challenges And Opportunities

Drivers

Increasing demand for bunker fuel in the shipping industry and

The increased development of hydrocarbon resources in offshore locations is boosting demand for bunker fuel. Rapidly expanding exploration operations, together with the increasing formation of new hydrocarbon reserves, have resulted in an increase in offshore and onshore reserves. Furthermore, increased oil and gas exploration operations in deep offshore locations are expected to boost bunker fuel market growth.

Exploration activities to boost the market growth

Growth Drivers:

Increasing hydrocarbon resources development activities in offshore areas
Rapid industrialization and urbanization across emerging countries

Market Restraints

Strict regulation regarding usage of bunker fuel as these contain pollutants such as sulphur and nitrogen

Restraints & Challenges:

Strict regulation regarding usage of bunker fuel as these contain pollutants such as sulphur and nitrogen

Increasing fuel conservation attempts by the shipping industry in response to increased environmental concerns and the need to reduce carbon footprint are likely to stymie market expansion. For this shipping business, efficient technologies (MGO- Marine Gas Oil, MDO- Marine Diesel Oil, IFO- Intermediate Fuel Oil, MFO- Marine Fuel Oil, HFO- Heavy Fuel Oil) are being adopted, which can help to cut fuel consumption.