Press release
Bunker Fuel Market Demand, Recent Trends, Industry Analysis and Forecasts Report 2027
Bunker Fuel Market: Introduction
The global bunker fuel market was valued at US$ 143.97 Bn in 2018 and is anticipated to expand at a CAGR of 2.5% during the forecast period. Based on fuel, the High Sulfur Fuel Oil (HSFO) segment held a dominant share of the global bunker fuel market in 2018, as HSFO is a widely used bunker fuel by fleet owners due to its lower price than other types of fuels. However, implementation of the IMO 2020 regulation is expected to restrict the use of HSFO owing to the high sulfur content. The new global limits on sulfur content for marine fuels are estimated to significantly impact bunker fuel market.
In terms of seller, the leading independent sellers segment accounted for a dominant share of the global bunker fuel market in 2018. Leading independent distributors have well-established setup that includes blending facility, storage terminals, and own physical assets. Based on application, the tanker fleet segment constituted prominent share of the global bunker fuel market in 2018, due to the rise in demand for crude oil, petroleum products, chemicals, and liquid raw material in various regions. The tanker fleet segment comprises specialized purpose-built vessels designed to carry liquefied petroleum gas (LPG) or liquefied natural gas (LNG) under pressure. The bunker fuel market in Asia Pacific is likely to expand at a substantial pace during the forecast period, owing to rapid urbanization and industrialization in the region.
Contact for full sample PDF of the Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=3894
Key Drivers of Bunker Fuel Market
Rise in international seaborne trade is boosting the global bunker fuel market. The global seaborne trade is performing well, supported by the upswing in the world economy. Seaborne trade leads to shipping, intercontinental trade, bulk transport of raw materials, and import/export of affordable food and manufactured goods. Increase in offshore exploration and production, due to the rise in demand for resources such as crude oil, coal, steel, and iron, is estimated to propel the demand for bunker fuel in the near future. Rapid technological development has boosted oil & gas exploration activities at deep offshore locations and other marginal oil & gas fields.
Companies supplying bunker fuel have strategically opened bunkering divisions in ports that are close to major offshore hydrocarbon basins, as bunkering requirements are significantly high for some offshore support vessels. Thus, growth in offshore exploration and production activities is projected to drive the global bunker fuel market in the near future.
Click here to know Covid19 Impact on given report: https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=3894
Asia Pacific Offers Lucrative Opportunities in Bunker Fuel Market
Asia Pacific is anticipated to be a highly attractive region of the global bunker fuel market during the forecast period, due to rapid industrialization and urbanization in the region, especially in countries such as China, India, and Japan. Furthermore, ports in China account for nearly a third of global container traffic. The country has the largest merchant fleet in the world in terms of number of ships. However, Singapore dominates the bunker fuel market in Asia. Around 48 million metric tons to 50 million metric tons of bunker fuel were sold in Singapore in 2018, making it the world's largest bunkering hub. The country dominates the market due to its vast commercial storage capacity and fuel blending capabilities.
Major Developments in Bunker Fuel Market
In March 2019, BP Marine announced that it would begin to retail low sulfur bunker fuel that meets new MARPOL regulations that limit the sulfur content of marine fuels. The company is introducing a new very low sulfur fuel oil (VLSFO), with maximum 0.5% sulfur content, following successful sea trials with fuel manufactured and supplied in the Amsterdam/Rotterdam/Antwerp (ARA) and Singapore hubs.
In October 2019, Total launched its first large liquefied natural gas (LNG) bunker vessel. The bunker vessel is expected to operate in Northern Europe and supply LNG to commercial vessels. The use of LNG sharply reduces emissions from ships, resulting in significant improvement in air quality, particularly for communities in coastal areas and port cities.
Competition Landscape
The global bunker fuel market is dominated by multinational as well as small players operating across the globe. Prominent players operating in the global bunker fuel market include Total, Neste, Marathon Petroleum Corporation, Brightoil Petroleum (Holdings) Limited, BP., Saudi Arabian Oil Co., Gazprom, LUKOIL, BP Sinopec Marine Fuels, Chevron U.S.A. Inc., Exxon Mobil Corporation, Royal Dutch Shell plc, World Fuel Services Corporation., GAC, and BUNKER HOLDING.
Take Enquiry before buying: https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=3894
Global Bunker Fuel Market: Segmentation
Bunker Fuel Market, by Fuel
High Sulfur Fuel Oil (HSFO)
Very Low Sulfur Fuel Oil (VLSFO)
Marine Diesel Oil (MDO)
Liquefied Natural Gas (LNG)
Bunker Fuel Market, by Application
Tanker Fleet
Glass Container Fleet
Bulk & General Cargo Fleet
Others (including Passenger Ferries, Cruise Ships)
Bunker Fuel Market, by Seller
Major Oil Companies
Leading Independent Sellers
Small Independent Sellers
Bunker Fuel Market, by Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Request Brochure: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=3894
Environmental Concerns Lead to Development of Efficient Low-sulfur Bunker Fuels
Despite efforts being made to use low-sulfur fuels, emissions from cargo ships continue to pose a major threat to the environment. In the wake of these growing concerns, stringent air quality regulations have been formulated, which are likely to set the pace for the growth of the bunker fuel market during the forecast period (2019-2027). While high sulfur fuel oils (HSFO) enter the last leg of their journey, demand for low sulfur fuel oils is set to witness a steady growth in the coming years.
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Contact Us
Mr. Rohit Bhisey
Transparency Market Research,
90 State Street, Suite 700,
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/
About Us
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
The global bunker fuel market was valued at US$ 143.97 Bn in 2018 and is anticipated to expand at a CAGR of 2.5% during the forecast period. Based on fuel, the High Sulfur Fuel Oil (HSFO) segment held a dominant share of the global bunker fuel market in 2018, as HSFO is a widely used bunker fuel by fleet owners due to its lower price than other types of fuels. However, implementation of the IMO 2020 regulation is expected to restrict the use of HSFO owing to the high sulfur content. The new global limits on sulfur content for marine fuels are estimated to significantly impact bunker fuel market.
In terms of seller, the leading independent sellers segment accounted for a dominant share of the global bunker fuel market in 2018. Leading independent distributors have well-established setup that includes blending facility, storage terminals, and own physical assets. Based on application, the tanker fleet segment constituted prominent share of the global bunker fuel market in 2018, due to the rise in demand for crude oil, petroleum products, chemicals, and liquid raw material in various regions. The tanker fleet segment comprises specialized purpose-built vessels designed to carry liquefied petroleum gas (LPG) or liquefied natural gas (LNG) under pressure. The bunker fuel market in Asia Pacific is likely to expand at a substantial pace during the forecast period, owing to rapid urbanization and industrialization in the region.
Contact for full sample PDF of the Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=3894
Key Drivers of Bunker Fuel Market
Rise in international seaborne trade is boosting the global bunker fuel market. The global seaborne trade is performing well, supported by the upswing in the world economy. Seaborne trade leads to shipping, intercontinental trade, bulk transport of raw materials, and import/export of affordable food and manufactured goods. Increase in offshore exploration and production, due to the rise in demand for resources such as crude oil, coal, steel, and iron, is estimated to propel the demand for bunker fuel in the near future. Rapid technological development has boosted oil & gas exploration activities at deep offshore locations and other marginal oil & gas fields.
Companies supplying bunker fuel have strategically opened bunkering divisions in ports that are close to major offshore hydrocarbon basins, as bunkering requirements are significantly high for some offshore support vessels. Thus, growth in offshore exploration and production activities is projected to drive the global bunker fuel market in the near future.
Click here to know Covid19 Impact on given report: https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=3894
Asia Pacific Offers Lucrative Opportunities in Bunker Fuel Market
Asia Pacific is anticipated to be a highly attractive region of the global bunker fuel market during the forecast period, due to rapid industrialization and urbanization in the region, especially in countries such as China, India, and Japan. Furthermore, ports in China account for nearly a third of global container traffic. The country has the largest merchant fleet in the world in terms of number of ships. However, Singapore dominates the bunker fuel market in Asia. Around 48 million metric tons to 50 million metric tons of bunker fuel were sold in Singapore in 2018, making it the world's largest bunkering hub. The country dominates the market due to its vast commercial storage capacity and fuel blending capabilities.
Major Developments in Bunker Fuel Market
In March 2019, BP Marine announced that it would begin to retail low sulfur bunker fuel that meets new MARPOL regulations that limit the sulfur content of marine fuels. The company is introducing a new very low sulfur fuel oil (VLSFO), with maximum 0.5% sulfur content, following successful sea trials with fuel manufactured and supplied in the Amsterdam/Rotterdam/Antwerp (ARA) and Singapore hubs.
In October 2019, Total launched its first large liquefied natural gas (LNG) bunker vessel. The bunker vessel is expected to operate in Northern Europe and supply LNG to commercial vessels. The use of LNG sharply reduces emissions from ships, resulting in significant improvement in air quality, particularly for communities in coastal areas and port cities.
Competition Landscape
The global bunker fuel market is dominated by multinational as well as small players operating across the globe. Prominent players operating in the global bunker fuel market include Total, Neste, Marathon Petroleum Corporation, Brightoil Petroleum (Holdings) Limited, BP., Saudi Arabian Oil Co., Gazprom, LUKOIL, BP Sinopec Marine Fuels, Chevron U.S.A. Inc., Exxon Mobil Corporation, Royal Dutch Shell plc, World Fuel Services Corporation., GAC, and BUNKER HOLDING.
Take Enquiry before buying: https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=3894
Global Bunker Fuel Market: Segmentation
Bunker Fuel Market, by Fuel
High Sulfur Fuel Oil (HSFO)
Very Low Sulfur Fuel Oil (VLSFO)
Marine Diesel Oil (MDO)
Liquefied Natural Gas (LNG)
Bunker Fuel Market, by Application
Tanker Fleet
Glass Container Fleet
Bulk & General Cargo Fleet
Others (including Passenger Ferries, Cruise Ships)
Bunker Fuel Market, by Seller
Major Oil Companies
Leading Independent Sellers
Small Independent Sellers
Bunker Fuel Market, by Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Request Brochure: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=3894
Environmental Concerns Lead to Development of Efficient Low-sulfur Bunker Fuels
Despite efforts being made to use low-sulfur fuels, emissions from cargo ships continue to pose a major threat to the environment. In the wake of these growing concerns, stringent air quality regulations have been formulated, which are likely to set the pace for the growth of the bunker fuel market during the forecast period (2019-2027). While high sulfur fuel oils (HSFO) enter the last leg of their journey, demand for low sulfur fuel oils is set to witness a steady growth in the coming years.
More Trending Reports by TMR:
https://www.prnewswire.com/news-releases/disposable-gloves-market-to-reach-us-18-5-bn-by-2031-rising-product-use-in-manifold-applications-helps-boost-sales-states-tmr-report-301472575.html
https://www.prnewswire.com/news-releases/superconducting-power-cables-market-to-reach-us-2-6-bn-by-2031-growing-application-in-electric-grid-projects-to-offer-value-grab-opportunities-tmr-study-301476586.html
https://www.prnewswire.com/news-releases/pancreatin-market-to-advance-at-cagr-of-5-7-during-2021-to-2031-growing-consumption-of-food--feed-enzymes-generating-revenues-gains-notes-tmr-study-301480715.html
Contact Us
Mr. Rohit Bhisey
Transparency Market Research,
90 State Street, Suite 700,
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/
About Us
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
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