IMARC Group, a leading market research company, has recently releases report titled “Bunker Fuel Market Report by Fuel Type (High Sulfur Fuel Oil (HSFO), Very Low Sulfur Fuel Oil (VLSFO), Marine Diesel Oil (MDO), Liquefied Natural Gas (LNG)), Vessel Type (Containers, Tankers, General Cargo, Bulk Carrier, and Others), Seller (Major Oil Companies, Leading Independent Sellers, Small Independent Sellers), and Region 2023-2028” The study provides a detailed analysis of the industry, including the global bunker fuel market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the bunker fuel market?
The global bunker fuel market size reached US$ 150.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 216.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.1% during 2023-2028.
What is bunker fuel?
Bunker fuel, also known as marine fuel or ship fuel, is a type of fuel specifically designed for use in large vessels, such as cargo ships, container ships, and cruise liners. It plays a crucial role in the maritime industry, powering the engines that propel these massive vessels across the world's oceans. Bunker fuel is a heavy, viscous, and dense fuel oil derived from crude oil during the refining process. It is characterized by its high sulfur content, which has been a point of environmental concern due to its contribution to air pollution and greenhouse gas emissions.
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What are the growth prospects and trends in the bunker fuel industry?
The demand for bunker fuel is closely tied to global trade volumes. As international trade grows, so does the need for shipping services, which in turn drives the demand for bunker fuel. Additionally, the overall economic health of nations and regions significantly impacts shipping and, by extension, bunker fuel consumption. Economic growth leads to increased imports, exports, and consumer demand, all of which require shipping services. Other than this, fluctuations in crude oil prices directly affect bunker fuel prices. Price volatility can influence decisions regarding fuel choices and vessel operations. Besides this, the development of alternative fuels, like LNG and hydrogen, as well as the broader transition toward cleaner energy sources, may gradually impact the demand for traditional bunker fuels. In line with this, advances in engine technology and propulsion systems are leading to greater fuel efficiency, which can reduce bunker fuel consumption and costs. Moreover, improvements in port infrastructure and the expansion of shipping lanes can influence the efficiency of shipping operations and fuel consumption.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Fuel Type:
- High Sulfur Fuel Oil (HSFO)
- Very Low Sulfur Fuel Oil (VLSFO)
- Marine Diesel Oil (MDO)
- Liquefied Natural Gas (LNG)
Breakup by Vessel Type:
- Containers
- Tankers
- General Cargo
- Bulk Carrier
- Others
Breakup by Seller:
- Major Oil Companies
- Leading Independent Sellers
- Small Independent Sellers
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG)
- BP Plc
- Chevron Corporation
- Exxon Mobil Corporation
- Gazprom Neft PJSC (Gazprom)
- LUKOIL, Neste Oyj
- Petroliam Nasional Berhad (PETRONAS)
- Royal Dutch Shell Plc
- TOTAL S.A.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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