Bunker Fuel Market to Generate Exciting Opportunities in the Industry by 2025

Posted by aartimurkute on November 19th, 2021

Between 2019 and 2020, the world commercial fleet witnessed robust expansion by 81 million dwt (UNCTADstat). Bulk carriers have particularly been seeing noteworthy growth in terms of tonnage. It has been observed that LNG tankers are also gaining more prominence. An expanding fleet of both commercial, as well as recreational vessels having routine operations along international routes promise massive growth in bunker fuel consumption in the near future.

A new ongoing study of Fairfield Market Research suggests that the world trade is fast recovering after a significant setback throughout 2020. With supply chains, logistics, and shipping operations coming back on the track, bunker fuel sales are also regaining momentum. The report expects global bunker fuel market to benefit from the recently flourishing liquified natural gas (LNG) trade, and consequently growing preference for LNG-based vessels in trade.

Get a Sample Copy of Bunker Fuel Market: https://www.fairfieldmarketresearch.com/report/bunker-fuel-market

Opportunities Abound for Low-sulphur Oil, and LNG

Aggravating environmental concerns worldwide has been pushing industries toward adoption of clean/green fuels. The otherwise preferred heavy fuel oil (HFO) is thus expected to witness a significant fall in consumption in the near future. Since 2020, as the International Maritime Organization (IMO) imposed a 0.50% global sulphur cap, the market expects a steep drop in shares of heavy sulphur oils in the market. Similarly, the other popular bunker fuel choices such as intermediate fuel oil 380 (IFO 380), intermediate fuel oil 180 (IFO 180), marine diesel oil (MDO), marine gasoil (MGO), and marine fuel oil (MFO) are also projected to lose their shares in market. This will in contrary push both low-sulphur oil, and LNG as the newly preferred bunker fuel alternatives.

China Remains the Global Leader

Banking on the strongest contenders like China, Japan, India, Australia, and Singapore, Asia Pacific retains the top spot in global bunker fuel landscape. Chinese market especially remains at the forefront, with yearly market valuation of over US Bn. Dominance of China has been attributed to the country’s thriving marine trade scenes in addition to the scaling refining capacities.

On its way to place itself as the world’s most influential marine fuel hub, China is soon likely to outweigh other North Asian markets. Adopting the underbidding strategy, China continues to be the world’s most dynamic container port that could manage to sustain the bunker fuel scenario despite all the disruptions amid COVID-19 pandemic. The country is also witnessing emergence of multiple ports over the recent past, which will remain the prime contributor to the expansion of bunker fuel landscape of Asia Pacific. The report also highlights lucrative opportunities in Australia, and Singapore.

Bunker Fuel Market Competition

Royal Dutch Shell PLC, PETRONAS Global, Exxon Mobil Corporation, Total SE, Valero Energy Corporation, Chevron Corporation, Saudi Arabian Oil Company, World Fuel Services Corporation, The PJSC Lukoil Oil Company, BP p.l.c., Sinopec Group, Gazprom Neft PJSC, Neste Oyj, Bomin Bunker Oil Corp, Minerve Bunkering, Marathon Petroleum Corporation, and Gac Bunker Fuels Limited are some of the leading competitors in global bunker fuel landscape. Fairfield Market Research uncovers exclusive insights on the strategic developments of key companies, in the report.

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