Bunker Fuel Market Trends, Opportunities & Revenue Share Analyzed

Posted by Jason Lee on March 20th, 2020

As per the current market trends and the promising nature of the bunker fuel market, it can be estimated that the future holds positive outcomes. The study discusses the prime market growth factors along with future projections expected to impact the bunker fuel market during the period between 2018 and 2025 In addition, a deep analysis of the competitive landscape, including prime market players is also enclosed in this report.

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The global bunker fuel market was valued at 7,215.5 million in 2017, and is projected to reach 3,050.4 million by 2025, growing at a CAGR of 9.4% from 2018 to 2025.

Bunker fuel is the fuel oil/gas delivered to the ships that are engaged in international navigation. The international navigation takes place via sea, coastal waters, and on waterways and inland lakes. In the marine industry, bunker fuel is classified in two major categories residual fuel oils and distillates. Marine distillate is divided into two categories, marine gas oil (MGO) and marine diesel oil (MDO). Marine gas oil is mostly used in small and highly rated diesel engines, which are found in many different ships. Residual fuel oil (HFO) is the high viscosity oil fuel. The most commonly used heavy fuels are IFO 180 and IFO 380.

Rise in offshore exploration & production (E&P) activity and increase in seaborne trade are the factors that drive the growth of the global bunker fuel market. In addition, IMO's regulations of sulfur cap for marine fuels are also expected to drive the growth of the bunker fuel market. High investment cost involved in development of bunker fuel infrastructure and regulatory framework is anticipated to hamper the growth of the bunker fuel market.

The global bunker fuel market is segmented based on type, commercial distributors, end user, and region. Based on type, the market is segmented into MGO and RFO. Based on the commercial distributors, it is classified into oil majors, large independent, and small independent. Based on end user, it is classified into container, bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessels, gas tanker, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players analyzed and profiled in this report are BP PLC, Exxon Mobil, Royal Dutch Shell PLC, Lukoil, Sinopec Group, Gazprom Neft PJSC, Chevron Corporation, Petroliam Nasional Berhad (PETRONAS), Total S.A., and Neste.

Bunker Fuel Key Market Segments:

By Type

    Marine Gas Oil (MGO)                                              
    Residual Fuel Oil (RFO)

By Commercial Distributor

    Oil Majors                                   
    Large Independent
    Small Independent

By End-User

    Container
    Bulk Carrier
    Oil Tanker
    General Cargo
    Chemical Tanker
    Fishing
    Gas Tanker
    Others

By Region

    North America
        U.S.
        Canada
        Mexico
    Europe
        UK
        Germany
        France
        Italy
        Spain
        Rest of Europe
    Asia-Pacific
        China
        Japan
        India
        South Korea
        Rest of Asia-Pacific
    LAMEA
        UAE
        Saudi Arabia
        Brazil
        South Africa
        Rest of LAMEA