Bunker Fuel Market Worth $136.84 Billion By 2030 |

0

Newark, July 11 2022 (GLOBE NEWSWIRE) — According to report published by The Brainy Insights, the global bunker fuel market is expected to grow from USD 92.39 billion in 2021 to USD 136.84 billion by 2030, with a CAGR of 4. 46% over the forecast period 2022-2030.

Rising offshore oil and gas exploration activities are expected to increase the demand for the bunker fuels market over the projection period. Additionally, growing number of LNG fueled fleets, increasing natural gas trading, and International Maritime Organization (IMO) regulations on sulfur content in marine fuel are driving the market growth. Additionally, fuel reduction initiatives by the shipping community, environmental concerns, and stringent regulations on the use of bunker fuel are the factors restraining the growth of the market. Also, growing awareness of reducing environmental pollution and increasing international maritime trade are opportunities for market growth.

Request a sample copy of the research report: https://www.thebrainyinsights.com/enquiry/sample-request/12799

Competitive Strategy

To strengthen their position in the global bunker fuels market, the major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations, and partnerships.

• For example, the Minerva Bunkering Company began supplying marine fuels to the Saudi ports of Jeddah and Yanbu on the Red Sea in December 2021. The company is owned by Mercuria Energy Group and operates with the Saudi Ministry of Energy and Aramco Trading.

Market growth and trends

The growth of the bunker fuels market is driven by increasing demand for marine diesel fuel and continued adoption of low sulfur fuel oils. Additionally, growing air traffic has helped the shipping business, especially cargo ships, to propel the market growth over the forecast period. Moreover, the expansion of scrubber technology is the growth trend of the market. Additionally, shipping companies are increasingly adopting exhaust gas cleaning technologies, such as marine scrubbers, to comply with stringent emission standards. Increasing installation of marine scrubbers, which is one of the critical industry trends, will enable the consumption of high sulfur bunker fuel and hence propel the growth of the market over the coming years. Additionally, the growing naval fleet, especially in countries like the United States, China, Russia, and Brazil, is expected to drive the market in the coming year.

For more information on the analysis of this report, contact the research analyst: https://www.thebrainyinsights.com/enquiry/speak-to-analyst/12799

Main findings

• In 2021, the liquefied natural gas (LNG) segment led the market with the largest market share of 28.22% and revenue of 26.07 billion.
The fuel type segment is divided into Liquefied Natural Gas (LNG), Ultra Low Sulfur Fuel Oil (VLSFO), High Sulfur Fuel Oil (HSFO), Marine Gas Oil (MGO) and Others. In 2021, the liquefied natural gas (LNG) segment dominated the market with the largest market share of 28.22% and revenue of 26.07 billion. This growth is attributed to the growing focus on distributed energy and utility projects.

• In 2021, the container segment dominated the market with the largest market share of 27.17% and a turnover of 25.10 billion.
The application segment is divided into oil tanker, chemical tanker, oil tanker, container, general cargo, fishing vessels, bulk carrier and others. In 2021, the container segment dominated the market with the largest market share of 27.17% and market revenue of 25.10 billion. This growth is attributed to the increase in import and export activities. Moreover, by 2030, tanker segment is likely to dominate the market due to growth in liquid material trading business.

• In 2021, the oil majors segment dominated the market with the largest market share of 41.04% and revenue of 37.91 billion.
The commercial distributors segment is divided into large independent distributor, oil majors and small independent distributors. In 2021, the oil majors segment dominated the market with the largest market share of 41.04% and market revenue of 37.91 billion. This growth is attributed to the growing hydrocarbon resource development activities in offshore areas.

Quick Buy – Bunker Fuel Market Research Report: https://www.thebrainyinsights.com/buy-now/12799/single

Regional Segment Analysis of Bunker Fuel Market:

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

The Asia-Pacific region has become the largest market in the global bunker fuels market with a market share of 48.19% and around 44.52 billion in 2021. Asia-Pacific currently dominates the bunker fuels market due to increased production activities. Additionally, the vast maritime trade potential of countries like Singapore, China, Japan, India, and others is also helping to drive the growth of the region’s market. Additionally, the North American region is expected to post the fastest CAGR of 6.12% over the projection period. This growth is attributed to increasing exports of LNG on tankers or ocean vessels compared to US pipelines. Additionally, increasing demand for new hydrocarbon reserves and technological innovations and advancements are likely to contribute to the growth of the market over the projection period.

Key players operating in the global bunker fuel market are:

• Exxon Mobil Corporation
• BP plc
• Lukoil
• Sinopec Group
• Chevron Corporation
• PETRONAS
• Neste
• Royal Dutch Shell PLC.
• Gazprom Neft PJSC
• Bharat Petroleum Corp. ltd.
• Total SE
• AP Moller Maersk AS
• Eni Spa
• Global Energy International Ltd.
• Glencore Plc
• Indian Oil Corp. ltd.
• Equatorial Marine Fuel Management Services Pte. ltd.
• Marquard and Bahls AG
• Phillips 66
• PJSC LUKOIL
• Hindustan Petroleum Corp. ltd.
• SENTEK Marine Pte. ltd.
• Marquard and Bahls AG
• SK B and T Pte. ltd.
• Rosneft Oil Co.
• Toyota Tsusho Corp.
• PJSC Gazprom Neft
• Shell plc.

This study forecasts revenue at global, regional and country level from 2019 to 2030. The Brainy Insights has segmented the global bunker fuel market based on the segments mentioned below:

Global bunker fuel market by fuel type:

• Liquefied Natural Gas (LNG)
• Ultra Low Sulfur Fuel Oil (VLSFO)
• High sulfur fuel oil (HSFO)
• Marine gas oil (MGO)
• Others

Global Bunker Fuel Market by Applications:

• Oil tanker
• Chemical tanker
• Gas tank truck
• Container
• General merchandise
• Fishing vessels
• Bulk carrier
• Others

Global bunker fuel market by commercial distributor:

• Large independent distributor
• Oil majors
• Small independent distributor

About the report:

The global bunker fuel market is analyzed on the basis of value (USD billion). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to obtain key market insights. The study includes Porter’s Five Forces Model, Attractiveness Analysis, Commodity Analysis, Supply, Demand Analysis, Competitor Position Grid Analysis, analysis of distribution and marketing channels.

Get more information: https://www.thebrainyinsights.com

About The Brainy Insights:

The Brainy Insights is a market research company, aiming to provide businesses with actionable insights through data analytics to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ high-quality production goals in a short period of time. We provide custom (customer specific) and syndicated reports. Our union reporting repository is diverse across all domain categories and subcategories. Our customized solutions are designed to meet customer needs, whether they are looking to expand or planning to launch a new product in the global market.

Contact us

Avinash D
Business Development Manager
Phone: +1-315-215-1633
Email: [email protected]
Web: http://www.thebrainyinsights.com

Share.

Comments are closed.