Bunker fuel is used in ship’s bunkers to power its engines. This fuel is divided into A, B or C grades. The C grade is the thickest and often requiring heating or blending in order to make it flow. There are two types of bunker fuels such as distillate and residual. Distillate fuel is composed of petroleum fractions of crude oil that are separated in a refinery by the distillation process. Residual fuel is also called as residuum or petroleum pitch.
The bunker fuel market has witnessed a significant growth owing to factors such as increasing oil and gas exploration activities in major oil-producing regions and high growth in marine trade globally. Moreover, increasing hydrogen resource development activities in offshore areas coupled with rapidly increasing bunker requirements in crude oil and product tankers boost the growth of the bunker fuel market. However, growing concerns regarding marine pollution have resulted in the imposition of several stringent regulations on the bunker industry. These factors are anticipated to hamper the bunker fuel market over the projected period. The major trend followed in the bunker fuel market is the significant shift towards cleaner and environment-friendly fuels.
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Leading key market players mentioned in the report:-
- Chemoil Energy Limited
- Exxon Mobil Corporation
- Gazpromneft Marine Bunker Ltd
- Marathon Petroleum Corporation
- Neste Oyj
- Royal Dutch Shell plc,
- Total S.A.
- Valero Energy Corporation
- World Fuel Services Corporation
The global bunker fuel market is segmented on the basis of fuel grade, end user and commercial distributor. On the basis of fuel grade, the bunker fuel market is segmented into IFO 380, IFO 180, IFO Others and MGO/MDO. The bunker fuel market on the basis of the end user is classified into container, bulk carrier & general cargo, tankers and others. Similarly, on the basis of commercial distributor the bunker fuel market is bifurcated into major oil companies, leading independent distributors and small independent distributors.
Reasons to Buy the Report:
- Learn about the driving factors, affecting the market growth.
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- Envision the restrictions and restrains that are likely to hamper the market.
What the report features:-
- Global analysis of Bunker Fuel market from 2019 – 2027 illustrating the progression of the market.
- Forecast and analysis of Bunker Fuel market by Dosage, Route of Administration and Application from 2019 – 2027
- Forecast and analysis of Bunker Fuel market in five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America
This market research report administers a broad view of the Bunker Fuel market on a Global basis, presenting a forecast and statistics in terms of revenue during the forecast period. It covers an illustrative study with detailed segmentation, complete research and development history, latest news and press releases. Additionally, it demonstrates the future aspects and portrays a sketch of the key players involved in the Bunker Fuel market’s growth in terms of revenue.
The report contains imperative and pivotal details affecting the developments and growth of the market and also talks about the restricting factors that may restrain the Bunker Fuel market growth during the forecast period. Segmentations of the market are examined specifically to provide knowledge for supplementary market investments. Segmentation of the market on the basis of Dosage, Route of Administration and Application are elucidated in details portraying a descriptive structure of the market trends and restrictions affecting the Bunker Fuel market through the segments and sub-segments.
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The report also provides the market size and estimates a forecast from the year 2017 to 2027 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America providing an exhaustive PEST analysis for all five regions after evaluating political, economic, social and technological factors effecting the Bunker Fuel market.
The report also analyzes the factors affecting Bunker Fuel market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend.