Skip to main content

Bunker Fuel Market is expected to reach valuation of ~US$ 177.8 Bn by 2027: TMR

 Bunker Fuel Market: Introduction

The global bunker fuel market was valued at US$ 143.97 Bn in 2018 and is anticipated to expand at a CAGR of 2.5% during the forecast period. Based on fuel, the High Sulfur Fuel Oil (HSFO) segment held a dominant share of the global bunker fuel market in 2018, as HSFO is a widely used bunker fuel by fleet owners due to its lower price than other types of fuels. However, implementation of the IMO 2020 regulation is expected to restrict the use of HSFO owing to the high sulfur content. The new global limits on sulfur content for marine fuels are estimated to significantly impact bunker fuel market.

In terms of seller, the leading independent sellers segment accounted for a dominant share of the global bunker fuel market in 2018. Leading independent distributors have well-established setup that includes blending facility, storage terminals, and own physical assets. Based on application, the tanker fleet segment constituted prominent share of the global bunker fuel market in 2018, due to the rise in demand for crude oil, petroleum products, chemicals, and liquid raw material in various regions. The tanker fleet segment comprises specialized purpose-built vessels designed to carry liquefied petroleum gas (LPG) or liquefied natural gas (LNG) under pressure. The bunker fuel market in Asia Pacific is likely to expand at a substantial pace during the forecast period, owing to rapid urbanization and industrialization in the region.

Request PDF brochure

https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=3894

Key Drivers of Bunker Fuel Market

Rise in international seaborne trade is boosting the global bunker fuel market. The global seaborne trade is performing well, supported by the upswing in the world economy. Seaborne trade leads to shipping, intercontinental trade, bulk transport of raw materials, and import/export of affordable food and manufactured goods. Increase in offshore exploration and production, due to the rise in demand for resources such as crude oil, coal, steel, and iron, is estimated to propel the demand for bunker fuel in the near future. Rapid technological development has boosted oil & gas exploration activities at deep offshore locations and other marginal oil & gas fields.

Companies supplying bunker fuel have strategically opened bunkering divisions in ports that are close to major offshore hydrocarbon basins, as bunkering requirements are significantly high for some offshore support vessels. Thus, growth in offshore exploration and production activities is projected to drive the global bunker fuel market in the near future.

More Trending Reports

https://www.prnewswire.com/news-releases/generator-rental-market-to-reach-a-valuation-of-us-6-bn-by-2027-demand-for-reliable-power-supply-in-middle-east-and-africa-supports-the-growth-of-global-market--tmr-301007339.html

Asia Pacific Offers Lucrative Opportunities in Bunker Fuel Market

Asia Pacific is anticipated to be a highly attractive region of the global bunker fuel market during the forecast period, due to rapid industrialization and urbanization in the region, especially in countries such as China, India, and Japan. Furthermore, ports in China account for nearly a third of global container traffic. The country has the largest merchant fleet in the world in terms of number of ships. However, Singapore dominates the bunker fuel market in Asia. Around 48 million metric tons to 50 million metric tons of bunker fuel were sold in Singapore in 2018, making it the world’s largest bunkering hub. The country dominates the market due to its vast commercial storage capacity and fuel blending capabilities.

Request enquiry before buying

https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=3894

Major Developments in Bunker Fuel Market  

In March 2019, BP Marine announced that it would begin to retail low sulfur bunker fuel that meets new MARPOL regulations that limit the sulfur content of marine fuels. The company is introducing a new very low sulfur fuel oil (VLSFO), with maximum 0.5% sulfur content, following successful sea trials with fuel manufactured and supplied in the Amsterdam/Rotterdam/Antwerp (ARA) and Singapore hubs.

In October 2019, Total launched its first large liquefied natural gas (LNG) bunker vessel. The bunker vessel is expected to operate in Northern Europe and supply LNG to commercial vessels. The use of LNG sharply reduces emissions from ships, resulting in significant improvement in air quality, particularly for communities in coastal areas and port cities.

Competition Landscape

The global bunker fuel market is dominated by multinational as well as small players operating across the globe. Prominent players operating in the global bunker fuel market include Total, Neste, Marathon Petroleum Corporation, Brightoil Petroleum (Holdings) Limited, BP., Saudi Arabian Oil Co., Gazprom, LUKOIL, BP Sinopec Marine Fuels, Chevron U.S.A. Inc., Exxon Mobil Corporation, Royal Dutch Shell plc, World Fuel Services Corporation., GAC, and BUNKER HOLDING.

Request for custom research

https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=3894

About Us

Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact

Transparency Market Research,

90 Sate Street, Suite 700,

Albany, NY 12207

Tel: +1-518-618-1030

USA - Canada Toll Free: 866-552-3453

Email: sales@transparencymarketresearch.com

Website: https://www.transparencymarketresearch.com/

 

Comments

Post a Comment

Popular posts from this blog

Tunnel Boring Machine Market: Applications, Revenue, Growth and Trends

  Tunnel boring machines are gigantic special-purpose machines, particularly used in building tunnels for roads, railways, and pipelines. These machines are long with circular cross-sections and help in boring round holes through any rock. Tunnel boring machines are intricate assemblies of several systems working in conjunction with each other. Diameter of tunnel boring machines ranges from 1 meter to 20 meters. These machines can cut clean through rocks, sometimes along with creating concrete shields around the bored tunnels. The tunnel boring machine market is largely driven by the increase in spending on road and railway infrastructure. Countries such as China, Japan, Italy, South Korea, Norway, and Germany have vast tunnel networks. The key reason is to connect major cities within the country, sometimes even international, with minimum commute time. This largely optimizes the transportation costs and connects cities to boost commerce. The other method for building tunnels is...
Post a Comment
Read more

GLOBAL WOOD COATINGS MARKET TO TOUCH VALUATION OF US$17.595 BN BY 2025 END

  The  global wood coatings market  features a highly competitive landscape owing to the presence of a plethora of companies competing against one another, notes Transparency Market Research (TMR). Top players in the wood coatings market increasingly resort to forward integration strategies to gain substantial competitive benefits, which may help them to retain their stronghold over the assessment period. Several players are also focusing on product differentiations to attract more consumers and consolidate their positions in various regions. This is especially the trend among small- and medium-scale manufacturers who find this a key strategy to gain a foothold in the wood coatings market. TMR finds that the wood coatings market is also fairly consolidated as the top four players held a combined share of nearly 60.0% in 2016. These companies are RPM International Inc., Akzo Novel N.V., PPG Industries Inc., and The Sherwin Williams Company. Of these, The Sherwin Willia...
Post a Comment
Read more

ANTHOCYANIN CONSUMPTION LEVELS TO TAKE OFF IN DEVELOPING REGIONAL MARKET

  TMR projects the  global anthocyanin market  to reach US$ 735.9 Mn by 2026. Over this period of 2018-2026, the anthocyanin market is forecast to report a CAGR of 4.6%. Among the key end use segments, the food and beverages industry is likely to lead the market in 2018. The trend is likely to remain unchanged throughout the course of the forecast period. Regionally, the North America anthocyanin market held the leading share in the global market in 2018. The global anthocyanin market exhibits the presence of several large companies. Besides this, domestic players enjoy a stronghold in regional pockets, which has rendered the market highly competitive. According to a new study by Transparency Market Research (TMR), Archer Daniels Midlands Co., Sensient Technologies Corp, Symrise A.G., and CHR Hansen A/S held nearly 50% of the global anthocyanin market in 2018, thereby registering their dominance. To sustain growth amidst the prevailing competition, the leading players...
Post a Comment
Read more