Bunker Fuel Market
By the end of 2031, the market for bunker fuel is anticipated to be worth US$ 192.09 billion. From 2022 to 2031, it is anticipated to expand at a CAGR of 7.49%.
Persistence Market Research predicts that during the assessment period of 2022-2031, the worldwide bunker fuel market will register a substantial market valuation and a strong growth rate. The market for bunker fuel has been expanding favourably during the past few years.
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Bunker Fuel Market Overview:
The global bunker fuel market is expected to grow at a moderate pace in the coming years, primarily driven by the increasing demand for maritime transportation services. The demand for bunker fuel is closely linked to the growth of the shipping industry, and with the growth of international trade and globalization, the demand for bunker fuel is expected to continue to grow. The demand for low-sulfur bunker fuel is also expected to increase in the coming years due to the implementation of stricter emissions regulations in the shipping industry.
Bunker Fuel has been used in maritime transportation since the late 19th century due to its dense properties, but was initially derived from crude oil until the early 1990s when it began being refined into heavier fuels such as Bunker C Oil and Bunker D Oil. Bunker C Oil is now most commonly used in ships due to its higher energetic value than Bunker D Oil, while Bunker D Oil is used mainly in smaller vessels such as tugboats or fishing boats because it burns more slowly than Bunker C Oil. The price of Bunker Fuel varies greatly depending on location, seasonality, supply/demand dynamics, vessel type, cargo size and other factors.
Key Players-
• ExxonMobil Corporation
• Total S.A.
• Royal Dutch Shell plc.
• Neste Oyj
• Saudi Arabian Oil Company
• Marathon Petroleum Corporation
• Valero Energy Corporation
• Pemex
• OAO Gazprom
• China Petroleum & Chemical Corp (Sinopec Corporation)
• Others
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Bunker Fuel Market Segmentations-
Bunker Fuel Market By Type
• IFO 380
• IFO 180
• Other IFO
• MGO/MDO
Bunker Fuel Market By End Use
• Containers
• Bulk Carriers and General Cargo
• Tankers
• Others
Bunker Fuel Market By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa
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Bunker Fuel Market Dynamics:
The increasing demand for shipping and transportation services is the primary driver of the bunker fuel market. The growth of international trade and globalization is also contributing to the growth of the market. However, the market is facing challenges such as the implementation of stricter emissions regulations and the shift towards alternative fuels such as LNG.
Conclusion:
The global bunker fuel market is expected to grow in the coming years, driven by the increasing demand for shipping and transportation services. The Asia-Pacific region is the largest consumer of bunker fuel, followed by Europe and North America. The market is highly fragmented, with a large number of players operating in the market. The increasing demand for low-sulfur bunker fuel and the implementation of stricter emissions regulations are expected to drive the growth of the market in the coming years.
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