The report presents an in-depth analysis of the bunker fuel market forecast with current and future trends. This report highlights the key drivers, opportunities, and restraints of the bunker fuel market along with the impact analysis of the forecast period. A comprehensive bunker fuel market analysis of the factors that drive and restrain the global bunker fuel market size is provided. The qualitative data in this report aim on the market dynamics, bunker fuel market trends, and developments in the oil sector while the quantitative data provides the information of the market statistics in terms of volume and revenue. An extensive analysis of various regions contributing in the bunker fuel market growth, provides insights that are expected to allow companies to strategically plan their business moves.
Seattle, WA -- (SBWIRE) -- 11/13/2019 -- Bunker Fuel is the fuel oil delivered to ships of all states that are engaged in international navigation. The international navigation may take place via sea, on inland lakes & waterways, and in coastal waters.
The two major bunker fuel classifications in the marine industry are distillates and residual fuel oils. Marine distillates are divided into marine gas oil (MGO) and marine diesel oil (MDO). MGO is used in small and highly rated diesel engines, which are prominently found in many types of ships. Residual fuel oil, also known as heavy fuel oil (HFO), is the highest viscosity fuel oil.
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The growth of the market is attributed to increased offshore hydrocarbon exploration activities in offshore destinations, especially in Asia-Pacific. Moreover, growth in marine trade is also contributing to overall global market growth due to rise in import-export activities. However, due to stringent government regulations regarding usage of bunker fuel such as residual fuel oil (RFO), which contains pollutants such as sulfur and nitrogen that are capable enough to disturb the marine life cycle will hamper the overall growth of the market. The bunker fuel market is expected to grow exponentially on account of increasing oil and gas exploration activities in emerging oil-producing regions, particularly in the Indo-Pacific region. In addition, oil-producing regions have unexplored reserves, which are sufficient to meet the growing energy demand.
The report provides a comprehensive analysis of the key players operating in the global bunker fuel industry namely Exxon Mobil, BP, Shell, China Marine Bunker, World Fuel Services, Bunker Holding, Total Marine Fuel, Chemoil, Bright Oil, Sinopec, Gazpromneft, GAC, China Changjiang Bunker (Sinopec), Southern Pec, Lukoil-Bunker, Alliance Oil Company, Shanghai Lonyer Fuels. The other players in the value chain include Aegean Marine Petroleum Network, Inc., Lukoil-Bunker LLC, Chemoil Energy Limited, and others. In order to stay competitive in the market, these key players are adopting different strategies such as product launch, partnership, merger & acquisition.
Based on type, the market is classified into MGO and RFO. The MGO segment generated highest revenue during the forecast period, and is expected to maintain its dominance throughout the forecast period. This is attributed to its low sulfur contents as compared to residual fuel oil, which contains high volume of contaminants including sulfur. Thus, the demand for MGO is high as compared to residual fuel oil.
Based on the commercial distributor, the market is categorised into oil majors, large independent, and small independent. The oil majors segment accounted for the largest share and is expected to continue its dominance throughout the projected period. This is attributed to the fact that oil majors comprise world's major publicly traded oil and gas companies, which not only distributes bunker fuels but also carries out the extraction and refining operations.
Region wise, the market is analysed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market in 2017, accounting for the highest share, and is anticipated to maintain this trend throughout the forecast period.
Asia-Pacific emerged as the global leader in the global bunker fuel market. This is due to the presence of leading commodity consumption centres. Moreover, presence of emerging economies such as China and India is driving the marine trade with rise in import export activities. After Asia-Pacific, North America is the next largest region and is expected to offer several growth opportunities over the coming years. This is due to growing oil extraction projects. European market is growing considerably because the region comprises some of the world's busiest trading routes.
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