Global bunker fuel market – industry analysis and forecast (2018-2026)
The growing number of shipping vessels is resulting in the increased consumption of fuels used in ship bunkers. Fast increase in the bunker requirement for the storage of fuel and the growing hydrocarbon resource development activities in offshore areas are driving the growth in the global bunker fuel market. Furthermore, decreasing fuel consumption as a result of the introduction of fuel-efficient vessels is limiting the growth in the global bunker fuel market.
Intermediate fuel oil (IFO) 380 is estimated to grow at a significant rate in the global bunker fuel market owing to most of the ship engines are capable of combusting this fuel. This is the most favoured fuel grade owing to its cheapest cost.
Large independent distributors is expected to hold a substantial growth in the bunker fuel market. This growth can be attributed owing to distributors have multiple physical resources, such as blending services and storage terminuses in major bunkering ports. This bounces them economical advantage over small independent distributors.
Bulk and general cargo vessels is expected to dominant the large market share in the bunker fuel market during the forecast period, owing to the popular of the transportation of goods is conceded out through bulk and general cargo vessels.
Asia Pacific hold the large market share in the Global bunker fuel market. This large share can be attributed owing to the presence of major shipping key players in the developing economies such as China, India, South Korea, and Japan. However augmented exports from Asia Pacific to the European and North American countries are resulting in the demand for shipping vessels which is positively impacting the growth of the bunker fuel industry. Swift industrialization and commercialization in developing countries such as China, India, Vietnam, and the Philippines, exports as well as imports have risen expressively the growth in the Bunker Fuel Market.
Some of the major key players in the Global bunker fuel market includes, BP PLC, Bunker Holding A/S, Chemoil Energy Ltd., Exxon Mobil, Gazprom Neft PJSC, GAC Bunker Fuels Ltd., KPI Bridge Oil A/S, and Royal Dutch Shell PLC, Aegean Marine Petroleum Network Inc., and Bomin Bunker Oil Corp.
Global bunker fuel market is segmented into fuel grade, seller type, end user and geography. Based on fuel grades, the bunker fuel market is categorised into marine gas oil/marine diesel oil (MGO/MDO), intermediate fuel oil (IFO) 380, IFO 180 and IFO Others. On the basis of seller type, the bunker fuel market is categorised into oil producers, large independent distributors, and small independent distributors. The end users of bunker fuel encompass tanker vessels, container vessels, and bulk and general cargo vessels. Based on region, the bunker fuel market is spread by Europe, North America, Asia Pacific, Latin America, and Middle East and Africa.