New York, NY, June 26, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Bunker Fuel Market by Type (Bunker A, Bunker B, and Bunker C); by Fuel Grade (Marine diesel oil, IFO 180, IFO 380, IFO 500, IFO 700, LS 380, and LS 180); by Commercial Distributors (Major oil companies, Small Independent, and Large Independent); by End-use (Tanker fleet, Container fleet, Bulk and General cargo fleet, and Others) - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024’’. According to the report, global bunker fuel market was valued at around USD 103.8 billion in 2017 and is expected to reach approximately USD 155.1 billion by 2024, growing at a CAGR of slightly above 5.5% between 2018 and 2024.
Bunker fuel is also known as marine fuel and is generally divided into categories of distillates and heavy fuel oil. Distillates are even known as marine gasoil. Heavy fuel oils include other products such as HSFO, ULSFO, and LSFO. Blends of distillates and heavy fuel oil are described as intermediate fuel oils and marine diesel oil. Marine diesel oil refers to blends with a low proportion of heavy fuel oil. These types of marine diesel oil are even categorized as distillate. Various marine fuels are produced from crude oil through a fractional distillation process in refineries.
Browse through 59 Tables & 35 Figures spread over 130 Pages and in-depth TOC on "Global Bunker Fuel Market Size, Share, Demand, By Consumption, Growth, and Forecast, 2017 – 2024”.
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World shipping fleet has grown by 3.5% in 2016 as compared to previous year. Further, cruise travel is continuously growing at a steady rate with above 25 million passengers reported in 2017 through “Cruise Lines International Association, Inc.”, as compared to 17.8 million in 2009. Positive outlook of maritime industry along with considerable growth in trade activities will propel bunker fuel market. In 2016, container trade accounted for 23% of global seaborne trade. In 2016, global seaborne trade volume budged by 2.6%, as that of 1.8% in 2015. However, nearly 80% of global maritime trade contributes to air and water pollution owing to its carbon emissions. This can restrain the market growth in near future.
Rising tourism industry fueled by demographic changes increased disposable income, and improved standard of living will contribute to marine passenger transport industry. According to “The World Travel & Tourism Council” in 2016, maritime tourism contributed to 10.2% of global GDP with a revenue generation of USD 7.6 trillion. Global container market demand is projected to register a growth of 4.7% between 2016 and 2019 as compared to 2.5% in 2012 and 2016.
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As per the type of fuel, global bunker fuel market is segmented into bunker A, bunker B, and bunker C. Bunker B is anticipated to grow at a substantial rate during the forecast period. Various fuel grades are marine diesel oil, IFO 180, IFO 380, IFO 500, IFO 700, LS 380, and LS 180. Marine diesel oil accounts for highest share in the market owing to its usage in fishing vessels. Distributors providing this fuel to end-use consumers are largely independent, small independent, and major oil companies. Major oil companies are directly supplying bulk orders to giant shipping companies and leaders in terms of volume share in the industry. Global bunker fuel market is bifurcated according to end-user as tanker fleet, container fleet, bulk and general cargo fleet, and others. Container fleet remains dominant in terms of fuel consumption, as it voyages through various continents boarded with tones of shipment.
The Asia Pacific is expected to account for a significant share in the global bunker fuel market during the forecast timeframe. As per “Ministry of Shipping”, around 70% of India’s trading by value and 95% by volume is held through maritime transport. India has 200 notified minor and 12 major ports. Further, six mega ports are under development in the country as per “The National Perspective Plan for Sagarmala”. The Indian shipping industry and its ports contribute substantially to its trade and commerce growth. It is recognized as the sixteenth largest maritime country worldwide with a coastline of above 7,517 km. Moreover, initiatives taken by the Indian government such as 100% FDI in harbor and port construction along with maintenance projects will propel maritime industry in the region.
Browse the full "Bunker Fuel Market by Type (Bunker A, Bunker B, and Bunker C); by Fuel Grade (Marine diesel oil, IFO 180, IFO 380, IFO 500, IFO 700, LS 380, and LS 180); by Commercial Distributors (Major oil companies, Small Independent, and Large Independent); by End-use (Tanker fleet, Container fleet, Bulk and General cargo fleet, and Others) - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/bunker-fuel-market
Australian marine industry is a major service provider to other industries along with major contributor to its economy through manufacturer’s products and services. Australian companies are globally recognized for the design of multi-hull, high speed, and design of large aluminum vessels. Additionally, it has expertise in the production of catamarans, steel made vessels, and in the design of efficient and environmentally friendly vessels.
Escalating recreational boating in North America will offer a promising growth in near future. Increasing marine industry in the U.S. and Canada coupled with growing participants in boating will generate revenue in the sector. According to “National Marine Manufacturers Association (NMMA)”, nearly 46% of Canada’s population participates in boating. Presence of established players in the region such as American Sail Inc. and Brunswick will strengthen recreational boating market, leading to wide-scale consumption of bunker fuel.
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Europe plays a vital role in the global shipping industry, with EU companies operating 39% of global deadweight tonnage (DWT) and 40% of worldwide gross tonnage (GT). Greece is controlling the largest fleet in the region, with 36% of GT and 43% of DWT. Germany representing 21% of the region’s GT. In 2014, European Union controlled fleet constituted 660 million deadweight tonnage, 450 million of gross tones along with 23,000 vessels. The EU fleet is comprised of three major type of vessels namely container ships (25% of GT), oil tankers (25%), and bulkers (28%). These vessels being largest consumers of bunker fuels, the region is projected to have a high level of fuel consumption in the forecast period.
Some of the prominent manufacturers in the global bunker fuel market are World Fuel Services Corporation, Lukoil-Bunker LLC, Aegean Marine Petroleum Network, Inc., Bomin Bunker Oil Corp., BP PLC, Bunker Holding A/S, Chemoil Energy Limited, Exxon Mobil Corporation, GAC Bunker Fuels Ltd., Gazpromneft Marine Bunker LLC, KPI Bridge Oil A/S, and Royal Dutch Shell Plc, among others.
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The report segments global Bunker Fuel market as follows:
Bunker Fuel Market: Type Segment Analysis
- Bunker A
- Bunker B
- Bunker C
Bunker Fuel Market: Fuel Grade Segment Analysis
- Marine diesel oil
- IFO 180
- IFO 380
- IFO 500
- IFO 700
- LS 380
- LS 180
Bunker Fuel Market: Commercial Distributors Segment Analysis
- Major oil companies
- Small Independent
- Large Independent
Bunker Fuel Market: End-use Segment Analysis
- Tanker fleet
- Container fleet
- Bulk and general cargo fleet
- Others
Bunker Fuel Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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