Selbyville, Delaware, Feb. 08, 2021 (GLOBE NEWSWIRE) -- According to the industry experts, worldwide bunker fuel industry amassed a valuation of USD 121 billion in 2019 and is projected to register a yearly growth rate of 4.1% over 2020-2027. Increasing onshore and offshore exploration activities, along with efforts to regulate sulphur content are fostering the industry growth. Moreover, as sea travel is the most preferred transport mode for trade, there exists a high demand for tanker refills throughout the journey, thereby further enhancing industry outlook.
The research literature fragments the industry on the basis of type, commercial distributor, application spectrum, and geographical scope. It individually assesses each market segment and offers valuable insights pertaining to the top revenue prospects. Proceeding further, the document incorporates a comprehensive examination of competitive arena, highlighting the major players with respect to strategies used by them to increase their footprint in the market, such as new product launches, agreements, expansions, joint ventures, acquisitions, and partnerships among others.
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For those unfamiliar, bunker fuel is particularly used for powering marine vessels. Ships mostly utilize three types of marine fuels, including low sulphur fuel oil, high sulphur fuel oil, and diesel oil. With rising environmental awareness and stringent government regulations, other fuel types like LNG, LPG, and gasoil will likely replace the aforementioned bunker fuels in the forthcoming years.
Speaking of the factors limiting global bunker fuel market expansion, efforts to reduce fuel consumption by the shipping industry is negatively impacting the demand growth.
Regional scope review:
North America, Latin America, Asia Pacific and Latin America are the key contributors to the overall bunker fuel market remuneration. Asia Pacific market is anticipated to grow substantially over the forecast timeframe, largely due to increasing shipbuilding activities and rise in inter-regional trade. In particular, growing maritime trade in South East Asia, especially across China and Indonesia is slated to enhance the regional industry growth in the upcoming years.
Competitive dynamics overview:
Vessels and ship owners often procure the cheapest fuel oil available on the marketplace, which accounts for over 65% of overall travel expenses. This brews a dynamic rivalry among vendors and manufacturers in the global bunker fuel industry. However, this situation also offers an opportunity for industry parktakers to obtain higher profit margins due to emergency fuel requirements.
Major companies influencing the overall industry trends are Lukoil Bunker LLC, BP plc, Gazpromneft Marine Bunker Ltd., Royal Dutch Shell plc, and Exxon Mobil Corp among others.
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Global Bunker Fuel Market Type Sub-Segments (Revenue, USD Billion, 2017-2027)
- Low Sulfur Fuel Oil
- High Sulfuric Fuel Oil
- Marine Gas Oil
- Others
Global Bunker Fuel Market Commercial Distributor Sub-Segments (Revenue, USD Billion, 2017-2027)
- Small Independent
- Large Independent
- Oil Majors
Global Bunker Fuel Market Application Sub-Segments (Revenue, USD Billion, 2017-2027)
- Bulk Carrier
- Container
- Oil Tanker
- Fishing Vessels
- Chemical Tanker
- General Cargo
- Gas Tankers
- Others
Global Bunker Fuel Market Geographical Fragmentation (Revenue, USD Billion, 2017-2027)
North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
Asia Pacific
- India
- Australia
- Japan
- China
- South Korea
- Rest of APAC
Latin America
- Mexico
- Brazil
Rest of the World
Global Bunker Fuel Market Company Profiles (Revenue, USD Billion, 2017-2027)
- Bomin Bunker Oil Corp.
- GAC Bunker Fuels Ltd.
- Bunker Holding A/S
- Chemoil Energy Ltd.
- KPI OceanConnect (KPI Bridge Oil and OceanConnect merger)
- Lukoil Bunker LLC
- BP plc
- Gazpromneft Marine Bunker Ltd.
- Royal Dutch Shell plc
- Exxon Mobil Corp.
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Bunker Fuel Market, by Region, 2018-2027 (USD Billion)
1.2.2. Bunker Fuel Market, by Type, 2018-2027 (USD Billion)
1.2.3. Bunker Fuel Market, by Commercial Distributor, 2018-2027 (USD Billion)
1.2.4. Bunker Fuel Market, by Application, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Bunker Fuel Market Definition & Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Bunker Fuel Market Dynamics
3.1. Bunker Fuel Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Bunker Fuel Market: Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2017-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Bunker Fuel Market, by Type
5.1. Market Snapshot
5.2. Global Bunker Fuel Market by Type, Performance - Potential Analysis
5.3. Global Bunker Fuel Market Estimates & Forecasts by Type, 2017-2027 (USD Billion)
5.4. Bunker Fuel Market, Sub Segment Analysis
5.4.1. High Sulfuric Fuel Oil
5.4.2. Low sulphur Fuel Oil
5.4.3. Marine Gas Oil
5.4.4. Others
Chapter 6. Global Bunker Fuel Market, by Commercial Distributor
6.1. Market Snapshot
6.2. Global Bunker Fuel Market by Commercial Distributor, Performance - Potential Analysis
6.3. Global Bunker Fuel Market Estimates & Forecasts by Commercial Distributor, 2017-2027 (USD Billion)
6.3.1. Oil Majors
6.3.2. Large Independent
6.3.3. Small Independent
Chapter 7. Global Bunker Fuel Market, by Application
7.1. Market Snapshot
7.2. Global Bunker Fuel Market by Application, Performance - Potential Analysis
7.3. Global Bunker Fuel Market Estimates & Forecasts by Application, 2017-2027 (USD Billion)
7.3.1. Container
7.3.2. Bulk Carrier
7.3.3. Oil Tanker
7.3.4. General Cargo
7.3.5. Chemical Tanker
7.3.6. Fishing Vessels
7.3.7. Gas Tankers
7.3.8. Others
Chapter 8. Global Bunker Fuel Market, Regional Analysis
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