Newark, July 11, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global bunker fuel market is expected to grow from USD 92.39 billion in 2021 to USD 136.84 billion by 2030, at a CAGR of 4.46% during the forecast period 2022-2030.
The increase in offshore oil & gas exploration activities is anticipated to expand demand for the bunker fuel market during the projection period. Further, the rising number of LNG-fuelled fleets, increasing natural gas trade, and the International Maritime Organization (IMO) regulation on sulfur content in maritime fuel are the driving factors of the market growth. Moreover, fuel reduction initiatives by the shipping community, environmental concerns, and strict regulation on the usage of bunker fuel are the restraining factors of the market growth. Furthermore, growth in awareness toward reducing environmental pollution and rising international marine trade are opportunities for market growth.
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Competitive Strategy
To enhance their market position in the global bunker fuel market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• For example, the Minerva Bunkering Company started providing maritime fuels at Saudi Arabia's Red Sea ports of Jeddah and Yanbu in December 2021. The firm is owned by Mercuria Energy Group and operates with the Saudi Arabian Energy Ministry and Aramco Trading.
Market Growth & Trends
The growth of the bunker fuel market is driven by the increase in demand for marine diesel oil and the ongoing adoption of low-sulfur fuel oils. Further, the growing airline traffic has helped the shipping enterprise, especially cargo vessels, also help propel the market growth during the forecast period. Moreover, the expansion of scrubber technology is the market growth trend. Further, the shipping firms are increasingly adopting exhaust gas cleaning technologies, like marine scrubbers, to comply amid the strict emission norms. The growing installation of marine scrubbers, which is one of the critical industry trends, will permit the consumption of high-sulfur bunker fuel and therefore propel the market's growth throughout the upcoming years. Moreover, the increasing naval fleet, especially in countries like the U.S., China, Russia, and Brazil, is anticipated to boost the market during the upcoming year.
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Key Findings
• In 2021, the liquefied natural gas (LNG) segment dominated the market with the largest market share of 28.22% and market revenue of 26.07 billion.
The fuel type segment is divided into liquefied natural gas (LNG), very low sulfur fuel oil (VLSFO), high sulfur fuel oil (HSFO), Marine Gas Oil (MGO), and others. In 2021, the liquefied natural gas (LNG) segment dominated the market with the largest market share of 28.22% and market revenue of 26.07 billion. This growth is attributed to the growing focus on distributed power & utility projects.
• In 2021, the container segment dominated the market with the largest market share of 27.17% and market revenue of 25.10 billion.
The application segment is divided into an oil tanker, chemical tanker, gas tanker, container, general cargo, fishing vessels, bulk carrier, and others. In 2021, the container segment dominated the market with the largest market share of 27.17% and market revenue of 25.10 billion. This growth is attributed to the rising import & export activities. Further, by 2030, the oil tanker segment will likely dominate the market due to the growing liquid material trade activities.
• In 2021, the oil majors segment dominated the market with the largest market share of 41.04% and market revenue of 37.91 billion.
The commercial distributor segment is divided into the large independent distributor, oil majors, and small independent distributors. In 2021, the oil majors segment dominated the market with the largest market share of 41.04% and market revenue of 37.91 billion. This growth is attributed to offshore areas' rising hydrocarbon resources development activities.
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Regional Segment Analysis of the Bunker Fuel Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific region occurred as the largest market for the global bunker fuel market with a market share of 48.19% and around 44.52 billion in 2021. The Asia Pacific currently dominates the bunker fuel market due to the increasing production activities. Additionally, the vast maritime trade potential of nations like Singapore, China, Japan, India, and other nations also helps to drive the region's market growth. Furthermore, the North American region is expected to show the fastest CAGR of 6.12% over the projection period. This growth is attributed to the growing exports of LNG on ocean-going tankers or ships compared to U.S pipelines. Moreover, the increase in demand for new hydrocarbon reserves and innovations & technological progress will probably help the market's growth during the projection period.
Key players operating in the global bunker fuel market are:
• Exxon Mobil Corporation
• BP p.l.c.
• Lukoil
• Sinopec Group
• Chevron Corporation
• PETRONAS
• Neste
• Royal Dutch Shell PLC.
• Gazprom Neft PJSC
• Bharat Petroleum Corp. Ltd.
• Total SE
• AP Moller Maersk AS
• Eni Spa
• Global Energy International Ltd.
• Glencore Plc
• Indian Oil Corp. Ltd.
• Equatorial Marine Fuel Management Services Pte. Ltd.
• Marquard and Bahls AG
• Phillips 66
• PJSC LUKOIL
• Hindustan Petroleum Corp. Ltd.
• SENTEK Marine Pte. Ltd.
• Marquard and Bahls AG
• SK B and T Pte. Ltd.
• Rosneft Oil Co.
• Toyota Tsusho Corp.
• PJSC Gazprom Neft
• Shell plc.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global bunker fuel market based on below mentioned segments:
Global Bunker Fuel Market by Fuel Type:
• Liquefied Natural Gas (LNG)
• Very Low Sulfur Fuel Oil (VLSFO)
• High Sulfur Fuel Oil (HSFO)
• Marine Gas Oil (MGO)
• Others
Global Bunker Fuel Market by Application:
• Oil Tanker
• Chemical Tanker
• Gas Tanker
• Container
• General Cargo
• Fishing Vessels
• Bulk Carrier
• Others
Global Bunker Fuel Market by Commercial Distributor:
• Large Independent Distributor
• Oil Majors
• Small Independent Distributor
About the report:
The global bunker fuel market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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About The Brainy Insights:
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