Pune, India, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The global bunker fuel market size is likely to grow considerably in the coming years due to improved fuel quality, with a view to reducing environmental pollution and sea contamination. The market is likely to gain traction in the coming years, due to the soaring demand for bunker fuels from all parts of the world. This information is published by Fortune Business Insights, in its report titled “Bunker Fuel Market Size, Share and Global Trend by Fuel Grade (IFO 380, IFO 180, MGO/MDO), By Seller Type (Major Oil Company, Large Independent Distributors, Small Independent Distributors), By End User (Container Fleet, Tanker Fleet, Bulk and General Cargo Fleet), And Geography Forecast till 2030.” Bunker fuel is the primary source of fuel for ships and is consumed in large quantities. The demand for bunker fuel is directly proportional to the growth of the shipping industry.
In recent years, the global bunker fuel market has seen a significant increase in demand due to the growing maritime trade and transportation industry. As the market continues to expand, various factors such as increasing regulations, environmental concerns, and geopolitical tensions are shaping the industry's future. In this article, we will discuss the current state of the bunker fuel market, the key drivers behind its growth, and the challenges it faces. We will also provide insights on how businesses can optimize their operations in this dynamic industry.
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Key Companies Analyzed: Sinopec, Aegean Marine Petroleum Network Inc., Bomin Bunkering, BP Plc, Bunker Holding Group, Chemoil Energy Limited, Exxon Marine Ltd., Gazprom Neft, Transocean Oil, Total Marine Fuels, Lukoil, and Petro China Company Ltd.
Market Highlights:
The growth of the shipping industry is not the only factor driving the bunker fuel market. Various other drivers are shaping the industry's growth trajectory. One of the key drivers is the increasing demand for low-sulfur bunker fuel. This has led to a surge in demand for low-sulfur bunker fuel, which is compliant with the new regulations.
Increasing trade activities across the world have led to the need for simplified measures and medium for transportation. Business trades carried through seawater transportation are gaining huge popularity due to their exceptional benefits. Fuel bunkers play a huge role in trade activities through ships and other carriers. Furthermore, advancements in fuel bunkers such as the reduction of harmful gases in the content of fuel have led to a huge demand for the product. The report identifies key factors that are responsible for the growth of the market, along with factors that have restrained the growth of the market in recent years.
While the bunker fuel market presents numerous opportunities, it also faces several challenges. One of the primary challenges is the volatility of oil prices. The bunker fuel market is highly dependent on crude oil prices, and fluctuations in oil prices can significantly impact the profitability of the industry. In addition, geopolitical tensions and regulatory changes can create uncertainty in the market and impact the demand for bunker fuel.
Another challenge facing the industry is the complexity of supply chain management. Bunker fuel is typically sourced from refineries and transported to ports, where it is delivered to ships. Managing this supply chain requires sophisticated logistics capabilities, which can be costly and time-consuming. The report has provided an in-depth analysis of how such regulatory compliances will impact the businesses of prevailing companies. Furthermore, the report also stresses on business strategies adopted by these companies and gauges the impact of these companies on the global bunker fuel market.
IMO-Compliance on Bunker Fuel Will Create Greater Adoption
In response to the impact of fuel residues and pollution on seawater, the International Maritime Organization (IMO) has announced that it plans to upgrade the allowable sulphur content in bunker fuel. The IMO states that the permissible sulphur content in bunker fuel will be brought down to 0.5% from the previous margin of 3.5%. This will come around as a welcoming step and many companies will look to capitalize on the latest regulatory update.
The drop in sulphur content will allow and environment-friendly mode of sea-water commute, a major percentage of which includes trade activities. The advent of low-sulphur and highly efficient fuel will lead to a rising uptake among users across the world. Furthermore, price drops can be expected in bunker fuel due to the awareness through government initiatives and programs, aimed at preserving aquatic life and reducing pollution.
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S&P Global Platt’s ‘Marine Fuel 0.5%’ Will Enable Growth
The global bunker fuel market will derive growth from new product launches. In the wake of IMO’s regulatory compliance update, several companies have come up with their patented bunker fuels, with the inclusion of various chemical compounds in combination with low sulphur content. Besides applications of bunker fuels in shipment carriage and transport, they are being used in offshore drilling purposes to enhance hydrocarbon uses.
Encouraged by the high demand, S&P Global Platt introduced the ‘Marine Fuel 0.5%’. The product was manufactured in compliance with IMO’s usage compliance. Fortune Business Insights states that this product will gain huge popularity and an increase in adoption will have a positive impact on the global bunker fuel market.
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Major Points from Table of Contents:
Global Bunker Fuel Market Research Report 2023-2030, by Manufacturers, Regions, Types and Applications
1 Introduction
1.1 Objective of the Study
1.2 Definition of the Market
1.3 Market Scope
1.3.1 Market Segment by Type, Application and Marketing Channel
1.3.2 Major Regions Covered (North America, Europe, Asia Pacific, Mid East and Africa)
1.4 Years Considered for the Study (2014-2030)
1.5 Currency Considered (U.S. Dollar)
1.6 Stakeholders
2 Key Findings of the Study
3 Market Dynamics
3.1 Driving Factors for this Market
3.2 Factors Challenging the Market
3.3 Opportunities of the Global Bunker Fuel Market (Regions, Growing/Emerging Downstream Market Analysis)
3.4 Technological and Market Developments in the Bunker Fuel Market
3.5 Industry News by Region
3.6 Regulatory Scenario by Region/Country
3.7 Market Investment Scenario Strategic Recommendations Analysis
4 Value Chain of the Bunker Fuel Market
4.1 Value Chain Status
4.2 Upstream Raw Material Analysis
4.3 Midstream Major Company Analysis (by Manufacturing Base, by Product Type)
4.4 Distributors/Traders
4.5 Downstream Major Customer Analysis (by Region)
5 Global Bunker Fuel Market-Segmentation by Type
6 Global Bunker Fuel Market-Segmentation by Application
7 Global Bunker Fuel Market-Segmentation by Marketing Channel
7.1 Traditional Marketing Channel (Offline)
7.2 Online Channel
8 Competitive Intelligence Company Profiles
9 Global Bunker Fuel Market-Segmentation by Geography
9.1 North America
9.2 Europe
9.3 Asia-Pacific
9.4 Latin America
9.5 Middle East and Africa
15 Future Forecast of the Global Bunker Fuel Market from 2023-2030
15.1 Future Forecast of the Global Bunker Fuel Market from 2019-2030 Segment by Region
15.2 Global Bunker Fuel Production and Growth Rate Forecast by Type (2019-2030)
15.3 Global Bunker Fuel Consumption and Growth Rate Forecast by Application (2019-2030)
16 Appendix
16.1 Methodology
16.2 Research Data Source
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