Covina, April 17, 2023 (GLOBE NEWSWIRE) -- Bunker fuel is a type of heavy fuel oil that is used by ships as a source of fuel. It is named after the storage area or "bunker" where it is stored on board ships. Bunker fuel is a residual fuel oil that is produced from the leftovers of the refining process after the more valuable fuels, such as gasoline, diesel, and jet fuel, have been extracted. Bunker fuel is a dense, viscous, and highly-polluting fuel that is typically produced from crude oil with a high sulfur content. It is known for its high carbon emissions and is considered one of the most polluting fuels in the world. However, it is also one of the cheapest fuels available, making it a popular choice for shipping companies.
Power generation, Industrial heating, asphalt production and cement production are the wide applications of Bunker fuel that has become a key factor in target market growth. There is a well-established infrastructure for the production and supply of bunker fuel, which makes it easy for shipping companies to access and use. Rapid growth of the bunker fuel market is also constrained by concerns about its environmental impact and the development of alternative fuels. The implementation of regulations such as the IMO's sulfur cap is also expected to have a significant impact on the bunker fuel market in coming years.
Bunker Fuel Market is estimated to be US$ 207.3 billion by 2032; Rising Demand for Marine Transportation to Propel Market Growth
Analyst View:
Increasing demand from marine transport and shipping industries has become the key factor in target market growth. Increasing offshore and gas exploration activities has further facilitated the target market growth. Growing focus towards LNG (Liquefied Natural Gas) as an alternative fuel for marine industries is expected to boost the demand for Bunker Fuel market growth in coming years.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Bunker Fuel Market, By Type (Distillate Fuel Oil, Residual Fuel Oil, and LNG), By Application (Tanker Vessels, Container Vessels, Bulk Vessels, and General Cargo Vessels), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032”
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Key Highlights:
- In February 2023, PRIO launched new “ECO Bunkers B30” biofuel in partnership with World Fuel Services and Norwegian Cruise Line Holdings. New launched biofuel is 30% blend of waste feedstock produced at company’s biodiesel plant and bended at company’s tank terminal in Aveiro.
- In January 2023, Argus launched new world’s first biofuel blended ship bunker price that includes biofuel component. New launched “B24” daily assessment will able to reflect the market value of bunkers as ship fuel made with 74% low sulphur fuel oil and 24% of cooking oil methyl ester.
- In April 2022, SGS launched new Global Bunker Fuel Testing Program “BunkerPro” for monitoring quality, capability and sustainability of delivered bunker fuels during and after bunkering period.
Key Market Insights from the report:
Bunker Fuel Market accounted for US$ 159.12 billion in 2022 and is estimated to be US$ 207.3 billion by 2032 and is anticipated to register a CAGR of 2.5%. Bunker Fuel Market is segmented based on Type, Application and Region.
- Based on Type, Bunker Fuel Market is segmented into Distillate Fuel Oil, Residual Fuel Oil, and LNG.
- Based on Application, Bunker Fuel Market is segmented into Tanker Vessels, Container Vessels, Bulk Vessels, and General Cargo Vessels.
- By Region, the Bunker Fuel Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
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Competitive Landscape:
The key players operating in the Global Bunker Fuel Market include:-
- Exxon Mobil
- World Fuel
- Services
- BP
- Shell
- China Marine Bunker
- Bunker Holding
- Total Marine Fuel
- Chemoil
- Bright Oil and Sinopec.
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