Bunker Fuel Market Size 2023- Future Challenges, Growth Opportunities, Demand, Share, Upcoming Trends and Forecast Research Report 2022-2032: SPER Market Research
According to SPER Market Research, the Bunker Fuel Market is estimated to reach USD 186.72 billion by 2032 with a CAGR of 4.54%. The global bunker fuel market refers to the market for the fuel used by ships and vessels for propulsion and power generation. Bunker fuel is a heavy, viscous residual fuel oil derived from crude oil after the refining process. It is also known as marine fuel or shipping fuel. The global bunker fuel market is influenced by various factors such as global trade patterns, shipping industry trends, fuel prices, environmental regulations, and technological advancements. The demand for bunker fuel is mainly driven by the shipping industry, which accounts for more than 80% of global trade in volume terms. Bunker fuel is used by various types of ships and vessels, including container ships, bulk carriers, tankers, and cruise ships.
Bunker Fuel Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 4.54%
- Forecast Market Size (2032): 186.72 billion
The market for bunker fuel is highly competitive and fragmented, with several global and regional suppliers operating in the market. The market is also affected by changing regulations related to emissions and environmental sustainability, which have led to the development of cleaner and more efficient fuels. The restrictions imposed by governments to contain the spread of the virus, such as travel bans, quarantines, and port closures, disrupted the supply chain of bunker fuel. The closure of ports and limited crew changes also led to logistical challenges in the supply of bunker fuel. As a result, many ships had to remain idle, leading to a decrease in demand for fuel.
The decline in demand for bunker fuel was also driven by the reduction in global shipping activities, as many shipping companies cancelled or postponed their operations due to the pandemic. The drop in demand for crude oil and refined products due to the pandemic also contributed to a decline in bunker fuel prices.
Impact of COVID-19 on the Bunker Fuel Market
The infestation of COVID-19 has resulted in a drop in the global bunker fuel market which can be attributed to lockdown imposed which restricted the movements across the borders. Due to this we saw a steep fall in the number of shipments. It disrupted the import, export and hence the overall supply chain of many non-essential commodities which in turn affected the global bunker fuel market in a negative manner. But in post covid periods the shipments are regaining the numbers or in fact increasing than previous which is helping in increase in the market in the forecast period.
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Bunker Fuel Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Application:
- Bulk Carrier
- Chemical Tanker
- Container
- Fishing Vessels
- Gas Tanker
- General Cargo
- Oil Tanker
By Commercial Distributors:
- Large Independent Distributor
- Oil Majors
- Small Independent Distributor
By End User:
- Bulk Carrier
- Container
- Oil Tanker
By Fuel Grades:
- IFO 380
- IFO 180
- IFO others
- MGO/MDO
By Region:
- Asia-Pacific
- Europe
- Middle East & Africa
- North America
- Latin America
Asia-Pacific region is anticipated to continuously dominate the bunker fuel industry. Australia is among the biggest exporter of LNG globally. As the epidemic recedes globally, the export volume is projected to increase once more in the upcoming years.
Bunker Fuel Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; BP plc.; BP SINOPEC; MARINE FUELS; Brightoil Petroleum (Holdings) Limited; Chemoil Energy Limited; Chevron Corporation; China Petrochemical Corporation; Exxon Mobil Corporation; Gazprom Neft PJSC; Lukoil-Bunker LLC; Marathon Petroleum Corporation; Minerva Bunkering; Neste, Petróleos Mexicanos; Petroliam Nasional Berhad (PETRONAS); Royal Dutch Shell PLC; Sinopec Group; Total SE.
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Bunker Fuel Market Future Outlook
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