The bunker fuel market is expected to grow at a CAGR of 5.13% during the forecasted period, with a market valuation of US$119.140 billion in 2021 and expected to reach US$169.086 billion by 2028.
The market for bunker fuel is significantly impacted by the increasing application of Liquified Natural Gas (LNG) as bunker fuel.
As per the report, the market for bunker fuels is expected to witness a significant upsurge during the forecasted period.
Bunker Fuels are any kind of fuel oils that are commonly used on board a ship or marine vessels. Bunker fuels are commonly distinguished by their grade, which includes Grades A, B and C, which respectively downgrade in quality classifications of fuel oil, characteristics of their boiling points, carbon-chain lengths, and viscosities.
The bunker fuel market is expected to witness growth due to the increasing popularity of Liquified Natural Gas (LNG) being used as bunker fuel. The increase in popularity of LNG can be linked to the need and growing desire for clean energy worldwide and the efforts being implemented towards the reduction of greenhouse gas emissions, which further increases the rate of order and delivery of LNG-powered marine vessels. According to the US Energy Information Administration, the US natural gas trade has witnessed a significant increase, which is from 2.55 trillion cubic feet in imports and 5.28 trillion cubic feet in exports in 2020 to 3.02 trillion cubic feet in imports and 6.90 trillion cubic feet in exports in 2022. This increase in exports and imports in LNG can have a significant impact on the bunker fuel market, providing the necessary fuel for growth during the forecasted period.
The bunker fuel market has been categorized based on type, vessel, and geography.
Based on type, the bunker fuel market is categorized into four types, which include high sulphur, low sulphur, marine gas oil, and others. The different types of fuel are based on the necessities of the marine vessels and ships and their weight capacity, which will require more fuel consumption and efficiency.
Based on the vessel, the bunker fuel market is categorized into four types, which include bulk containers, general cargo, tankers, and others. Bunker fuels are commonly used by a variety of marine vessels and ships, which include bulk containers, general cargo, tankers and many others, using different capacities of fuel based on their weight load.
Based on geography, the Asia Pacific region is expected to witness significant growth in the bunker fuel market during the forecasted period. China is anticipated to deliver significant growth in the market during the forecasted period due to the increased maritime potential of the country. China is also one of the most prominent oil producers, being home to various global leaders in the oil production market. Various major ports like Ningbo-Zhoushan, Guangzhou, Shanghai, Shenzhen, and others represent the lucrative potential due to the large number of cargo ships, vessels, and passenger boats they contain which would need frequent bunker fuel supply to carry out their operations. Furthermore, China’s storage of fuel and rising hydrocarbon resource development activities in the offshore areas of the country provide significant growth opportunities for the bunker fuel market. The Ministry of Transport of the People’s Republic of China stated that Shanghai remains the global top in container throughput, reaching 49 million twenty-foot equivalent units (TEUs) in 2023. Furthermore, the container throughput of Chinese ports accounted for 282.7 million TEUs in 2021, which displayed an increase of 7% annually. This increase displays the potential of the Chinese bunker fuel market, showing positive growth during the forecasted period,
The research includes several key players from the bunker fuel market, such as Royal Dutch Shell Plc, BP plc, Exxon Mobil Corporation, Adani Group, Hindustan Petroleum Corporation Limited (Oil and Natural Gas Corporation), Uniper SE (Federal Republic of Germany), Sinopec Group (China Petrochemical Corporation), PJSC Lukoil Oil Company, Total Direct Énergie (Total Energie), Petroliam Nasional Berhad, and Chevron Corporation.
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The analytics report categorises the bunker fuel market using the following criteria:
- By Type
- High Sulphur
- Low Sulphur
- Marine Gas Oil
- By Vessel
- Bulk Container
- General Cargo
- By Geography
- North America
- United States
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America