MARKET INTRODUCTION
Bunker fuel is used in ship's bunkers to power its engines. This fuel is divided into A, B or C grades. The C grade is the thickest and often requiring heating or blending in order to make it flow. There are two types of bunker fuels such as distillate and residual. Distillate fuel is composed of petroleum fractions of crude oil that are separated in a refinery by the distillation process. Residual fuel is also called as residuum or petroleum pitch.
MARKET DYNAMICS
The bunker fuel market has witnessed a significant growth owing to factors such as increasing oil and gas exploration activities in major oil-producing regions and high growth in marine trade globally. Moreover, increasing hydrogen resource development activities in offshore areas coupled with rapidly increasing bunker requirements in crude oil and product tankers boost the growth of the bunker fuel market. However, growing concerns regarding marine pollution have resulted in the imposition of several stringent regulations on the bunker industry. These factors are anticipated to hamper the bunker fuel market over the projected period. The major trend followed in the bunker fuel market is the significant shift towards cleaner and environment-friendly fuels.
MARKET SCOPE
The "Global Bunker Fuel Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the bunker fuel market with detailed market segmentation by fuel grade, end user, commercial distributor and geography. The global bunker fuel market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading bunker fuel market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global bunker fuel market is segmented on the basis of fuel grade, end user and commercial distributor. On the basis of fuel grade, the bunker fuel market is segmented into IFO 380, IFO 180, IFO Others and MGO/MDO. The bunker fuel market on the basis of the end user is classified into container, bulk carrier & general cargo, tankers and others. Similarly, on the basis of commercial distributor the bunker fuel market is bifurcated into major oil companies, leading independent distributors and small independent distributors.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global bunker fuel market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The bunker fuel market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the bunker fuel market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors affecting the bunker fuel market in these regions.
MARKET PLAYERS
The reports cover key developments in the bunker fuel market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from bunker fuel market are anticipated to lucrative growth opportunities in the future with the rising demand for Bunker fuel in the global market. Below mentioned is the list of few companies engaged in the Bunker fuel market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the bunker fuel market. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last 3 years, the key development in the past five years.
- Chemoil Energy Limited
- Exxon Mobil Corporation
- Gazpromneft Marine Bunker Ltd
- LUKOIL
- Marathon Petroleum Corporation
- Neste Oyj
- Royal Dutch Shell plc,
- Total S.A.
- Valero Energy Corporation
- World Fuel Services Corporation
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.