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 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.
Drivers:
- Growing demand for energy management systems in commercial sectors is expected to drive growth of the global energy management system (EMS) market during the forecast period.
- Constant increase in regulatory obligations and industry guidelines is expected to propel the global energy management system (EMS) market over the forecast period
- Lack of awareness related to environmental initiatives.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The bunker fuel oil 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 market from both demand and supply side and further evaluates market dynamics affecting the marketduring 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 oil market in these regions.
IMPACT OF COVID-19 ON BUNKER FUEL OIL MARKET
The bunker fuel oil market size has grown significantly in recent years. However, due to the outbreak of the COVID-19 pandemic, the market experienced a sharp decline in 2020. The Covid-19 pandemic hampered the market due to temporary ban on import and export activities. Moreover, the prolonged lockdown disrupted the supply chain. During the pandemic, the demand for marine fuel reduced significantly, which negatively affected the market.
MARKET PLAYERS
The report covers key developments in the bunker fuel oil market 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 marketwere 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 oilmarket market are anticipated to lucrative growth opportunities in the future with the rising demand for bunker fuel oil market in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Bunker fuel oil 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
Oneste Oyj
- Royal Dutch Shell plc,
- Total S.A.
- Valero Energy Corporation
- World Fuel Services Corporation.