PORTLAND, Ore., Jan. 12, 2021 /PRNewswire/ — Allied Market Research published a report, titled, “Bunker Fuel Market by Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gasoil, and Others), Commercial Distributor (Oil Majors, Large Independent, and Small Independent), and Application (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing Vessels, Gas Tankers, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global bunker fuel industry generated $120.1 billion in 2019, and is projected to reach $130.1 billion by 2027, witnessing a CAGR of 3.1% from 2020 to 2027.
Drivers, restraints, and opportunities
IMO regulation on sulfur content in marine fuel and increase in offshore oil & gas exploration activities drive the growth of the global bunker fuel market. However, fuel reduction initiatives by the shipping community hinders the market growth. On the other hand, LNG bunkering financing creates new opportunities in the coming years.
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- The covid-19 outbreak led to a temporary ban on the import and export. This, in turn, resulted in disrupted supply chain.
- However, as the government bodies in various regions have lifted off the restrictions, the demand is anticipated to increase gradually.
The oil major segment to continue its dominant share, in terms of revenue, during the forecast period
Based on commercial distributor, the oil major segment accounted for the largest market share, accounting for more than two-fifths of the global bunker fuel market in 2019, and will continue its dominant share in terms of revenue during the forecast period. This is due to the highest revenues of the companies along with the dominance in crude oil tanker chartering business. However, the large independent segment is expected to manifest the highest CAGR of 3.6% from 2021 to 2027, owing to the presence of blending facilities, storage terminals, financial stability, and others in these companies.
The container segment to maintain its highest contribution during the forecast period
By application, the container segment contributed to the largest share in 2019, accounting for nearly one-fourth of the global bunker fuel market, and is estimated to maintain its highest contribution during the forecast period. This is due to the increase in demand for cargo transportation through ships and rise in trade-related agreements. However, the fishing vessels segment is estimated to manifest the highest CAGR of 4.8% from 2021 to 2027. Growth in sea food business drives the adoption of fishing vessels. In addition, rise in awareness toward eating nutritious meal and food protein through seafood further augments the segment growth.
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North America to manifest the fastest CAGR by 2027
Based on region, North America is projected to grow at the fastest CAGR of 3.8% during the forecast period, owing to the increase in awareness and stringent government regulations toward reducing environmental pollution in the region. In addition, rise in trade of ethylene, methanol, and Para xylene from Canada and Mexico further boost the growth in this province. On the other hand, the Asia-Pacific region held the highest market share in 2019, contributing to nearly half of the total share of the global bunker fuel market, and will maintain its lead position by 2027. This is attributed to factors such as presence of huge consumer base and increase in maritime trade activities in the region.
Leading market players
- BP p.l.c.
- Exxon Mobil Corporation
- Royal Dutch Shell PLC
- Lukoil, Sinopec Group
- Gazprom Neft PJSC
- Chevron Corporation
- Total SE
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