The global bunker fuel market is being driven by rapid technological development and gradual growth in international seaborne trade.
According to the recent report by IMARC Group, titled “Bunker Fuel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global bunker fuel market grew at a CAGR of about 5% during 2015-2019. Bunker fuel is used to power the engines of a ship or marine fleet. It is a heavy, residual oil left over after the extraction of diesel, gasoline, and other light hydrocarbons during the refining process.
Bunker fuel is brown to black in color with a characteristic odor and high sulfur content. It is graded A, B or C, with C being the most viscous and thickest fuel, which requires blending or heating to make the liquid flow easily. If mixed with 10 percent of a light fuel, the product becomes a cheap fuel alternative for shipping. Bunker fuel is transported to ships that are engaged in international navigation.
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One of the major growth-inducing factors of the market is the rising demand for the ship transportation industry. Several ship operators prefer fuel oil with the lowest price as it incurs more than 65% of the total travel expenses. As bunker fuel is emerging as a cost-effective option for the marine and shipping industry, there has been significant growth in the market. Apart from this, rapid technological development and gradual growth in international seaborne trade have also increased the sales of bunker fuel.
Additionally, there is a high demand for LNG in the transportation sector as it is a much cleaner and affordable source of energy in comparison to conventional sources. This, in turn, is creating a positive outlook for the market growth. Some of the other factors fueling the market growth are rapid globalization, increasing investments in research and development (R&D) projects to develop clean fuels and government initiatives toward strengthening geographical border security. On account of these factors, the market is expected to experience moderate growth during the forecast period (2020-2025).
Based on the fuel type, the market has been segregated into very low sulfur fuel oil (VLSFO), high sulfur fuel oil (HSFO), Liquefied Natural Gas (LNG), and Marine Diesel Oil (MDO).
On the basis of the vessel type, the market has been classified into containers, general cargo, tankers, bulk carriers, and others.
Based on the seller, the market has been divided into small independent sellers, leading independent sellers, and major oil companies.
Region-wise, the market has been segmented into Europe (Germany, the United Kingdom, France, Spain, Italy, Russia, and Others), Latin America (Mexico, Brazil, and Others), Asia Pacific (Japan, China, South Korea, Indonesia, Japan, India, Australia, and Others), North America (the United States and Canada), and Middle East and Africa.
The competitive landscape of the market has been analyzed in the report, with some of the key players being Petroliam Nasional Berhad (PETRONAS), Royal Dutch Shell Plc, TOTAL S.A., Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG), BP Plc, Gazprom Neft PJSC (Gazprom), LUKOIL, Neste Oyj, Chevron Corporation, and Exxon Mobil Corporation.
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