Bunker fuel refers to any fuel used onboard a ship. Bunker C or residual fuel oil bunker is the most commonly used type of bunker fuel. There are different grades of bunker fuel namely Bunker A, Bunker B, etc. Maritime vessels use bunker fuels to power their motors. There are some government agencies and firms that specialize in the manufacturing of liquid fuels (such as natural gas, propane, and liquid propane), and this makes it easier for companies to access their inventories and supply needs. The use of bunker fuel depends on the type of vessel is being used so it can be derived from crude oil or it can be a blend of gasoline and natural gas.
The global bunker fuel market is estimated to account for 399.59 Bn in terms of value by the end of 2027, witnessing a CAGR of 4.6%.
1. Increasing import and export activities are expected to drive growth of the global bunker fuel market during the forecast period
According to the United Nations Conference on Trade and Development (UNCTAD), goods loaded worldwide reached 11.1 billion tons in 2019, increasing from 10 billion tons in 2015.
2. Ongoing research and development initiatives related to vessel designs to enhance fuel efficiency and improve performance is expected to propel the global bunker fuel market growth over the forecast period
Major market players are focused on research and development activities, in order to design a better vessel that can offer enhanced fuel efficiency, reliability & safety, better performance, and low maintenance.
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1. Increasing awareness toward reducing environmental pollution can present lucrative growth opportunities in the global bunker fuel market
Governments of many countries have implemented stringent regulations on environmental pollution. As a result, it has increased the awareness of consumers towards the same across the globe. This, in turn, is expected to create lucrative growth opportunities for gasoline, LPG, LNG, and others as an alternative to other types of bunker fuels including high sulfur fuel oil, diesel oil, and low sulfur fuel oil. Many players in the shipping industry are laying major emphasis on LNG as a substitute marine fuel. Key players in the market can capitalize on these opportunities by providing novel solutions.
2. Increased naval budgets worldwide can provide key business opportunities in the global bunker fuel market
Governments of many countries are investing significantly to modernize their naval fleet with the addition of advanced weaponry systems, submarines, aircraft, and aircraft carriers. For instance, in February 2020, the U.S. government announced a budget of US$ 582 billion for the U.S. Navy for fiscal 2021.
1. Continuous product innovation by major manufacturers is a key trend in the market
Key companies in the market are focused on research and development activities, in order to expand their market position. For instance, in March 2019, British Petroleum (BP) launched a new very low sulfur fuel oil (VLSFO) with a maximum sulfur content of 0.5%. BP has developed this marine fuel by working closely with the International Maritime Organization, partners, and customers.
2. Rising airline traffic is accelerating the shipping industry growth
Increasing airline traffic has supported the shipping industry, typically cargo vessels, which is expected to impart a positive impact on the bunker oil market.
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Key companies involved in the bunker fuel market are Lukoil-Bunker LLC, Chemoil Energy Limited, Bunker Holding A/S, Aegean Marine Petroleum Network, Inc., Royal Dutch Shell plc, World Fuel Services Corporation, Exxon Mobil Corporation, Gulf Agency Company Ltd., BP Marine Ltd., and Gazpromneft Marine Bunker LLC.
For instance, in February 2020, Lukoil-Bunker LLC acquired two bunkering tankers G. Rossini and G. Puccini for operation in Big Port St. Petersburg.
By Fuel Grade: IFO 380, IFO 180, IFO Others, and MDO/MGO
By Vessel Type: Tankers, Containers, Bulk & General Cargo, and Others
By Seller: Major Oil Companies, Leading Independent Distributors, and Small Independent Distributors
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