Marine vessels use a type of fuel oil known as bunker fuel. The purpose of it is to maintain the engines running in the ship bunker. The two primary fuel types used in bunkers are residual fuel and distillate fuel. It is primarily divided into three quality-based categories (A, B, and C), where A represents the best quality and C the lowest. Another categorization of the fuel is determined by the quantity of sulfur found in the oil. In accordance with it, the fuels are divided into categories such as marine gas oil, low sulfur fuel oil, and high sulfur fuel oil. Their boiling points, carbon-carbon chains lengths, viscosities, and effluent releases are used to define them.
According to SPER Market Research, ' Bunker Fuel Market Size- By Applications, By Commercial Distributors, By End Users, By Fuel Grades- Regional Outlook, Competitive Strategies and Segment Forecast to 2032' states that the Global Bunker fuel market is estimated to reach USD 186.72 billion by 2032 with a CAGR of 4.54%.
The higher viscosity of bunker fuel oil makes it a preferred choice for oil tankers, cruise ships, and container ships over other types. Due to increased international shipping as a result of globalization, the market for bunker fuel is expanding globally. The industry is expected to grow over the next several years based on the continued rise in freight volumes. Because of their great speed and large cargo capacity, ships that transport large numbers of people also utilize gasoline. The low-sulfur fuel category dominates the market among the other varieties.
There are several obstacles facing the market that are impeding its expansion. Possible causes for this include increased awareness of the need to reduce environmental pollution, more technological advancements in vessels, stricter government regulations, and a growth in LNG-powered vessels.
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Impact of COVID-19 on the Global Bunker Fuel Market:
Due to the COVID-19 infestation, there has been a decline in the global market for bunker fuel. This decline can be ascribed to the lockdown that was implemented, which limited cross-border mobility. As a result, the quantity of shipments dropped dramatically. It negatively impacted the worldwide bunker fuel industry by interfering with the import, export, and as a result, the entire supply chain of numerous non-essential commodities. Nonetheless, shipments are either returning to pre-COVID levels or even rising above them, which is contributing to the market's projected growth in the next years.
Global Bunker Fuel Market Key Players:
The Asia-Pacific region is the primary recipient of revenue share. The Asia-Pacific area is expected to maintain its dominant position in the bunker fuel sector due to the significant marine commerce potential of countries such as China, India, Singapore, Japan, and others. Some of the key players are - BP plc., BP SINOPEC , MARINE FUELS, Brightoil Petroleum (Holdings) Limited, Chemoil Energy Limited, Chevron Corporation, China Petrochemical Corporation, Exxon Mobil Corporation, Gazprom Neft PJSC, Lukoil-Bunker LLC.
Global Bunker Fuel Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Application - Based on the Application, Global Bunker Fuel Market is segmented as; Bulk Carrier, Chemical Tanker, Container, Fishing Vessels, Gas Tanker, General Cargo, Oil Tanker, Others.
By Commercial Distributors- Based on the Commercial Distributors, Global Bunker Fuel Market is segmented as; Large Independent Distributor, Oil Majors, Small Independent Distributor.
By End Users- Based on the End Users, Global Bunker Fuel Market is segmented as; Bulk Carrier, Container, Oil Tanker, Others.
By Fuel Grades- Based on the Fuel Grades, Global Bunker Fuel Market is segmented as; IFO 380, IFO 180, IFO others, MGO/MDO.
By Region - Most of the revenue share belongs to the Asia and pacific region. As a result of the enormous marine commerce potential of nations like India, China, Singapore, Japan, and others, the Asia-Pacific region is anticipated to continuously dominate the bunker fuel industry. Australia is among the biggest exporter of LNG globally.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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