The global bunker fuel market refers to the market for the fuel used by ships and vessels for propulsion and power generation. Bunker fuel is a heavy, viscous residual fuel oil derived from crude oil after the refining process. It is also known as marine fuel or shipping fuel.
The global bunker fuel market is influenced by various factors such as global trade patterns, shipping industry trends, fuel prices, environmental regulations, and technological advancements. The demand for bunker fuel is mainly driven by the shipping industry, which accounts for more than 80% of global trade in volume terms. Bunker fuel is used by various types of ships and vessels, including container ships, bulk carriers, tankers, and cruise ships.
The market for bunker fuel is highly competitive and fragmented, with several global and regional suppliers operating in the market. The market is also affected by changing regulations related to emissions and environmental sustainability, which have led to the development of cleaner and more efficient fuels.
The COVID-19 pandemic had a significant impact on the global bunker fuel market, primarily due to its effect on global trade and shipping activities. The pandemic led to a reduction in global trade and a slowdown in economic activity, which resulted in a decline in demand for bunker fuel.
The restrictions imposed by governments to contain the spread of the virus, such as travel bans, quarantines, and port closures, disrupted the supply chain of bunker fuel. The closure of ports and limited crew changes also led to logistical challenges in the supply of bunker fuel. As a result, many ships had to remain idle, leading to a decrease in demand for fuel.
The decline in demand for bunker fuel was also driven by the reduction in global shipping activities, as many shipping companies cancelled or postponed their operations due to the pandemic. The drop in demand for crude oil and refined products due to the pandemic also contributed to a decline in bunker fuel prices.
In summary, while the COVID-19 pandemic led to a decline in demand for bunker fuel in the short term, it also accelerated trends towards sustainability and cleaner fuels in the industry.
Global Bunker Fuel Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; 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; Marathon Petroleum Corporation; Minerva Bunkering; Neste, Petróleos Mexicanos; Petroliam Nasional Berhad (PETRONAS); Royal Dutch Shell PLC; Sinopec Group; Total SE.
Global Bunker Fuel Market Segmentation:
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. As the epidemic recedes globally, the export volume is projected to increase once more in the upcoming years.
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.