Bunker Fuel Market Growth, Share, Price, Revenue, Demand, Opportunities and Future Trends 2032
Bunker Fuel Market Size- By Applications, By Commercial Distributors, By End Users, By Fuel Grades- Regional Outlook, Competitive Strategies and Segment Forecast to 2032
| Published: Feb-2023 | Report ID: POAE2318 | Pages: 1 - 222 | Formats*: |
| Category : Power & Energy | |||
Global Bunker Fuel Market Overview
According to SPER Market Research, the Global Bunker Fuel Market is estimated to reach USD 186.72 billion by 2032 with a CAGR of 4.54%.
The term Bunker fuel is used for the fuel oil used by marine vessels. It is used in the ship bunker to keep the engines moving. Residual fuel and distillate fuel are the main categories of fuels used in bunkers. It is mainly classified into three categories (A, B and C) depending on the quality with A being the highest quality and C being the lowest. There is another classification for the fuel which is based on the amount of sulphur present in the oil. As per it, the fuels are classified into high sulphur fuel oil, low sulphur fuel oil, marine gas oil, and others. They are characterised on the basis of their viscosities, carbon-carbon chain length, boiling point and the effluent release while the fuel is burned. Currently, bunker fuel C is the one which is mainly used by the Marine vessels. When it is burned, it releases large amount of GHG (greenhouse gases), Sulphur and other emissions that drastically deteriorate the climate and negatively affects the environmental and human health.
As compared to other oils, the bunker fuel oil has higher viscosity and due to this it is used by cruise liners, oil tankers, and container ships. The global bunker fuel market is increasing due to the increase in the number of international shipments, a result of globalization. The further increase in the number of cargo shipments projects the increase in the market in the next few years. The fuel is also used in the ships that are used to carry a lot of passenger because of their speed and high capacity for cargo. Out of the different types, the low sulphur fuel segment captures most of the market. Also, 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 dominate the bunker fuel industry. But the market is seeing various challenges which are hampering its growth. The reason for this can be due to awareness toward reducing environmental pollution, rise in the technological development in vessels, stringent government policies, increase in LNG-powered vessels.
Impact of COVID-19 on the Global Bunker Fuel Market
The infestation of COVID-19 has resulted in a drop in the global bunker fuel market which can be attributed to lockdown imposed which restricted the movements across the borders. Due to this we saw a steep fall in the number of shipments. It disrupted the import, export and hence the overall supply chain of many non-essential commodities which in turn affected the global bunker fuel market in a negative manner. But in post covid periods the shipments are regaining the numbers or in fact increasing than previous which is helping in increase in the market in the forecast period.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2032 |
| Base year considered | 2021 |
| Forecast period | 2022-2032 |
| Segments covered | By Application, By Commercial Distributors, By End Users, By Fuel Grades |
| Regions covered | Asia-Pacific, Europe, Middle East and Africa, North America, Latin America |
| Companies Covered | 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 |
Target Audience:
- Bunker fuel suppliers and distributors
- Shipping companies and vessel owners
- Oil and gas companies
- Government agencies and regulatory bodies
- Research and consulting firms
- Investors and financial institutions
- Environmental organizations and NGOs
- Port authorities and terminal operators
- Energy and commodity traders
- Maritime industry associations and trade unions
Global Bunker Fuel Market Segmentation:
1. By Application:
- Bulk Carrier
- Chemical Tanker
- Container
- Fishing Vessels
- Gas Tanker
- General Cargo
- Oil Tanker
2. By Commercial Distributors:
- Large Independent Distributor
- Oil Majors
- Small Independent Distributor
3. By End User:
- Bulk Carrier
- Container
- Oil Tanker
4. By Fuel Grades :
- IFO 380
- IFO 180
- IFO others
- MGO/MDO
5. By Region:
- Asia-Pacific
- Europe
- Middle East & Africa
- North America
- Latin America
Key Topics Covered in the Report:
- Size of Global Bunker Fuel Market (FY’2019-FY’2032)
- Overview of Global Bunker Fuel Market
- Segmentation of Global Bunker Fuel Market By Application (Bulk Carrier, Chemical Tanker, Container, Fishing Vessels, Gas Tanker, General Cargo, Oil Tanker, Others)
- Segmentation of Global Bunker Fuel Market By Commercial Distributors (Large Independent Distributor, Oil Majors, Small Independent Distributor)
- Segmentation of Global Bunker Fuel Market By End Users (Bulk Carrier, Container, Oil Tanker, Others)
- Segmentation of Global Bunker Fuel Market By Fuel Grades (IFO 380, IFO 180 ,IFO others , MGO/MDO)
- Statistical Snap of Global Bunker Fuel Market
- Growth Analysis of Global Bunker Fuel Market
- Problems and Challenges in Global Bunker Fuel Market
- Competitive Landscape in the Global Bunker Fuel Market
- Impact of COVID-19 and Demonetization on Global Bunker Fuel Market
- Details on Recent Investment in Global Bunker Fuel Market
- Competitive Analysis of Global Bunker Fuel Market
- Major Players in the Global Bunker Fuel Market
- SWOT Analysis of Global Bunker Fuel Market
- Global Bunker Fuel Market Future Outlook and Projections (FY’2019-FY’2032)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1 Research data source2.1.1 Secondary data2.1.2 Primary data2.1.3 SPER’s internal database2.1.4 Premium insight from KOL’s2.2 Market size estimation2.2.1 Top-down and Bottom-up approach2.3 Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1 Drivers4.1.2 Restraints4.1.3 Opportunities4.1.4 Challenges4.2. COVID-19 Impacts of the Global Bunker Fuel Market
5. Market variables and outlook
5.1. SWOT analysis5.1.1 Strengths5.1.2 Weaknesses5.1.3 Opportunities5.1.4 Threats5.2. PESTEL analysis5.2.1 Political landscape5.2.2 Economic landscape5.2.3 Social landscape5.2.4 Technological landscape5.2.5 Environmental landscape5.2.6 Legal landscape5.3. PORTER’S five forces analysis5.3.1 Bargaining power of suppliers5.3.2 Bargaining power of Buyers5.3.3 Threat of Substitute5.3.4 Threat of new entrant5.3.5 Competitive rivalry5.4. Heat map analysis
6. Competitive Landscape
6.1 Global Bunker Fuel Market Manufacturing Base Distribution, Sales Area, Product Type6.2 Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Bunker Fuel Market
7. Global Bunker Fuel Market, By Application, 2019-2032 (USD Million)
7.1 Bulk Carrier7.2 Chemical Tanker7.3 Container7.4 Fishing Vessels7.5 Gas Tanker7.6 General Cargo7.7 Oil Tanker7.8 Others
8. Global Bunker Fuel Market, By Commercial Distributors, 2019-2032 (USD Million)
8.1 Large Independent Distributor8.2 Oil Majors8.3 Small Independent Distributor
9. Global Bunker Fuel Market, By End User, 2019-2032 (USD Million)
9.1 Bulk Carrier9.2 Container9.3 Oil Tanker9.4 Others
10. Global Bunker Fuel Market, By Fuel Grades, 2019-2032 (USD Million)
10.1 IFO 38010.2 IFO 18010.3 IFO others10.4 MGO/MDO
11. Global Bunker Fuel Market, By Region, 2019-2032 (USD Million)
11.1 Global Bunker Fuel Market Size and Market Share by Region (2019-2025)11.2 Global Bunker Fuel Market Size and Market Share by Region (2026-2032)11.3 Asia-Pacific11.3.1 Australia11.3.2 China11.3.3 India11.3.4 Japan11.3.5 South Korea11.3.6 Rest of Asia-Pacific11.4 Europe11.4.1 France11.4.2 Germany11.4.3 Italy11.4.4 Spain11.4.5 United Kingdom11.4.6 Rest of Europe11.5 Middle East and Africa11.5.1 Kingdom of Saudi Arabia11.5.2 United Arab Emirates11.5.3 Rest of Middle East & Africa11.6 North America11.6.1 Canada11.6.2 Mexico11.6.3 United States11.7 Latin America11.7.1 Argentina11.7.2 Brazil11.7.3 Rest of Latin America
12.1 BP plc.
12.1.1 Company details12.1.2 Financial outlook12.1.3 Product summary12.1.4 Recent developments12.2 BP SINOPEC MARINE FUELS12.2.1 Company details12.2.2 Financial outlook12.2.3 Product summary
12.2.4 Recent developments
12.3 Brightoil Petroleum (Holdings) Limited12.3.1 Company details12.3.2 Financial outlook12.3.3 Product summary
12.3.4 Recent developments
12.4 Chemoil Energy Limited12.4.1 Company details12.4.2 Financial outlook12.4.3 Product summary12.4.4 Recent developments12.5 Chevron Corporation12.5.1 Company details12.5.2 Financial outlook12.5.3 Product summary12.5.4 Recent developments12.6 China Petrochemical Corporation12.6.1 Company details12.6.2 Financial outlook12.6.3 Product summary12.6.4 Recent developments12.7 Exxon Mobil Corporation12.7.1 Company details12.7.2 Financial outlook12.7.3 Product summary12.7.4 Recent developments12.8 Gazprom Neft PJSC12.8.1 Company details12.8.2 Financial outlook12.8.3 Product summary12.8.4 Recent developments12.9 Lukoil-Bunker LLC12.9.1 Company details12.9.2 Financial outlook12.9.3 Product summary12.9.4 Recent developments12.10 Marathon Petroleum Corporation12.10.1 Company details12.10.2 Financial outlook12.10.3 Product summary12.10.4 Recent developments12.11 Minerva Bunkering12.11.1 Company details12.11.2 Financial outlook12.11.3 Product summary12.11.4 Recent developments12.12 Neste12.12.1 Company details12.12.2 Financial outlook12.12.3 Product summary12.12.4 Recent developments12.13 Petróleos Mexicanos12.13.1 Company details12.13.2 Financial outlook12.13.3 Product summary12.13.4 Recent developments12.14 Petroliam Nasional Berhad (PETRONAS)12.14.1 Company details12.14.2 Financial outlook12.14.3 Product summary12.14.4 Recent developments12.15 Royal Dutch Shell PLC12.15.1 Company details12.15.2 Financial outlook12.15.3 Product summary12.15.4 Recent developments12.16 Sinopec Group12.16.1 Company details12.16.2 Financial outlook12.16.3 Product summary12.16.4 Recent developments12.17 Total SE12.17.1 Company details12.17.2 Financial outlook12.17.3 Product summary12.17.4 Recent developments
13. List of Abbreviations
14. Reference Links
15. Conclusion
16. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
The North America region is anticipated to have the highest market share in Bunker Fuel Market.
The key players in the market include Companies Covered 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
The term Bunker fuel is used for the fuel oil used by marine vessels. It is used in the ship bunker to keep the engines moving.
Bunker Fuel Market is projected to reach USD 186.72 billion by 2032, growing at a CAGR of 4.54% during the forecast period.
Bunker Fuel Market grew in market size from 2021. The Market is expected to reach USD 186.72 billion by 2032, at a CAGR of 4.54% during the forecast period.
Bunker Fuel Market CAGR of 4.54% during the forecast period.
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Bunker Fuel Market size is USD 186.72 billion from 2022 to 2032.
Bunker Fuel Market Segment is Covered By Application, By Commercial Distributors, By End Users, By Fuel Grades
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