Bunker Fuel Market Overview:
The Global Bunker Fuel Market was valued at $97,203 million in 2016, and is expected to reach $142,489 million by 2023, registering a CAGR of 9.6% from 2016 to 2022. Bunker fuel is the fuel oil/gas delivered to ships of all states that are engaged in international navigation. The international navigation may take place via sea, on inland lakes & waterways, and in coastal waters. The two major bunker fuel classifications in the marine industry are distillates and residual fuel oils. Marine distillates are divided into marine gas oil (MGO) and marine diesel oil (MDO). Marine gas oils are used in small, highly rated diesel engines, which are found in many types of ships. Residual fuel oil, also known as heavy fuel oil (HFO), is the highest viscosity oil fuel. The most commonly used heavy fuel oil at sea are the Intermediate Fuel Oils, IFO180, and IFO380.
The International Maritime Organizations regulations of sulfur cap of 0.50% m/m (mass/mass) in 2020 for marine fuels, and increase in ocean-borne trade, especially in ton-km travelled, are the factors that drive the growth of the global bunker fuel market. However, obsolete vessels has been replaced by more competent boats, which in turn is expected to drive the market. These effective improvements are probably going to balance to some degree the increments in trade. Key market players have adopted merger as their key strategy to widen their brand portfolios and expand their market reach.
The global bunker fuel market is segmented based on type, commercial distributor, end user, and geography. The type segment is classified into residual fuel oil, MDO, and MGO. On the basis of commercial distributors, the market is divided into oil majors, large independent, and small independent. By end user, it is categorized into container, bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessel, gas tanker, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Top Investment Pocket
In 2016, the MGO segment, in revenue terms, accounted for around one-fourth of the global bunker fuel market share. In terms of volume, MGO held approximately 17% share in the overall market. MGO is the most lucrative segment for investment in the global bunker fuel market, owing to IMOs decision of implementing a sulfur cap of 0.50% on international shipping, as MGO contains 0.1% sulfur. Thus, this segment is anticipated to show high growth rate along with significant return on investment for the stakeholders, owing to its notable revenue contribution.
Global Bunker Fuel Market Analysis
North America has the maximum potential for growth in the global bunker fuel market on account of being abundant in ultralow sulfur fuel oil (ULSFO) and MGO coupled with IMOs marine fuel directives for 2020. In Asia-Pacific, emerging markets such as China and South Korea are expected to witness highest demand for bunker fuel, owing substantial growth in marine trade.
South Korea Bunker Fuel Market, 2016-2023 ($Million)
Major companies have adopted product development, expansion, and merger strategies to sustain the intense market competition. The key players profiled in the report include Aegean Marine Petroleum Network Inc., Bomin Bunker Oil Corp., BP PLC, Bunker Holding A/S, Chemoil Energy Ltd., Exxon Mobil, Gazprom Neft PJSC, GAC Bunker Fuels Ltd., KPI Bridge Oil A/S, and Royal Dutch Shell PLC.
Other market players (not profiled in report) in the value chain include Lukoil-Bunker OOO, World Fuel Services Corp., PetroChina Company Ltd., Dan-Bunkering Inc., Sentek Marine & Trading Pte, Ltd., Gulf Nederland, ChinaMarine Bunker Company Ltd., Shanghai Lonyer Fuels Co., Ltd., and Glander International Bunkering DMCC.
- This report provides an extensive analysis of the current trends and emerging estimations and dynamics in the bunker fuel market.
- In-depth analysis of the market size is conducted, and estimations for key segments between 2015 and 2023 are provided.
- Factors that drive and restrain the growth of the market are provided in the report.
- Industry analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
- Key market players are profiled and their strategies are analyzed thoroughly, which provide a competitive outlook of the industry trends.
Bunker Fuel Market Key Segments
- Residual Fuel Oil
By Commercial Distributor
- Oil Majors
- Large Independent
- Small Independent
By End User
- Bulk Carrier
- Oil Tanker
- General Cargo
- Chemical Tanker
- Gas Tanker
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA