Bunker Fuel Market to hit US$ 399.59 Bn by 2027 with CAGR 4.6%

 

Bunker Fuel Market

Bunker Fuel is intended for use by the shipping industry to power its marine fleet. In the shipping industry, Fuel oil is mostly used as a bunker oil. Bunker Fuel is divided into two types: distillates and residual Fuel oils. In general, bunker Fuel is any Fuel that is burned in a boiler or furnace to generate power for an engine.

The increased development of hydrocarbon resources in offshore areas is driving demand for bunker Fuel. Rapidly expanding exploration activities, combined with the increasing establishment of new hydrocarbon reserves, have resulted in an increase in offshore and onshore reserves. Furthermore, increased oil and gas exploration activities at deep offshore locations are expected to boost bunker Fuel market growth.

Increasing Fuel reduction initiatives by the shipping industry in response to rising environmental concerns and the need to reduce carbon footprint are expected to stymie market growth. This shipping industry is implementing efficient technologies that help to reduce Fuel consumption. Over the forecast period, increased production of bunker oil for the shipping industry is expected to provide potential market opportunities. For example, Sinopec announced in March 2020 that its Guangzhou refinery had begun producing very low sulphur Fuel oil (VLSFO) for the shipping market. Thus, rising bunker Fuel production to meet rising global demand is expected to favour market growth in the near future.

The global Bunker Fuel Market is projected to reach around US$ 399.59 billion by the end of 2027, in terms of revenue, growing at CAGR of 4.6% during the forecast period (2020-2027).

The growing naval fleets of countries such as China, Brazil, Russia, and the United States are expected to open up new market opportunities in the near future. The increased use of bunker Fuel for reFuelling while sailing is expected to increase demand for this Fuel. Furthermore, the growing demand for tanker vessels for trading liquid materials around the world is expected to drive bunker Fuel market growth. Product innovation by key manufacturers in marine Fuel is a growing trend in the market, and it is expected to boost bunker Fuel market growth. Neste, for example, announced the launch of low-sulfur marine Fuels in August 2019 to assist ships in meeting upcoming International Maritime Organization (IMO) sulphur dioxide emissions regulations. Thus, continues product innovation by key manufacturers is expected to foster market growth.

The slowing of global economic activity has put a halt to the use of Fuel oil for shipping. Container trade volumes and container port volumes have decreased in the first months of 2020 as a result of Covid-19. According to the International Transport Forum, global container trade volumes fell 8.6% in February 2020 compared to the previous month. Carriers' primary response to falling demand has been to reduce supply. Ship operators have massively reduced the number of idle vessels by cancelling services. According to the International Transport Forum, the share of idle container ship capacity in early March 2020 reached 2.5 million Twenty-foot Equivalent Units (TEU), or 10.6% of capacity. This will reduce demand for marine Fuels.

Major Companies covered are- Chemoil Energy Limited, Aegean Marine Petroleum Network, Inc., World Fuel Services Corporation, Gulf Agency Company Ltd., Gazpromneft Marine Bunker LLC, BP Marine Ltd., Exxon Mobil Corporation, Royal Dutch Shell plc, Bunker Holding A/S, and Lukoil-Bunker LLC

For Press Release of Bunker Fuel Market- https://www.coherentmarketinsights.com/press-release/bunker-fuel-market-3310

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