About Bunker Fuel
Bunker fuel is the fuel oil delivered to ships of all states that are engaged in international navigation. The international navigation could take place via ocean, on inland lakes & waterways, and in coastal waters. The 2 major bunker fuel classifications within the marine industry are distillates and residual fuel oils. Marine distillates are distributed into marine gas oil (MGO) and marine diesel oil (MDO). MGO is employed in small and extremely rated diesel engines that are prominently found in many sorts of ships. Residual fuel oil, also called heavy fuel oil (HFO), is that the highest viscosity fuel oil.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.0% |
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth. Analyst at AMA Research estimates that United States and Russia Manufacturers will contribute the maximum growth to Global Bunker Fuel market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
BP PLC (United Kingdom), ExxonMobil (United States), Royal Dutch Shell PLC (Netherlands), LUKOIL (Russia), Sinopec Group (China), Gazprom Neft PJSC (Russia), Chevron Corporation (United States), Neste (Finland), Saudi Arabian Oil Company (Saudi Arabia), Marathon Petroleum Corporation (United States), Valero Energy Corporation (United States) and China Petroleum & Chemical Corp (Sinopec Corporation) (China) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Petroliam Nasional Berhad (PETRONAS) (Malaysian) and TOTAL S.A. (France).
Segmentation Overview
AMA Research has segmented the market of Global Bunker Fuel market by Type (Marine Gasoil (MGO) and Residual Fuel Oil (RFO)) and Region.
On the basis of geography, the market of Bunker Fuel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Commercial Distribution, the sub-segment i.e. Oil Majors will boost the Bunker Fuel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-User, the sub-segment i.e. Container will boost the Bunker Fuel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Fuel Grades, the sub-segment i.e. Marine Diesel Oil (or) Marine Gas Oil (MDO/MGO) will boost the Bunker Fuel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The LNG demand is likely to increase
Market Growth Drivers:
IMO’s Regulations of Sulfur Cap for Marine Fuels, Increasing Offshore Exploration Activities and Reducing Crude Oil Price
Challenges:
Increasing Concerns Regarding the Worsening Condition In Terms Of Marine Pollution
Restraints:
Fuel Reduction Initiatives by the Shipping Community
Opportunities:
Increasing Oil and Gas Exploration Activities
Market Leaders and their expansionary development strategies
On 28, June 2018, ExxonMobil has announced the acquisition of PT Federal Karyatama, one of Indonesia’s largest manufacturers and marketers of motorcycle lubricants, from PT Mitra Pinasthika Mustika Tbk. and its affiliate. This acquisition includes the Federal Oil brand and a 700,000 barrel per year blending plant in Cilegon, Indonesia. This acquisition is expected to strengthen ExxonMobil’s position in a key growth market and will contribute to building the Mobil lubricant brand in Indonesia.
Recently, ExxonMobil has announced that it will supply fuels that fulfill with the International Maritime Organization’s (IMO) 0.5% Sulphur cap in ports in Northwest Europe, the Mediterranean and Singapore. and On 18 Dec 2018, Neste and ScanOcean AB have entered into cooperation in delivering Neste’s low-sulfur marine fuel. ScanOcean AB is now an official reseller for Neste’s 0.1% marine fuel products on the East Coast of Sweden. Low-Sulfur marine fuel is one of Neste’s high-quality products.
The rules, drawn up by the U.N. International Maritime Organization (IMO), will ban ships using fuel with a sulfur content higher than 0.5 percent, compared to 3.5 percent now, unless a vessel has the equipment to clean up its sulfur emissions. Any vessels failing to comply will face fines, could find their insurance stops being valid and might be declared “unseaworthy” which would bar them from sailing.
Key Target Audience
Bunker Fuel Traders, Bunker Fuel Distributors, Importer/Exporter, Raw Material Suppliers, End User and Regulatory & Government Bodies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.