Bunker Oil Market Scope
Bunker oil refers to fuel used for the ship's engine. Growing shipping industry driving the demand for bunker oil. For instance, recently the Maritime and Port Authority of Singapore (MPA) announced the Sales of marine fuels in Singapore by volume was 49.8 million tonnes in 2018. Further, increasing government initiatives to reduce marine pollution expected to drive the demand for bunker oil. For example, Cosmo Oil a Japanese petrochemical company announce to start supplying 0.5% sulphur bunker fuel from October 2019. In addition, increasing offshore exploration activities expected to drive the demand for bunker oil over the forecasted period.
According to AMA, the Global Bunker Oil market is expected to see growth rate of 9.5%
Research Analyst at AMA estimates that United States. Singapore Manufacturers will contribute to the maximum growth of Global Bunker Oil market throughout the predicted period.
Aegean Marine Petroleum Network (Greece), World Fuel Services Corporation (United States), Chemoil Energy Limited (United States), BP plc (United Kingdom), Ocean Bunkering Services Ltd (Singapore), Hindustan Petroleum Corporation Limited (India), Exxon Mobil (United States), Royal Dutch Shell plc (Netherland), Sentek Marine & Trading Pte Ltd (Singapore), Gazpromp Neft PJSC (Russia), Chevron Corporation (United States), Petrochina International Pte Ltd (Singapore) and Total S.A. (France) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Sinopec Group (China), Neste (Finland), Lukoil (Russia), Cosmo Oil Company (Japan) and Equatorial Marine Fuel Management Services Ltd (Singapore).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Bunker Oil market and Region with country level break-up.
On the basis of geography, the market of Bunker Oil 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).
10th April 2019, the Maritime and Port Authority (MPA) of Singapore published a list of licensed bunker suppliers that are able to provide IMO 2020 compliant fuels in Singapore with sulphur content of no more than 0.5%.
“From 1 January 2020, The International Maritime Organization (IMO) will enforce a new Annex VI regulation on limiting sulphur content of bunker fuel to a maximum of 0.5% will enter into force. At present, the global sulphur content cap on bunker fuel is at 3.5%, a level considered easy to comply with for vessel operators. The global fuel sulphur cap is part of the IMO’s response to heightening environmental concerns, contributed in part by harmful emissions from ships.”
Market Trend
- Emphasizing On Blockchain-Based Technology for Bunker Fuels to Track Shipping Fuel Supply Chain.
- Rising Offshore Exploration Activities.
Market Drivers
- Rising Naval Fleet in Emerging Economies Such As India, China, and Others.
- Increasing Focus of International Maritime Organization (IMO) On Regulating Sulfur Cap Level for Marine Fuels.
Opportunities
- Growth in the Global Shipping Industry.
- Increasing Demand for Eco-Friendly Fuels from Shipping Companies
Restraints
- Stringent Government Regulations Regarding Quality of Bunker Oil.
Challenges
- Rise in Adoption of LNG Fuel Technology by Shipping Companies.
- Reducing Marine Pollution
Key Target Audience
Bunker Oil Manufacturers, Bunker Oil Suppliers, Regulatory Bodies, Potential Investors, Government Organizations, Market Research and Consulting Firms and Others