About Marine Bunker Oil
Bunker fuel is a fuel oil used aboard marine vessels. It is poured into the ship bunkers to power its engines. Marine vessels use mainly three types of fuels which include high sulfur fuel oil, low sulfur fuel oil, and diesel oil. Bunker oil is provided to fulfill the fuel requirements at ports. A voyage is the most preferred transportation mode for trade which in turn requires more fuel and has to refuel the tanker several times during the voyage.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. 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.
Exxon Mobil Corporation (United States), Royal Dutch Shell Plc (Netherlands), Gazprom Neft (Russia), BP PLC (United Kingdom), Lukoil (Russia), Chevron Corporation (United States), Total SE (France), Minerva Bunkering (Switzerland), World Fuel Services Corporation (United States) and Chemoil Energy Limited (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Marine Bunker Oil market by Type (High Sulfur Fuel Oil (HSFO), Very Low Sulfur Fuel Oil (VLSFO), Marine Diesel Oil (MDO), Liquefied Natural Gas (LNG) and Others), Application (Commercial Shipping, Military Shipping and Leisure Shipping) and Region.
On the basis of geography, the market of Marine 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). If we see Market by Sales Channel, the sub-segment i.e. Direct will boost the Marine Bunker Oil market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vessel Type, the sub-segment i.e. Containers will boost the Marine Bunker Oil market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increase in Order and Delivery of LNG-Powered Vessels
Market Growth Drivers:
Increasing Demand from Marine Industry owing to Import and Export Activities
Challenges:
Price Fluctuations
Restraints:
Stringent Regulations Regarding Fuel Quality and Increasing Trade Tension between Different Countries like The United States and China
Opportunities:
Ongoing R&D Activities and Increase in Offshore Oil and Gas Exploration Activities
Market Leaders and their expansionary development strategies
In 2019, Total signed an agreement with Zhejiang Energy Groupin to form a joint venture company to supply and deliver marine fuels in the region of Zhoushan, China.
In September 2019, Maersk Oil Trading and Koole Terminals signed an agreement to produce IMO 2020-compliant bunker fuel. The toll distillation deal allows Maersk to produce VLSFO bunker fuel and may enable Maersk to expand its bunker supply volumes in Europe.
Key Target Audience
Marine Bunker Oil Manufacturers, Raw Material Suppliers, Marine Industry, Government, End-Use Industry and Others
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.