Global Bunker Fuel Market Overview
According to SPER Market Research, the Global Bunker Fuel Market is estimated to reach USD 186.72 billion by 2032 with a CAGR of 4.54%.
The term Bunker fuel is used for the fuel oil used by marine vessels. It is used in the ship bunker to keep the engines moving. Residual fuel and distillate fuel are the main categories of fuels used in bunkers. It is mainly classified into three categories (A, B and C) depending on the quality with A being the highest quality and C being the lowest. There is another classification for the fuel which is based on the amount of sulphur present in the oil. As per it, the fuels are classified into high sulphur fuel oil, low sulphur fuel oil, marine gas oil, and others. They are characterised on the basis of their viscosities, carbon-carbon chain length, boiling point and the effluent release while the fuel is burned. Currently, bunker fuel C is the one which is mainly used by the Marine vessels. When it is burned, it releases large amount of GHG (greenhouse gases), Sulphur and other emissions that drastically deteriorate the climate and negatively affects the environmental and human health.
As compared to other oils, the bunker fuel oil has higher viscosity and due to this it is used by cruise liners, oil tankers, and container ships. The global bunker fuel market is increasing due to the increase in the number of international shipments, a result of globalization. The further increase in the number of cargo shipments projects the increase in the market in the next few years. The fuel is also used in the ships that are used to carry a lot of passenger because of their speed and high capacity for cargo. Out of the different types, the low sulphur fuel segment captures most of the market. Also, as a result of the enormous marine commerce potential of nations like India, China, Singapore, Japan, and others, the Asia-Pacific region is anticipated to dominate the bunker fuel industry. But the market is seeing various challenges which are hampering its growth. The reason for this can be due to awareness toward reducing environmental pollution, rise in the technological development in vessels, stringent government policies, increase in LNG-powered vessels.
Impact of COVID-19 on the Global Bunker Fuel Market
The infestation of COVID-19 has resulted in a drop in the global bunker fuel market which can be attributed to lockdown imposed which restricted the movements across the borders. Due to this we saw a steep fall in the number of shipments. It disrupted the import, export and hence the overall supply chain of many non-essential commodities which in turn affected the global bunker fuel market in a negative manner. But in post covid periods the shipments are regaining the numbers or in fact increasing than previous which is helping in increase in the market in the forecast period.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2032 |
| Base year considered | 2021 |
| Forecast period | 2022-2032 |
| Segments covered | By Application, By Commercial Distributors, By End Users, By Fuel Grades
|
| Regions covered | Asia-Pacific, Europe, Middle East and Africa, North America, Latin America
|
| Companies Covered | BP plc., BP SINOPEC , MARINE FUELS, Brightoil Petroleum (Holdings) Limited, Chemoil Energy Limited, Chevron Corporation, China Petrochemical Corporation, Exxon Mobil Corporation, Gazprom Neft PJSC, Lukoil-Bunker LLC, Marathon Petroleum Corporation, Minerva Bunkering, Neste, Petróleos Mexicanos, Petroliam Nasional Berhad (PETRONAS),Royal Dutch Shell PLC, Sinopec Group, Total SE
|
Target Audience:
- Bunker fuel suppliers and distributors
- Shipping companies and vessel owners
- Oil and gas companies
- Government agencies and regulatory bodies
- Research and consulting firms
- Investors and financial institutions
- Environmental organizations and NGOs
- Port authorities and terminal operators
- Energy and commodity traders
- Maritime industry associations and trade unions
Global Bunker Fuel Market Segmentation:
1. By Application:
- Bulk Carrier
- Chemical Tanker
- Container
- Fishing Vessels
- Gas Tanker
- General Cargo
- Oil Tanker
2. By Commercial Distributors:
- Large Independent Distributor
- Oil Majors
- Small Independent Distributor
3. By End User:
- Bulk Carrier
- Container
- Oil Tanker
4. By Fuel Grades :
- IFO 380
- IFO 180
- IFO others
- MGO/MDO
5. By Region:
- Asia-Pacific
- Europe
- Middle East & Africa
- North America
- Latin America
Key Topics Covered in the Report:
- Size of Global Bunker Fuel Market (FY’2019-FY’2032)
- Overview of Global Bunker Fuel Market
- Segmentation of Global Bunker Fuel Market By Application (Bulk Carrier, Chemical Tanker, Container, Fishing Vessels, Gas Tanker, General Cargo, Oil Tanker, Others)
- Segmentation of Global Bunker Fuel Market By Commercial Distributors (Large Independent Distributor, Oil Majors, Small Independent Distributor)
- Segmentation of Global Bunker Fuel Market By End Users (Bulk Carrier, Container, Oil Tanker, Others)
- Segmentation of Global Bunker Fuel Market By Fuel Grades (IFO 380, IFO 180 ,IFO others , MGO/MDO)
- Statistical Snap of Global Bunker Fuel Market
- Growth Analysis of Global Bunker Fuel Market
- Problems and Challenges in Global Bunker Fuel Market
- Competitive Landscape in the Global Bunker Fuel Market
- Impact of COVID-19 and Demonetization on Global Bunker Fuel Market
- Details on Recent Investment in Global Bunker Fuel Market
- Competitive Analysis of Global Bunker Fuel Market
- Major Players in the Global Bunker Fuel Market
- SWOT Analysis of Global Bunker Fuel Market
- Global Bunker Fuel Market Future Outlook and Projections (FY’2019-FY’2032)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1 Research data source
2.1.1 Secondary data
2.1.2 Primary data
2.1.3 SPER’s internal database
2.1.4 Premium insight from KOL’s
2.2 Market size estimation
2.2.1 Top-down and Bottom-up approach
2.3 Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2. COVID-19 Impacts of the Global Bunker Fuel Market
5. Market variables and outlook
5.1. SWOT analysis
5.1.1 Strengths
5.1.2 Weaknesses
5.1.3 Opportunities
5.1.4 Threats
5.2. PESTEL analysis
5.2.1 Political landscape
5.2.2 Economic landscape
5.2.3 Social landscape
5.2.4 Technological landscape
5.2.5 Environmental landscape
5.2.6 Legal landscape
5.3. PORTER’S five forces analysis
5.3.1 Bargaining power of suppliers
5.3.2 Bargaining power of Buyers
5.3.3 Threat of Substitute
5.3.4 Threat of new entrant
5.3.5 Competitive rivalry
5.4. Heat map analysis
6. Competitive Landscape
6.1 Global Bunker Fuel Market Manufacturing Base Distribution, Sales Area, Product Type
6.2 Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Bunker Fuel Market
7. Global Bunker Fuel Market, By Application, 2019-2032 (USD Million)
7.1 Bulk Carrier
7.2 Chemical Tanker
7.3 Container
7.4 Fishing Vessels
7.5 Gas Tanker
7.6 General Cargo
7.7 Oil Tanker
7.8 Others
8. Global Bunker Fuel Market, By Commercial Distributors, 2019-2032 (USD Million)
8.1 Large Independent Distributor
8.2 Oil Majors
8.3 Small Independent Distributor
9. Global Bunker Fuel Market, By End User, 2019-2032 (USD Million)
9.1 Bulk Carrier
9.2 Container
9.3 Oil Tanker
9.4 Others
10. Global Bunker Fuel Market, By Fuel Grades, 2019-2032 (USD Million)
10.1 IFO 380
10.2 IFO 180
10.3 IFO others
10.4 MGO/MDO
11. Global Bunker Fuel Market, By Region, 2019-2032 (USD Million)
11.1 Global Bunker Fuel Market Size and Market Share by Region (2019-2025)
11.2 Global Bunker Fuel Market Size and Market Share by Region (2026-2032)
11.3 Asia-Pacific
11.3.1 Australia
11.3.2 China
11.3.3 India
11.3.4 Japan
11.3.5 South Korea
11.3.6 Rest of Asia-Pacific
11.4 Europe
11.4.1 France
11.4.2 Germany
11.4.3 Italy
11.4.4 Spain
11.4.5 United Kingdom
11.4.6 Rest of Europe
11.5 Middle East and Africa
11.5.1 Kingdom of Saudi Arabia
11.5.2 United Arab Emirates
11.5.3 Rest of Middle East & Africa
11.6 North America
11.6.1 Canada
11.6.2 Mexico
11.6.3 United States
11.7 Latin America
11.7.1 Argentina
11.7.2 Brazil
11.7.3 Rest of Latin America
12. Company Profiles12.1 BP plc.
12.1.1 Company details
12.1.2 Financial outlook
12.1.3 Product summary
12.1.4 Recent developments
12.2 BP SINOPEC MARINE FUELS
12.2.1 Company details
12.2.2 Financial outlook
12.2.3 Product summary
12.2.4 Recent developments
12.3 Brightoil Petroleum (Holdings) Limited
12.3.1 Company details
12.3.2 Financial outlook
12.3.3 Product summary
12.3.4 Recent developments
12.4 Chemoil Energy Limited
12.4.1 Company details
12.4.2 Financial outlook
12.4.3 Product summary
12.4.4 Recent developments
12.5 Chevron Corporation
12.5.1 Company details
12.5.2 Financial outlook
12.5.3 Product summary
12.5.4 Recent developments
12.6 China Petrochemical Corporation
12.6.1 Company details
12.6.2 Financial outlook
12.6.3 Product summary
12.6.4 Recent developments
12.7 Exxon Mobil Corporation
12.7.1 Company details
12.7.2 Financial outlook
12.7.3 Product summary
12.7.4 Recent developments
12.8 Gazprom Neft PJSC
12.8.1 Company details
12.8.2 Financial outlook
12.8.3 Product summary
12.8.4 Recent developments
12.9 Lukoil-Bunker LLC
12.9.1 Company details
12.9.2 Financial outlook
12.9.3 Product summary
12.9.4 Recent developments
12.10 Marathon Petroleum Corporation
12.10.1 Company details
12.10.2 Financial outlook
12.10.3 Product summary
12.10.4 Recent developments
12.11 Minerva Bunkering
12.11.1 Company details
12.11.2 Financial outlook
12.11.3 Product summary
12.11.4 Recent developments
12.12 Neste
12.12.1 Company details
12.12.2 Financial outlook
12.12.3 Product summary
12.12.4 Recent developments
12.13 Petróleos Mexicanos
12.13.1 Company details
12.13.2 Financial outlook
12.13.3 Product summary
12.13.4 Recent developments
12.14 Petroliam Nasional Berhad (PETRONAS)
12.14.1 Company details
12.14.2 Financial outlook
12.14.3 Product summary
12.14.4 Recent developments
12.15 Royal Dutch Shell PLC
12.15.1 Company details
12.15.2 Financial outlook
12.15.3 Product summary
12.15.4 Recent developments
12.16 Sinopec Group
12.16.1 Company details
12.16.2 Financial outlook
12.16.3 Product summary
12.16.4 Recent developments
12.17 Total SE
12.17.1 Company details
12.17.2 Financial outlook
12.17.3 Product summary
12.17.4 Recent developments
13. List of Abbreviations
14. Reference Links
15. Conclusion
16. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
