According to the recent report by IMARC Group, titled “Bunker Fuel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” The global bunker fuel market size reached a value of US$ 123.9 Billion in 2020. Looking forward, IMARC Group expects the market to reach a value of US$ 155.2 Billion by 2026.
Bunker fuel, also known as marine fuel, is used to power the motors of the marine fleet. It is obtained after separating diesel, gasoline, and other light hydrocarbons from crude oil during the fractional distillation process in refineries. It is a viscous liquid containing high sulfur content, which can be minimized through various chemical reactions. It can also be blended with low sulfur content to maintain viscosity.
Global Bunker Fuel Market Trends
Rapid globalization, coupled with the expanding international trade, is increasing import and export activities globally. This represents one of the key factors bolstering the growth of the market. Besides this, rising oil and gas exploration activities in deep offshore regions are creating a positive outlook for the market. Moreover, governments of several countries are focusing on improving geographical border security, which is positively influencing the need for naval fleets. Furthermore, various research and development (R&D) activities to reduce environmental pollution and develop clean and environment-friendly fuels are propelling the market growth.
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Global Bunker Fuel Market 2021-2026 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG), BP Plc, Chevron Corporation, Exxon Mobil Corporation, Gazprom Neft PJSC (Gazprom), LUKOIL, Neste Oyj, Petroliam Nasional Berhad (PETRONAS), Royal Dutch Shell Plc and TOTAL S.A.
The report has segmented the market on the basis on region, fuel type, vessel type and seller.
Breakup by Fuel Type:
High Sulfur Fuel Oil (HSFO)
Very Low Sulfur Fuel Oil (VLSFO)
Marine Diesel Oil (MDO)
Liquefied Natural Gas (LNG)
Breakup by Vessel Type:
Breakup by Seller:
Major Oil Companies
Leading Independent Sellers
Small Independent Sellers
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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