Bunker Fuel Market Analysis by Manufacturers, Types, Regions and Forecast to 2023by Deepak Kumar Sr. SEO Executive
The major trend witnessed in the global bunker fuel market is the shift toward cleaner and environment-friendly fuels used in bunkers. Owing to the rising need to tackle the environmental pollution caused by conventional fuels used in ship bunkers, various companies producing these fuels are investing on the research and development of cleaner fuels.
Bunker fuel is utilized by shipping corporations for fueling their marine fleet. Distillate fuel and residual fuel are the two types of fuels commonly used in bunkers. Of the two, residual fuel dominates the bunker fuel market, with around three-fourths of the share.
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On the basis of seller, the bunker fuel market can be categorized into oil producers, large independent distributors, and small independent distributors. Large independent distributors held a significant share in the bunker fuel industry during the historical period.
The major driver identified in the bunker fuel market is the expanding fleet size of shipping vessels. Owing to the rapid industrialization and commercialization in developing countries such as China, India, Vietnam, and the Philippines, exports as well as imports in these countries have risen significantly.
The key factor hindering the growth of the bunker fuel market is the fuel reduction initiatives by the shipping community. In a bid to comply with international environment protection standards and reduce the carbon footprint caused by moving vessels, shipping companies are adopting efficient technologies that help reduce the fuel consumption.
Some of the key players in the global bunker fuel industry are Gazpromneft Marine Bunker LLC, Aegean Marine Petroleum Network Inc., Lukoil-Bunker LLC, ExxonMobil Corporation, and Chemoil Energy Limited.
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The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.
Created on Jan 28th 2019 03:45. Viewed 85 times.