Bunker Fuel Market Research Report and Forecast 2023-2028

by Zayn Mathew Market Research Reports

According to the recent report by IMARC Group, titled “Bunker Fuel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The global bunker fuel market size reached US$ 150.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 216.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.1% during 2023-2028.

Bunker fuel is used to power the engines of a ship or marine fleet. It is a heavy, residual oil left over after the extraction of diesel, gasoline, and other light hydrocarbons during the refining process. Bunker fuel is brown to black in color with a characteristic odor and high sulfur content. It is graded A, B or C, with C being the most viscous and thickest fuel, which requires blending or heating to make the liquid flow easily. If mixed with 10 percent of a light fuel, the product becomes a cheap fuel alternative for shipping. Bunker fuel is transported to ships that are engaged in international navigation.

Global Bunker Fuel Market Trends

One of the major growth-inducing factors of the market is the rising demand for the ship transportation industry. Several ship operators prefer fuel oil with the lowest price as it incurs more than 65% of the total travel expenses. As bunker fuel is emerging as a cost-effective option for the marine and shipping industry, there has been significant growth in the market. Apart from this, rapid technological development and gradual growth in international seaborne trade have also increased the sales of bunker fuel. Additionally, there is a high demand for LNG in the transportation sector as it is a much cleaner and affordable source of energy in comparison to conventional sources. This, in turn, is creating a positive outlook for the market growth. Some of the other factors fueling the market growth are rapid globalization, increasing investments in research and development (R&D) projects to develop clean fuels and government initiatives toward strengthening geographical border security.

Request Free Sample Report: https://www.imarcgroup.com/bunker-fuel-market/requestsample

Global Bunker Fuel Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being 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:

Containers
Tankers
General Cargo
Bulk Carrier
Others

Breakup by Seller:

Major Oil Companies
Leading Independent Sellers
Small Independent Sellers

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

Ask Analyst for Customization and Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/request?type=report&id=2549&flag=C

Other Related Reports By IMARC:

Large Format Ceramic Panel Market

Graphene Nanoplatelets Market

Polybutadiene Rubber Market

Material Testing Market

Zirconium Market

Metallic Stearate Market

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact US

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA

USA: +1-631-791-1145 | Asia: +91-120-433-0800

Email: sales@imarcgroup.com

Follow us on Twitter: @imarcglobal

LinkedIn: https://www.linkedin.com/company/imarc-group/mycompany/