Rise in offshore oil & gas exploration activities and the international maritime organization (IMO) regulations on sulfur content in marine fuel have boosted the growth of the global bunker fuel market.
PORTLAND, Ore., April 5, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Bunker Fuel Market by Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gasoil, Others), by Commercial Distributor (Oil Majors, Large Independent Distributor, Small Independent Distributor), by Application (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing Vessels, Gas Tanker, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." As per the report, the global bunker fuel industry generated $109.6 billion in 2020, and is projected to reach $164.9 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030.
Drivers, restraints, and opportunities
Rise in offshore oil & gas exploration activities and the international maritime organization (IMO) regulations on sulfur content in marine fuel have boosted the growth of the global bunker fuel market. On the contrary, fuel reduction initiatives taken by the shipping community hamper the market growth. On the contrary, surge in focus toward LNG as an alternative marine fuel is expected to open new opportunities in the future.
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Covid-19 scenario:
- The Covid-19 pandemic hampered the market due to temporary ban on import and export activities. Moreover, the prolonged lockdown disrupted the supply chain.
- During the pandemic, the demand for marine fuel reduced significantly, which negatively affected the market.
The LSFO segment dominated the market
By type, the LSFO segment held the lion's share in 2020, accounting for nearly two-thirds of the market. However, the segment is projected to portray the highest CAGR of 4.7% during the forecast period, due to rise in maritime trade activities to transport heavy goods, chemicals, equipment, and other bulk materials. The report includes analysis of the segments such as HSFO, MGO, and others.
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The large independent segment to register the highest CAGR through 2030
By commercial distributor, the large independent segment is anticipated is estimated to register the highest CAGR of 4.7% from 2021 to 2030, due to presence of blending facilities, storage terminals, financial stability, and others in these companies. However, the oil major segment held the lion's share in 2020, contributing to more than two-fifths of the market, due to the highest revenues of the companies and dominance in crude oil tanks chartering business.
Asia-Pacific, followed by North America, to showcase the highest CAGR through 2030
By region, the global market across Asia-Pacific is anticipated to register the highest CAGR of 4.7% during the forecast period. In addition, the region held the largest share in 2020, accounting for nearly half of the market, due to presence of huge consumer base and surge in maritime trade activities. The market across North America is expected to register the second-highest CAGR of 4.3% during the forecast period.
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Key market players
- BP p.l.c.
- Royal Dutch Shell PLC.
- Exxon Mobil Corporation
- Sinopec Group
- Lukoil
- Chevron Corporation
- Gazprom Neft PJSC
- Total SE
- Neste
- PETRONAS
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