Bunker Fuel Market Will Generate Record Revenue by 2030
Market Highlights
The global bunker fuel market is estimated to be worth US$170 billion by 2030, registering a CAGR of 5.2% over the forecast period. Bunker fuel is a blend of fuel oils used in ships to keep engines running. It is poured into the ship’s bunkers and can come in a variety of forms, including high-sulphur fuel oil, low-sulphur fuel oil, and diesel oil. Expect environmental concerns and government regulations to continue to provide lucrative growth opportunities for the fuels. These include LNG, gas oil and liquefied petroleum gas (LPG).
COVID-19 had hit the global economy hard. Due to the sudden increase in COVID cases, there have been various restrictions and regulations imposed by the government. These have disrupted production and demand, impacted the supply chain and market, and also created financial imbalances in various industries.
Demand for the bunker fuel market declined. During this pandemic, borders were closed by various countries, halting trade between countries. The disruption in trade has caused the ship to remain in port, leading to a decline in the fuel market.
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Segment Analysis
The global bunker fuel market has been segmented on the basis of type, commercial distributor, application and region.
By type, the global bunker fuel market has been segmented into high-sulfur fuel oil, low-sulfur fuel oil, marine gas oil, and others. The low sulfur fuel oil segment is the fastest growing segment in the global bunker fuel market. The demand for low-sulphur heating oil is mainly driven by the strict emission regulations of European countries and the US EPA. Both authorities issue regulations for the emission of sulfur from seagoing vessels. One of the requirements is to control sulfur by using low-sulphur fuel oil, which is the main application for this type of fuel. The use of low sulfur fuel oil has contributed to the growth of the market.
According to commercial traders, the global bunker fuel market has been segmented into oil majors, large independent traders, and small independent traders. The oil company segment is expected to be the fastest growing in the global bunker fuel market due to increasing demand for bunker fuel from the marine industry. Additionally, the growing number of oil companies is expected to fuel the oil company segment of the global bunker fuel market.
Based on Application, the global Bunker Fuels market has been segmented into container, bulk carrier, oil tanker, break bulk, chemical tanker, fishing vessel, gas tanker and others. The container segment is expected to be the largest in the global bunker fuel market. The bunker fuel market is anticipated to grow as the bunker container segment is anticipated to grow at the highest CAGR during the forecast period. The increase in bunker volume due to the increased number of vessels is driving the growth of the bunker container segment in the bunker fuel market. The increasing bunker volumes are also driving demand for bunker fuel.
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Regional Analysis
Geographically, the global bunker fuel market has been categorized into North America, Europe, Asia Pacific and Rest of the World. The North American market has seen tremendous development in the bunker fuel sector. This sector is expected to grow exponentially in the coming years. This is due to the increase in renewable energy alternatives and falling demand for traditional fossil fuels.
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