Bunker Fuel is used in ships and other vessels. It is also called heavy fuel oil as it is used to power large ships and major machinery. It is a type of fuel oil that is used as a replacement for diesel. It is also used in power generation and as a heating energy source. Bunker Oil is a residue product that is used to transport other refined products. Bunker fuel is similar to fuel oil, but is much thicker and contains higher levels of sulfur. Because of this, most ships and machinery that use bunker fuel are confined to enclosed areas to prevent the smell from being too strong.
COVID-19 negatively affected the Bunker fuel market due to the lockdown imposed by the government. There was a closedown of trade activities and also transport was affected. trades carried out through ships got affected as there was restriction. These have affected the bunker fuel market as its demand decreased due to the stoppage of trade and marine activities.
Based on region, the global Bunker fuel market has been segmented into North America, Europe, Asia-Pacific, and Rest of the World.
North America is anticipated to be the fastest-growing region in the Bunker fuel market due to the increasing demand for Bunker Fuel applications in industrial sectors and the need for bunker fuel in the region. Moreover, the region is witnessing a substantial investment in its infrastructure sector, which is further boosting the demand for Bunker Fuel. The American Bunker fuel market is dominated by the U.S. and Canada. However, emerging economies in the region such as Mexico, Brazil, and Chile are expected to register high growth rates during the forecast period.
The market in the rest of the world includes Latin America, Africa, the Middle East, and The Rest of the World. Latin American Bunker fuel market is projected to grow at the highest rate in the world during the forecast period. The factors that are playing a key role in the market growth include the increasing penetration of the bunker fuel market in the marine and transportation industries. An increase in investments to improve the infrastructure and the benefits offered by bunker fuel are the major factors driving the Latin American bunker fuel market. Growth in the bunker fuel market is also being driven by government initiatives.
The bunker fuel market in Europe is poised to gain from the introduction of advanced low emission fuels (ALEFs) and investments in marine fuels. The demand for bunker fuel is likely to increase as the quantities of bunker fuel are expected to more than double for new ships and will more than double for existing ships over the forecast period.
The Asia Pacific region continues to hold the largest market share in the creation of bunker fuel, mainly due to its strong economic growth. Developing countries such as India, Indonesia, and Malaysia, which still have a growing middle class, are also growing the number of bunker fuel transactions. The availability of bunker fuel and its cost of it are also factors that are influencing the market share of the Asia Pacific region.
The key players operating in the global Bunker fuel market include BP p.l.c., Exxon Mobil Corporation, Royal Dutch Shell PLC., Lukoil, Sinopec Group, Gazprom Neft PJSC, Chevron Corporation, Petronas, Total SE, and Neste.
View Full Report Summary: https://www.marketresearchfuture.com/reports/bunker-fuel-market-10871
Market Research Future®
99 Hudson Street,5Th Floor
New York, New York 10013
United States of America
+1 628 258 0071(US)
+44 2035 002 764(UK)