According to the recent report by IMARC Group, titled Bunker Fuel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global bunker fuel market grew at a CAGR of about 5% during 2015-2019 and expected  to continue its moderate growth during the next five years

The global bunker fuel market is being driven by rapid technological development and gradual growth in international seaborne trade. 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.

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

Global Bunker Fuel Market 2020-2025 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

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 of 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

Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/bunker-fuel-market

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. On account of these factors, the market is expected to experience moderate growth during the forecast period (2020-2025).

Other Reports By IMARC Group:

Global Hospital Beds Market Report and Forecast 2021-2026 by IMARC Group: https://bit.ly/3x1LNHG

Global Facial Injectables Market Research Report and forecast 2021-2026 by IMARC Group: https://bit.ly/3ebXEdH

Global Body Armor Market Market Research Report and forecast 2021-2026 by IMARC Group: https://bit.ly/3togQLF

Global Enteric Disease Testing Market Research Report and forecast 2021-2026 by IMARC Group: https://bit.ly/32k2IXM

Global Food Thickeners Market Research Report 2021-2026 by IMARC Group : https://bit.ly/3tomfSB

Global Peer to Peer Lending Market Research Report 2020-2025 by IMARC Group: https://bit.ly/3dn16CZ

Global Hydroxychloroquine Market Research Report 2020-2025 by IMARC Group: https://bit.ly/2Q6IWwo

Global Metering Pump Market Research Report 2020-2025 by IMARC Group: https://bit.ly/3e5AghU

Global Automotive Refinish Coatings Market Research Report 2020-2025 by IMARC Group: https://bit.ly/32jQOwZ

Global Aseptic Packaging Market Research Report 2021-2026 by IMARC Group: https://bit.ly/3uTkqgR

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’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
30 N Gould St Ste R
Sheridan, WY 82801 USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800 |
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800