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Bunker Fuel Market Expected to be Worth US $ 205.4 Billion by 2030 | (CAGR) Average Annual Growth: 5%

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The global market for bunker fuels in 2021 was US $ 126.1 billion. The projected period from 2022 to 2030 will grow at a compound annual growth rate (CAGR) of 5%, and the global market will reach 205.4 billion in 2030. Expected to reach US dollars.

Bunker fuels are the power source for ship and aircraft engines. Bunker fuels are cheaper than other fuels on the market. Because of the need for fuel, companies are looking for the cheapest fuel to maximize profit margins. Bunker fuel was adopted by the International Standardization Organization (ISO) in the 1980s and standardized as marine fuel. There are two types of oil and distillate, bunker fuel.

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Factors Affecting Market Growth

Market Growth: International Maritime Organization (IMO) Regulations on Sulfur Content in Marine Fuels and Increased offshore oil and gas development is a major contributor to global market growth.

Market threats: The shipping industry’s efforts to reduce fuel usage are a major factor in the global bunker fuel industry’s sluggish growth.

Market Opportunities: As liquefied petroleum gas (LNG) becomes more widely used as an alternative to marine fuels, opportunities will open up in the global bunker fuel market.

COVID-19 Impact Analysis

COVID-19 Has reduced the demand for bunker fuel worldwide. According to a report by the International Energy Agency (IEA), demand for fuel oil for end-use fuels such as marine fuels, power generation and industrial use will decrease by 6.3% in 2020.

Also, (LNG) liquefied natural gas and crude oil prices will fall in 2020 . Bunker fuel revenues declined in the second quarter of 2020 as they fell in the second quarter of the year. The International Energy Agency (IMO) 2020 Regulations came into force in January, increasing demand for ultra-low fuel oil. In addition, supply chain disruptions have fluctuated low-sulfur fuel sales. Also, (IMO) International Energy Agency regulations and the COVID-19 outbreak have restrained market growth due to demand for high-sulfur fuel oil. increase.

In 2021, the Asia Pacific region will have the largest share of the bunker fuel market and is expected to maintain this position during the forecast period.

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List of major players profiled in the global bunker fuel market

·Bomin Bunker Oil Corporation

· BP PLC

· Chevron Corporation

· Exxon Mobil Corporation

· Gac Bunker Fuels Limited

· Gazprom Neft PJSC

· Marathon Petroleum Corporation

· Minerve Bunkering

· Neste Oyj

· PETRONAS Lubricants International

· Royal Dutch Shell PLC

· Saudi Arabian Oil Company

· Sinopec Group

· The PJSC Lukoil Oil Company

· TotalEnergies SE

· Valero Energy Corporation

· World Fuel Services Corporation

· Other Prominent Players


Segment Analysis

The segmentation of the global bunker fuel market focuses on types, commercial distributors, applications, and regions.

Typebased segmentation

· High sulfur fuel oil

· Low sulfur fuel oil

· Marine gas oil

· Other

distributor based segmentation

· Petroleum major

· Major independent

· Small independent

application based segmentation

· Container

· Bulk carrier

· Oil Tankers

, general cargo

, chemical tankers

, fishing boats

, gas tankers

, and other

regions
North America

  • America
  • Canada
  • Mexico

Europe
western Europe

  • England
  • Germany
  • France
  • Italy
  • Spain
  • Other Western European countries

Eastern Europe

  • Poland
  • Russia
  • Other Eastern European countries

Asia-Pacific

  • China
  • India
  • Japan
  • Australia / New Zealand
  • Association of Southeast Asian Nations
  • Other Asia Pacific regions

Middle East / Africa (MEA)
United Arab Emirates (UAE)

  • Saudi Arabia
  • South Africa
  • Other Middle East / Africa regions

South America

  • Brazil
  • Argentina
  • Other South American regions

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