Increased offshore hydrocarbon exploration activities in offshore destinations and growth in marine-borne trade drive the growth of the global bunker fuel industry
PORTLAND, Oregon, Feb. 4, 2019 /PRNewswire/ --Allied Market Research published a report, titled, "Bunker Fuel Market by Type (Marine Gas Oil (MGO) and Residual Fuel Oil (RFO)), Commercial Distributor (Oil Majors, Large Independent, and Small Independent), and End User (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing, Gas Tanker, and Others): Global Opportunity Analysis and Industry Forecast, 2018 - 2025. The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, the global bunker fuel market generated $137.21 billion in 2017, and is expected to reach $273.05 billion by 2025, growing at a CAGR of 9.4% from 2018 to 2025.
Rise in import and export activities resulting in the growth of the marine trade and increasing oil and gas exploration activities in emerging oil-producing regions drive the growth in the industry. However, stringent government regulations regarding use of bunker fuel such as residual fuel oil (RFO) containing pollutants such as sulfur and nitrogen that are capable enough to disturb the marine life cycle would hinder the market growth. On the contrary, expansion of bunker fuel business by the market players in emerging economies such as India and China would create lucrative opportunities for the market.
Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/2143
Residual fuel to dominate, MGO to rule in terms of growth through 2025
Among the types, the residual fuel segment grabbed the largest market share of 60% in 2017 and would maintain its revenue lead through 2025. This is because the fuel is cheaper in comparison to alternative fuel MGO and is therefore, widely used by shipping companies in their transport vessels. However, the marine gas oil (MGO) segment would grow at the highest CAGR of 14.5% from 2018 to 2025. This is due to the environmental regulation imposed by the international maritime organization (IMO) on the use of sulfur in the marine fuel in order to reduce the marine pollution. This will lead to increase in use of MGO as alternative marine fuel, as it contains less sulfur in comparison to residual fuel oil.
Oil majors to remain dominant through 2025
In 2017, the oil majors segment was the largest, contributing 41.5% of the market share. It is expected to maintain its dominance throughout the forecast period. This is because these companies are not only involved in trading of marine fuel across the world but also in the production of marine fuel. However, the large independents segment would grow at the fastest CAGR of 9.9% during the forecast period. This is because these distributors trade marine fuel across the main regions in the world, which are responsible for around 60% of all bunker sales globally. These regions include Asia Pacific (Singapore), Middle East (UAE), Europe (Rotterdam), Americas (US gulf). The report also analyzes small independents among other commercial distributors.
For Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/2143
Container segment to dominate through 2025
Among end-users, the container segment grabbed the largest market share of 22.2% in 2017 and would maintain its revenue lead through 2025. Increase in demand of basic commodities and chemical products across emerging economies such as China and India drive the growth of segment as large number of transport vessels are needed to transport container freight loaded with different goods in bulk. However, the fishing segment would grow at the highest CAGR of 10.5% from 2018 to 2025, due to the growing fishing trade as a result of increase in demand for fish as food and their medicinal use as cod liver oil. The report also discusses bulk carrier, oil tanker, general cargo, chemical tanker, gas tanker, and other end-users.
Asia-Pacific to lead in terms of revenue, North America to grow the fastest
Asia-Pacific captured 46% of the overall market share in 2017 and would likely dominate the market through 2025. This is due to the presence of world's major commodity consumption centers in this region. Moreover, increasing hydrocarbon exploration activities in Asia-Pacific, especially in the South China Sea, has attracted the attention of many bunker fuel suppliers. However, North America would register the fastest CAGR of 10.2% from 2018 to 2025. This is due to increase in sea borne trading of chemical products coupled with rising demand for plastic feedstock in the region. The growing trade of ethylene, methanol, and paraxylene in countries like Canada, Mexico, Belgium, and China, and significant demand for crude and vegetable oil in the U.S. is expected to drive the growth of North America bunker fuel market.
Frontrunners of the industry
Leading market players analyzed in the research include BP plc, Exxon Mobil, Royal Dutch Shell plc, Sinopec Group, Gazpromp Neft PJSC, Chevron Corporation, Petroliam Nasional Berhad (Petronas), Total S.A., and Neste. The other players in the value chain include Aegean Marine Petroleum Network, Inc., Lukoil-Bunker LLC, Chemoil Energy Limited, and others. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.
Access KNOWLEDGE TREE (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/knowledgetree
Knowledge tree is a cloud-based intelligence platform that offers more than 2,000 selective, off-the-shelf reports on niche markets to enable our clients gain deep insights on the latest trends, dynamic technologies, and emerging application areas.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
SOURCE Allied Market Research