PORTLAND, Oregon and PUNE, India, April 28, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research titled, "Bunker Fuel Market: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global market was valued at $97,230 million in 2016, and is projected to reach $142,489 million by 2023, growing at a CAGR of 9.6% from 2017 to 2023. Asia-Pacific dominates the bunker fuel market, both in terms of volume and value, and is expected to continue to maintain this trend throughout the forecast period.
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An alcoholic beverage is ethanol-based drink, which is commonly known as alcohol. Bunker fuel are divided into three general classes-beers, wines, and spirits. Bunker fuels are consumed across the globe for various uses. The demand for these beverages has changed over the past few years, owing to dwindling premises consumption trends.
The global bunker fuel market is driven by International Maritime Organization's regulations of sulfur emissions to 0.50% m/m (mass/mass) by 2020 in marine fuels and increase in sea-borne trade, particularly in terms of ton-km travelled. However, replacement of obsolete ships by efficient counterparts is expected to hamper the market growth.
The oil majors segment accounted for more than one-third share of the total market in 2016, in terms of value, and is expected to maintain its dominance during the forecast period, owing to its high demand across the globe. However, large independent distributors are expected to grow with a faster rate due to rise in demand for MDO and MGO in the future.
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In 2016, distillates (MDO/MGO) dominated the global market, with nearly half of the market share, in terms of value. The demand for gasoil is expected to increase post January 2020, resulting in higher prices. Moreover, the price of residual fuel oil is anticipated to plummet in the near future. These factors are expected to drive the market during the forecast period. The profit margins for refining is expected to increase to cater to the anticipated supply of MGO by 2020.
According to Eswara Prasad, Team Lead, Energy & Power at Allied Market Research, "The proposed new regulations for Emission Control Areas (ECAs) and global maritime transportation are expected to enforce bunkering operators and refiners to supply low sulfur fuels. Refiners need to keep a check on their investment ventures as well as the capital required for supplying low sulfur fuels in the market. Conversly, refiners can adopt the less hazardous alternatives to cater to the demand of the inland diesel market."
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KEY FINDINGS AND SCOPE OF BUNKER FUEL MARKET STUDY:
- In terms of value, MGO segment is expected to grow at a CAGR of 20.1% during the forecast period.
- In Asia-Pacific, China is estimated to grow fastest, in terms of value, registering a CAGR of 9.9%.
- Large independent as commercial distributors occupied around one-third of the global market share in 2015, in value terms.
- Containers accounted for over one-fifths of the bunker fuel market in 2016, and is expected to grow at a significant CAGR of 7.9%, in terms of value.
In 2016, Asia-Pacific and Europe collectively accounted for over three-fourths of the global bunker market, by volume, though Asia-Pacific is expected to grow at a faster rate during the forecast period. High trade frequency from emerging countries such as South Korea, India and Australia is estimated to drive the market growth.
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The major companies profiled in the report include Aegean Marine Petroleum Network Inc., Bomin Bunker Oil Corp., BP PLC, Bunker Holding A/S, Chemoil Energy Ltd., Exxon Mobil, Gazprom Neft PJSC, GAC Bunker Fuels Ltd., KPI Bridge Oil A/S, and Royal Dutch Shell PLC.
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.
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SOURCE Allied Market Research