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| Global Bunker Fuel Market Size |
The global Bunker Fuel Market is estimated to be valued at US$ 28.84 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market Overview:
Bunker fuel is a type of fuel oil used aboard ships. It is typically composed
of residues left over from the refining of crude oil. Bunker fuel is
inexpensive and an important fuel source for ships due to its efficiency and
cost-effectiveness compared to other fuels.
Market key trends:
One of the key trends in the bunker fuel market is the shift towards using
cleaner fuels to reduce emissions. The International Maritime Organization
(IMO) has implemented stringent regulations to cut down pollution from ships.
As a result, demand for low sulphur bunker fuels compliant with IMO 2020 is
growing. Meanwhile, the use of liquefied natural gas (LNG) as a marine fuel is
increasing due to its clean burning nature compared to conventional bunker fuels.
Leading ship operators and ports are investing in LNG bunker infrastructure to
support the transition towards using more environmentally friendly fuels.
Segment Analysis
The bunker fuel market is segmented by type into residual fuel and distillate
fuel. The residual fuel segment dominated the market in 2022 and is expected to
continue its dominance over the forecast period. Residual fuel, also known as
heavy fuel oil (HFO), is the least expensive option for bunker fuel and
accounts for around 80% of global bunker fuel consumption due to its affordable
price.
Key Takeaways
The Global
Bunker Fuel Market Size is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period
2023 to 2030, due to increasing maritime trade activities across the world.
Regional analysis
Asia Pacific dominated the global bunker fuel market in 2022 and is expected to
maintain its position over the forecast period. Countries like China, Japan,
and South Korea have large shipping fleets and maritime trade volumes.
Singapore is the largest bunkering hub globally due to its strategic location.
Key players
Key players operating in the bunker fuel market are Chemoil Energy Limited,
Aegean Marine Petroleum Network, Inc., World Fuel Services Corporation, Gulf
Agency Company Ltd., Gazpromneft Marine Bunker LLC, BP Marine Ltd., Exxon Mobil
Corporation, Royal Dutch Shell plc, Bunker Holding A/S, and Lukoil-Bunker LLC.
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