Wilmington, Delaware, United States, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Expanding marine transportation leading to increase in number of ships is fuelling the growth of bunker fuel market. Maritime transport plays a significant role in international trade and global economy. According to the United Nations Conference on Trade and Development, global fleet size increased by 3.04% in 2021 compared to 2020, across all types except for general cargo ships and other ships. The bunker fuel market size was pegged at US$ 159.12 Bn in 2021.
An assessment of bunker fuel market trends finds that rise in international seaborne trade and increase in offshore exploration & production activities to spur growth prospects. Increasing demand for crude oil, coal, steel, and iron leading to augmented offshore exploration and production activities, is contributing to the growth of bunker fuel market. Rapid increase in exploration activities and swift rise in demand for new hydrocarbon reserves is leading to increasing shift from onshore to offshore exploration.
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Technological advancements leading to rise in exploration activities at deep offshore locations and other marginal oil & gas fields, are some prominent bunker fuel market growth factors. Exploration vessels, anchor handlers, platform supply vessels, cable layers, and stand-by vessels are key offshore fleet components in the oil & gas sector. Thus, a significant volume of hydrocarbon production currently obtained from offshore locations stokes demand for bunker fuel.
Bunker Fuel Market – Key findings of the Report
- High-sulfur Fuel Oil (HSFO) segment held the leading 49.13% share of bunker fuel market in 2021. Growth of the segment is attributed to its low cost over other bunker fuels. Marine Diesel Oil and Very-low Sulfur Fuel Oil segments are likely to expand at a steady pace during the forecast period.
- Tanker fleet application segment held the leading 31.63% share of bunker fuel market in 2021. Rise in demand for crude oil, petroleum products, chemicals, and liquid raw materials is driving the segment. Crude oil is extensively used in power generation. It is used as a fuel for vehicles and heat buildings. Tanker fleet comprises specialized purpose-built vessels designed to
- Container fleet segment held 30.9% share of bunker fuel market in 2021. Container fleet is widely used to transport metal products, electrical machinery, accessories, and other goods, which, in turn fuels demand for bunker fuel.
- Leading independent sellers held significant 47.5% share of bunker fuel market in 2021. Growth of leading independent sellers segment is attributed to their well-established setup that includes blending units and storage terminals. They also provide distribution services at ports, to create brand value.
- Asia Pacific held a significant 47.7% of bunker fuel market share in 2021. The bunker fuel market in the region is projected to grow at a significant pace during the forecast period. Singapore is a major market for bunker fuel in the region; the country held more than 20.3% share of bunker fuel market in the region.
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Bunker Fuel Market – Growth Drivers
- Rise in demand for marine transportation, leading to increase in number of ships in operation is fuelling the growth of bunker fuel market
- Increasing offshore exploration to meet the growing demand for crude oil, coal, and iron opens lucrative revenue streams
Bunker Fuel Market – Key Players
Some of the key players operating in the bunker fuel market are;
- TotalEnergies SE
- Marathon Petroleum Corporation
- BP p.l.c.
- Gazprom Neft
- BP Sinopec Marine Fuels
- ExxonMobil Corporation
- World Fuel Services Corporation
- Bunker Holding
- Neste Oyj
- Brightoil Petroleum Limited
- Saudi Arabian Oil Co.
- Lukoil
- Chevron U.S.A. Inc.
- Shell plc
- GAC
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The bunker fuel market is segmented as follows;
Bunker Fuel Market, by Fuel
- High-sulfur Fuel Oil
- Very-low Sulfur Fuel Oil
- Marine Diesel Oil
- Liquefied Natural Gas
Bunker Fuel Market, by Application
- Tanker Fleet
- Container Fleet
- Bulk & General Cargo Fleet
- Others
Bunker Fuel Market, by Seller
- Major Oil Companies
- Leading Independent Sellers
- Small Independent Sellers
Bunker Fuel Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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