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Key Drivers of Bunker Fuel Market
Rise in international seaborne trade is boosting the global bunker fuel market. The global seaborne trade is performing well, supported by the upswing in the world economy. Seaborne trade leads to shipping, intercontinental trade, bulk transport of raw materials, and import/export of affordable food and manufactured goods. Increase in offshore exploration and production, due to the rise in demand for resources such as crude oil, coal, steel, and iron, is estimated to propel the demand for bunker fuel in the near future. Rapid technological development has boosted oil & gas exploration activities at deep offshore locations and other marginal oil & gas fields.
Companies supplying bunker fuel have strategically opened bunkering divisions in ports that are close to major offshore hydrocarbon basins, as bunkering requirements are significantly high for some offshore support vessels. Thus, growth in offshore exploration and production activities is projected to drive the global bunker fuel market in the near future.
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Asia Pacific Offers Lucrative Opportunities in Bunker Fuel Market
Asia Pacific is anticipated to be a highly attractive region of the global bunker fuel market during the forecast period, due to rapid industrialization and urbanization in the region, especially in countries such as China, India, and Japan. Furthermore, ports in China account for nearly a third of global container traffic. The country has the largest merchant fleet in the world in terms of number of ships. However, Singapore dominates the bunker fuel market in Asia. Around 48 million metric tons to 50 million metric tons of bunker fuel were sold in Singapore in 2018, making it the world’s largest bunkering hub. The country dominates the market due to its vast commercial storage capacity and fuel blending capabilities.
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Major Developments in Bunker Fuel Market
In March 2019, BP Marine announced that it would begin to retail low sulfur bunker fuel that meets new MARPOL regulations that limit the sulfur content of marine fuels. The company is introducing a new very low sulfur fuel oil (VLSFO), with maximum 0.5% sulfur content, following successful sea trials with fuel manufactured and supplied in the Amsterdam/Rotterdam/Antwerp (ARA) and Singapore hubs.
In October 2019, Total launched its first large liquefied natural gas (LNG) bunker vessel. The bunker vessel is expected to operate in Northern Europe and supply LNG to commercial vessels. The use of LNG sharply reduces emissions from ships, resulting in significant improvement in air quality, particularly for communities in coastal areas and port cities.
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The global bunker fuel market is dominated by multinational as well as small players operating across the globe. Prominent players operating in the global bunker fuel market include Total, Neste, Marathon Petroleum Corporation, Brightoil Petroleum (Holdings) Limited, BP., Saudi Arabian Oil Co., Gazprom, LUKOIL, BP Sinopec Marine Fuels, Chevron U.S.A. Inc., Exxon Mobil Corporation, Royal Dutch Shell plc, World Fuel Services Corporation., GAC, and BUNKER HOLDING.
Global Bunker Fuel Market: Segmentation
Bunker Fuel Market, by Fuel
Bunker Fuel Market, by Application
Bunker Fuel Market, by Seller
Bunker Fuel Market, by Region
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