Global Bunker Fuel Market to Reach $130.1 Billion by 2027: Allied Market Research

IMO regulations regarding sulfur content permissible in the marine fuel and rise in offshore oil & gas exploration activities drive the growth of the global bunker fuel market. Asia-Pacific contributed to the highest market share in 2019, and will maintain its leadership status by 2027. There has been a temporary ban on import and export activities, due to which, supply chain of bunker fuel has been disrupted.

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Portland, OR, Feb. 04, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global bunker fuel market generated $120.1 billion in 2019, and is expected to reach $130.1 billion by 2027, growing a CAGR of 3.1% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, key investment pockets, major segments, value chain, and competitive landscape.

IMO regulations regarding sulfur content permissible in the marine fuel and rise in offshore oil & gas exploration activities drive the growth of the global bunker fuel market. However, initiatives regarding fuel reduction adopted by the shipping community hinder the market growth. On the other hand, financing of LNG bunkering create new opportunities in the coming years.

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Covid-19 Scenario:

  • There has been a temporary ban on import and export activities, due to which, supply chain of bunker fuel has been disrupted. Once the restrictions are lifted off by governments in many countries, the supply chain restored slowly.
  • The demand reduced during the lockdown as its applications in container, bulk carrier, general cargo, chemical tanker, and others lowered down due to lockdown. However, the demand rose during the post-lockdown period.

The report offers detailed segmentation of the global bunker fuel market based on type, commercial distributor, application, and region.

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By commercial distributor, the oil majors segment held the highest market share, contributing to more than two-fifths of the total market share in 2019, and will maintain its highest contribution during the forecast period. However, the large independent segment would witness the fastest CAGR of 3.6% from 2020 to 2027.

By application, the fishing vessels segment is projected to manifest the largest CAGR of 4.8% from 2020 to 2027. However, the container segment accounted for the largest market share in 2019, holding nearly one-fourth of the global bunker fuel market, and is expected to maintain its dominant share during the forecast period.

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By region, North America is estimated to portray the highest CAGR of 3.8% during the forecast period. However, Asia-Pacific contributed to the highest market share in 2019, accounting for nearly half of the total market share, and will maintain its leadership status by 2027.

Leading players of the global bunker fuel market analyzed in the research include BP p.l.c., Royal Dutch Shell PLC, Exxon Mobil Corporation, Sinopec Group, Lukoil, Chevron Corporation, Gazprom Neft PJSC, Total SE, PETRONAS, and Neste.

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