DUBLIN--(BUSINESS WIRE)--Feb 9, 2021--
The "Bunker Fuel Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The bunker fuel is expected to grow at a compound annual growth rate of 3.47% over the forecast period to reach a market size of US$153.965 billion by 2025 from US$125.469 billion in 2019.
Bunker fuel generally refers to the heavy oil used on ships which is the by-product of crude oil. It has been pivotal in the running up the ships for passenger transportation, containers, and special-purpose ships for a substantial period. The stable increase in the demand for the bunker fuel can be attributed to the increase in the demand for transport, and cargo deliveries. These are the things which are inevitable across the industry verticals. The demand for the bunker fuel can be pegged to the demand with the sale of the bunkers which is expected to remain stable.
With the advancements in fuel technology, the market outlook for the traditional bunker fuel extracted from crude is expected to restructure as there remain concerns towards its emissions in the environment. International Maritime Organisation (IMO), has expressed concerns regarding the negative impact of the sulphur dioxide for the environment as it could result in disturbing flora and fauna and developing chronic lung and respiratory diseases. Thus it aims to put a ceiling on the sulphur emissions by cutting the use of bunker fuels in ships.
Asia Pacific port-intensive nations such as China, Hong Kong, Singapore and South Korea, Dubai in the Middle East remain as the prominent destination for the oil-producing firms to locate their facilities. In China, major ports such as Guangzhou, Ningbo -Zhousan, Shanghai, Shenzen, and others have lucrative demand potential with the increasing number of vessels, cargo ships and passenger boats which require frequent bunker fuel refills to carry out operations. Similarly, Busan in South Korea, Los Angeles in the US, Rotterdam in the Netherlands, Europe. The other regions to explore the demand opportunities in the bunker fuel remain in port cities of Brazil, India, Indonesia Japan, Malaysia and Taiwan.
Under the COVID-19 pandemic, the bunker oil has low demand as the maritime industry as a whole has taken a sudden brunt which got aggravated with the limits on sulphuric emission notification from IMO. For instance, the volatility in the oil market can be gauged with Oil Volatility Index which has observed a decline in the level of oil prices tracing all-time lows. The Bunker fuel market under the pandemic went fragmented as the supply chain disrupts. There was a lack of availability and logistical support among the oil reserves. The impact on the producers side been severe than the demand side as the fall in the oil prices have taken down the bunker oil prices. The oil demand is expected to collapse by the second quarter of 2020 as a result of excess crude oil stock in the market which might pull the prices further down. However, OPEC nations have taken action towards the situation of stockpile up by reducing the production of crude to 9.3 million barrel per day with effect from May 2020 which may lead the prices for crude and the related products such as Bunker oil up.
- Royal Dutch Shell
- BP plc
- Exxon Mobil Corporation
- Adani Group
- Uniper SE
- Hindustan Petroleum Corporation Limited
- PJSC Lukoil Oil Company
- Chevron Corporation
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Bunker Fuel Market Market Analysis, By Type
5.2. High Sulphur
5.3. Low Sulphur
5.4. Marine Gas Oil
6. Bunker Fuel Market Analysis, By Applications
6.2. Bulk Container
6.3. General Cargo
7. Bunker Fuel Market Analysis, By Geography
7.2. North America
7.3. South America
7.5. Middle East and Africa
7.6. Asia Pacific
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/ruipsy
View source version on businesswire.com:https://www.businesswire.com/news/home/20210209005626/en/
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INDUSTRY KEYWORD: OIL/GAS ENERGY
SOURCE: Research and Markets
Copyright Business Wire 2021.
PUB: 02/09/2021 06:42 AM/DISC: 02/09/2021 06:42 AM