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Bunker Fuel Market - Global Opportunity Analysis and Industry Forecast, 2017-2023

Bunker Fuel Market - Global Opportunity Analysis and Industry Forecast, 2017-2023

  • April 2017
  • 300 pages
  • ID: 4930938
  • Format: PDF
  • Allied Market Research


Table of Contents

Bunker Fuel Market by Type (Residual Fuel Oil, Marine Diesel Oil, and Marine Gas Oil), Commercial Distributor (Oil Majors, Large Independent, and Small Independent), and End User (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing Vessel, Gas Tanker) - Global Opportunity Analysis and Industry Forecast, 2017-2023

The global bunker fuel market was valued at $97,203 million in 2016, and is expected to reach $142,489 million by 2023, registering a CAGR of 9.6% from 2016 to 2022. The term “oil fuel” describes any fuel manufactured from petroleum crude oil and can apply to gasoline and jet kerosene or, in the marine world, gas oil, diesel oil, or fuel oil. Fuel oil refers to residual fuel oil manufactured at the bottom end of an oil refining process. The two main oil fuel classifications in the marine industry are distillates and residual fuel oils. Marine distillates divide into two broad types, marine gas oil (MGO) and marine diesel oil (MDO), which are used in the main engines of small vessels and auxiliary engines of larger vessels. Distillates are widely used by fishing vessels with less space to deploy equipment for treating high viscosity fuels.

The International Maritime Organization’s regulations of sulfur cap of 0.50% m/m (mass/mass) in 2020 for marine fuels, and increase in ocean-borne trade, especially in ton-km travelled, are the factors that drive the growth of the global bunker fuel market. However, obsolete vessels has been replaced by more competent boats, which in turn is expected to drive the market. Moreover, implementation and monitoring of the sulfur cap by IMO is expected to be a key challenge for the market.

The global bunker fuel market is segmented based on type, commercial distributor, end user, and geography. The type segment is classified into residual fuel oil, MDO, and MGO. On the basis of commercial distributors, the market is divided into oil majors, large independent, and small independent. By end user, it is categorized into container, bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessel, gas tanker, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

In 2016, Asia-Pacific occupied the largest market share, followed by Europe. Asia-Pacific is expected to dominate the global bunker fuel market by 2023, witnessing substantial growth in emerging countries such as, China, India, and South Korea.

The prominent players in the global bunker fuel market have strategically focused on product development and agreements as their key strategy to gain significant market share.

The key players profiled in the report are as follows:
Aegean Marine Petroleum Network Inc.
Bomin Bunker Oil Corp.
Bunker Holding A/S
Chemoil Energy Ltd.
Exxon Mobil
Gazprom Neft PJSC
GAC Bunker Fuels Ltd.
KPI Bridge Oil A/S
Royal Dutch Shell PLC

This report provides an extensive analysis of the current trends and emerging estimations and dynamics in the bunker fuel market.
In-depth analysis of bunker fuel market size is conducted, and estimations for key segments between 2015 and 2023 are provided.
Factors that drive and restrain the growth of the market are provided.
Bunker fuel market share for all segments with respect to each geography is detailed in the report.
Key market players are profiled and their strategies are analyzed thoroughly, which provide a competitive outlook of the bunker fuel industry trends.


By Type
Residual Fuel Oil

By Commercial Distributor
Oil Majors
Large Independent
Small Independent

By End User
Bulk Carrier
Oil Tanker
General Cargo
Chemical Tanker
Gas Tanker

By Geography
North America
Rest of Europe
South Korea
Rest of Asia-Pacific
South Africa
Rest of LAMEA

*Other players in the value chain include
ChinaMarine Bunker Company Ltd.
Dan-Bunkering Inc.
Glander International Bunkering DMCC
Gulf Nederland
Lukoil-Bunker OOO
PetroChina Company Ltd.
Sentek Marine & Trading Pte, Ltd.
Shanghai Lonyer Fuels Co., Ltd.
World Fuel Services Corp.

*Profiles of these players are not included in the report, but can be included on request.

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