Global Marine Bunker Fuel Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3763
Marine Bunker Fuel Market size will witness growth on account of increasing maritime trade activities coupled with positive outlook toward seaborne industry. As per UNCTAD, in 2017, container trade contributed over 23% to the total seaborne trade. Growing usage of sea vessels along with rising demand for fuel is projected to drive the business outlook. In addition, ability to allow the bunkering operation and cargo movement function simultaneously will complement the industry landscape.
Increasing import and export activities coupled with rising oil and gas probing solutions is anticipated to complement the marine bunker fuel market growth. Furthermore, ongoing R&D initiatives pertaining vessel designs to enhance fuel efficiency, improve performance and ensure reliability & safety along with low maintenance is stimulating the product demand.
Distillates marine bunker fuel market size is set to grow owing to rising investments toward seaborne infrastructural expansion coupled with technological advancement in fuel refining facilities. Lower viscosity, lesser sulfur content and cost efficiency will enhance the product penetration. Stringent environmental regulation pertaining sulfur and nitrogen emission by marine fuel with an aim to reduce pollution from ships is anticipated increase product cost. However, installation of marine scrubbers and SCRs in integration with these systems to control the NOx & SOx emission will complement the industry landscape.
Container marine bunker fuel market will witness growth on account of declining crude oil prices resulting in bulk purchase and strategic storage. The improvement in supply management transparency along with aiding of digital platform will boost the business landscape. In addition, enhanced monitoring activities through performance benchmarking, dashboards and Key Performance Indicators (KPI) will fuel the product penetration.
Offshore marine bunker fuel market size is projected to grow owing to increasing demand for petroleum coupled with growing oil exploration activities. Ongoing investments along with technological advancements to enhance system features will positively influence the product adoption. In addition, rising fuel prices, declining oil reserves and lack of petroleum alternatives is projected to strengthen the business outlook.
Asia Pacific marine bunker fuel market is anticipated to grow on account of rising shipbuilding activities and increasing inter-regional trade. Ongoing R&D ventures coupled with presence of several manufacturers in in the industry will strengthen the product adoption. Rising maritime trade in South East Asia particularly across Indonesia and China will further accelerate the industry landscape.
RO-Pax the market is set to witness growth on account of high fuel consumption. These systems consist of ferries, Roll-On Roll-Off car carriers and cruise-ships. Positive outlook toward international maritime trade will drive business outlook. Heavy vessel traffic among various region will further boost the product demand.
Key industry participants across the marine bunker fuel market share include Exxon Mobil, BP plc, Sinopec Group, Chevron Corporation, Royal Dutch Shell plc, Gazpromp Neft PJSC, Petroliam Nasional Berhad, Neste, Lukoil and Total S.A among others.
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