Bunker fuel is utilized to power the engines of aircraft and ships, among other things. Bunker fuel is fewer expensive than other types of fuel accessible on the market. Because gasoline accounts for the massive majority of the costs linked with shipping goods, businesses strive to utilize the least expensive fuel probable in order to maximize profit margins. In addition, bunker fuel is a type of fuel oil that is utilized in maritime boats to power their engines. A great amount is put into ship bunkers in order to keep the engines functioning.
According to the report analysis, ‘Bunker Fuel Market: Current Analysis and Forecast (2021-2027)’ states that the Bunker Fuel market requirement is growing at influencing rate over the years and is predicted to observe the influential growth throughout the forecasted period as well. Aspects that are fascinating the market size of the bunker fuel are a significant growth in requirement for marine diesel oil and the steady implementation of low-sulfur fuel oils. In addition, the growth in offshore oil & gas exploration activities and the international maritime organization (IMO) regulations on the sulfur content in marine fuel have fostered the growth of the global bunker fuel market. However, with the emerging trade tensions between dissimilar countries such as the United States and China, high tariffs and several other trade barriers being imposed on several goods are probable to limit the market growth during the forecast period.
Moreover, ongoing advancement in the field of international trading of goods, offshore renewable energy production, and offshore E&P are predicted to augment the requirement for bunker fuel in the market. Also, the growing need for dissimilar oil grades in the market is projected to generate the ample opportunities for the participants to enlarge their product portfolio which intensifies the market size of bunker fuel.
Based on application, the bunker fuel market is classified into the container, bulk carrier, oil tanker, general cargo, the chemical tanker, fishing vessels, gas tanker, and several others. The container sector is projected to account for a proficient market share in the forecast period. The surge in requirement for transportation of oil and oil-based products and increasing trade-related agreements in the emerging economies is boosting the requirement of the bunker fuel market.
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Based on the commercial distributor, the bunker fuel market is classified into oil majors, large independent distributors, and small independent distributors. The large independent sector acquired a substantial market share in the bunker fuel market. It is mainly owing to the existence of blending facilities, storage terminals, financial stability, and several others in these companies.
The Asia Pacific is projected to control a significant market share in the review period owing to the augment in existence of a huge customer base and the growth in maritime trade activities in the region. Moreover, existence of the developing countries such as China, Japan, Singapore, South Korea, and India underwrite to the growth of the bunker fuel market in Asia-Pacific.
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Ankur Gupta, Head Marketing & Communications