Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Bunker fuel is meant to be used by the shipping industry for fueling its marine fleet. Fuel oil is mostly used as a bunker oil in shipping industry. Bunker fuel is classified into distillates and residual fuel oils. In general term bunker fuel is any fuel that is burned in boiler or furnace for the generation of power in the engine.

The global bunker fuel market is projected to reach around US$ 399.59 billion by the end of 2027, in terms of revenue, growing at CAGR of 4.6% during the forecast period (2020-2027).

Drivers:

Increasing hydrocarbon resources development activities in offshore areas is driving demand for bunker fuel. Rapidly growing exploration activities coupled with the rising establishment of new hydrocarbon reserves has increased offshore and onshore reserves. Moreover, growth in the oil &gas exploration activities at the deep offshore location is further anticipated to augment the market growth of the bunker fuel.

Figure 1. Global Bunker Fuel Market Share (%) in terms of Value, By Region, in 2019

Bunker Fuel  | Coherent Market Insights

Asia Pacific region dominated the global bunker fuel market in 2019, accounting for 39.3% share in terms of value, followed by Europe and Middle East & Africa, respectively.

Market Restraints

Increasing fuel reduction initiatives by shipping industry subjected to rising environmental concern and reducing carbon footprint is expected to hamper the market growth. For this shipping industry are adopting efficient technologies that help to reduce the consumption of fuel.

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Bunker Fuel Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 278.81 Bn
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 4.6% 2027 Value Projection: US$ 399.59 Bn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East & Africa: Middle East and Africa
Segments covered:
  • By Fuel Grade: IFO 380, IFO 180, IFO Others, and MDO/MGO
  • By Vessel Type: Tankers, Containers, Bulk & General Cargo, and Others
  • By Seller: Major Oil Companies, Leading Independent Distributors, , and Small Independent Distributors
Companies covered:

Chemoil Energy Limited, Aegean Marine Petroleum Network, Inc., World Fuel Services Corporation, Gulf Agency Company Ltd., Gazpromneft Marine Bunker LLC, BP Marine Ltd., Exxon Mobil Corporation, Royal Dutch Shell plc, Bunker Holding A/S, and Lukoil-Bunker LLC

Growth Drivers:
  • Increasing hydrocarbon resources development activities in offshore areas
  • Rapid industrialization and urbanization across developing countries
Restraints & Challenges:
  • Strict regulation regarding usage of bunker fuel as these contain pollutants such as sulfur and nitrogen

Market Opportunities

Increasing production of bunker oil for the shipping industry is expected to offer potential market opportunities over the forecast period. For instance, in March 2020, Sinopec has announced that its Guangzhou refinery has started producing very low sulfur fuel oil (VLSFO) for the shipping market. Thus, growing production of the bunker fuel to cater to rising demand around the globe is projected to favor the market growth in the near future.

The rising number of naval fleet across countries such as China, Brazil, Russia, and the U.S. is expected to offer new market opportunities in the near future. Increasing use of bunker fuel for refueling during sailing is also expected to raise demand for this fuel. Moreover, the growing demand for tanker vessels for trading liquid materials around the globe is further projected to propel the market growth of the bunker fuel. 

Figure 2. Global Bunker Fuel Market– Opportunity Analysis

Bunker Fuel  | Coherent Market Insights

Market Trends

Product innovation by key manufacture in marine fuel is a growing trend in the market and this is expected to augment the market growth of bunker fuel. For instance, in August 2019, Neste has announced the launch of low-sulfur marine fuels to help ships meet upcoming International Maritime Organization (IMO) regulations on sulfur dioxide emissions. Thus, continues product innovation by key manufacturers is expected to foster market growth.

Figure 3. Global Bunker Fuel Market Share (%) in terms of Value, By Vessel Type, in 2019

Bunker Fuel  | Coherent Market Insights

On the basis of vessel type in 2019, the bulk & general cargo segment has accounted the largest market share of 43.3% in terms of value, followed by tankers and container ships segment respectively.

Global Bunker Fuel Market - Impact of Coronavirus (Covid-19) Pandemic

Curtailment of global economic activity has put a break on fuel oil use for shipping. As a result of Covid-19, container trade volumes and container port volumes have declined for first months of 2020. According to International Transport Forum, global container trade volumes declined by 8.6% in February 2020 compared to same month of 2019.  The main response of carriers to falling demand has been to reduce supply. Ship operators have massively started idle vessels by cancelling services. According to International Transport Forum, The share of idle container ship capacity reached 2.5 million Twenty-foot Equivalent Units (TEU) or 10.6% of capacity in early March 2020. This is expected to reduce demand for marine fuels. According to Coherent Market Insights, bunker fuel market is expected to grow at a lower CAGR between 2020 and 2021.

Competitive Section:

Company Names 

  1. Chemoil Energy Limited
  2. Aegean Marine Petroleum Network, Inc.
  3. World Fuel Services Corporation
  4. Gulf Agency Company Ltd.
  5. Gazpromneft Marine Bunker LLC
  6. BP Marine Ltd.
  7. Exxon Mobil Corporation
  8. Royal Dutch Shell plc
  9. Bunker Holding A/S
  10. Lukoil-Bunker LLC

Few Recent Developments

In January 2017, Aegean Marine Petroleum Network Inc. announced the launch of a new service center in Rostock. The operations at Rostock will be managed by the existing team at OBAST Bunkering & Trading GmbH (“OBAST”), a physical bunker supplier, and cargo oil trader.

Bunker fuel is meant to be used by the shipping industry for fueling its marine fleet. Fuel oil is mostly used as a bunker oil in shipping industry. Bunker fuel is classified into distillates and residual fuel oils. In general term bunker fuel is any fuel that is burned in boiler or furnace for the generation of power in the engine.

Market Dynamics

Rapid industrialization and urbanization across developing countries have significantly raised the demand for bunker fuel. Growth in the seaport trade has increased the consumption of fuels in ship bunkers, thereby fueling the market growth of the bunker fuel. Moreover, rising demand for petroleum products along with the increasing number of tanker vessels around the globe is further expected to foster the market growth of bunker fuel.

Increasing focus of bunker providers to open bunkering facilities in ports that are near offshore hydrocarbon is acting as a catalyst in the growth of the bunker fuel market. Increase in offshore production and exploration activities is also expected to foster the market growth of the bunker fuel over the forecast period. Moreover, the growing development of LNG bunkering infrastructure is further anticipated to spur the market growth.

Strict regulation regarding usage of bunker fuel as these contain pollutants such as sulfur and nitrogen is expected to hinder the market growth. These pollutants can disturb marine life cycle which is expected to hinder the market growth of bunker fuel.

Key features of the study:

  • This report provides in-depth analysis of the global bunker fuel market and provides market size (US$ Billion & Million Tons) and compound annual growth rate (CAGR %) for the forecast period (2020-2027), considering 2019 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategies adopted by key players
  • This study also provides impact analysis of Coronavirus (Covid-19) pandemic on bunker fuel market.
  • It profiles key players in the global bunker fuel market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered as a part of this study include Chemoil Energy Limited, Aegean Marine Petroleum Network, Inc., World Fuel Services Corporation, Gulf Agency Company Ltd., Gazpromneft Marine Bunker LLC, BP Marine Ltd., Exxon Mobil Corporation, Royal Dutch Shell plc, Bunker Holding A/S, and Lukoil-Bunker LLC
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics
  • The global bunker fuel market report caters to various stakeholders in this industry including investors, suppliers, bunker fuel manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the bunker fuel market

Detailed Segmentation:

  • Global Bunker Fuel Market, By Fuel Grade:
    • IFO 380
    • IFO 180
    • IFO Others
    • MDO/MGO
  • Global Bunker Fuel Market, By Vessel Type:
    • Tankers
    • Containers   
    • Bulk & General Cargo
    • Others
  • Global Bunker Fuel Market, By Seller:
    • Major Oil Companies
    • Leading Independent Distributors
    • Small Independent Distributors
  • Global Bunker Fuel Market, By Region:
    • North America
      • U.S.
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
      • Canada
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
    • Europe
      • U.K.
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
      • Germany
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
      • France
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
      • Italy
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
      • Spain
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
      • Russia
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
      • Rest of Europe
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
    • Asia Pacific
      • China
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
      • India
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
      • Japan
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
      • ASEAN
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
      • Australia
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
      • South Korea
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
      • Rest of Asia Pacific
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
    • Latin America
      • Brazil
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
      • Mexico
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
      • Rest of Latin America
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
    • Middle East & Africa
      • Middle East
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
      • Africa
        • By Fuel Grade
          • IFO 380
          • IFO 180
          • IFO Others
          • MDO/MGO
        • By Vessel Type
          • Tankers
          • Containers   
          • Bulk & General Cargo
          • Others
        • By Seller
          • Major Oil Companies
          • Leading Independent Distributors
          • Small Independent Distributors
  • Company Profiles
    • Chemoil Energy Limited *
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Aegean Marine Petroleum Network, Inc.
    • World Fuel Services Corporation
    • Gulf Agency Company Ltd.
    • Gazpromneft Marine Bunker LLC
    • BP Marine Ltd.
    • Exxon Mobil Corporation
    • Royal Dutch Shell plc
    • Bunker Holding A/S
    • Lukoil-Bunker LLC

“*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Fuel Grade
      • Market Snippet, By Vessel Type
      • Market Snippet, By Seller
      • Market Snippet, By Application
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
        • Supply Side Drivers
        • Demand Side Drivers
        • Economic Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Mergers and Acquisitions
      • New Product Approvals/Launch
      • Promotion and Marketing Initiatives
    • Cost Tier Down Analysis
  4. Global Bunker Fuel Market – Impact of Coronavirus (Covid-19) Pandemic
    • Impact of Coronavirus – Overview
    • Impact Analysis, By Region
      • North America
      • Latin America
      • Europe
      • Asia Pacific
      • Middle East
      • Africa
  5. Global Bunker Fuel Market, By Fuel Grade, 2017 - 2027 (US$ Billion & Million Tons)
    • Introduction
      • Market Share Analysis, 2017 and 2027
      • Y-o-Y Growth Analysis, 2020 – 2027 (%)
      • Segment Trends
    • IFO 380
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Billion & Million Tons)
    • IFO 180
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Billion & Million Tons)
    • IFO Others
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Billion & Million Tons)
    • MDO/MGO
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Billion & Million Tons)
  6. Global Bunker Fuel Market, By Vessel Type, 2017 - 2027 (US$ Billion & Million Tons)
    • Introduction
      • Market Share Analysis, 2017 and 2027
      • Y-o-Y Growth Analysis, 2020 – 2027 (%)
      • Segment Trends
    • Tankers
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Billion & Million Tons)
    • Containers
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Billion & Million Tons)
    • Bulk & General Cargo
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Billion & Million Tons)
    • Others
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Billion & Million Tons)
  7. Global Bunker Fuel Market, By Seller, 2017 - 2027 (US$ Billion & Million Tons)
    • Introduction
      • Market Share Analysis, 2017 and 2027
      • Y-o-Y Growth Analysis, 2020 – 2027 (%)
      • Segment Trends
    • Major Oil Companies
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Billion & Million Tons)
    • Leading Independent Distributors
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Billion & Million Tons)
    • Small Independent Distributors
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Billion & Million Tons)
  8. Global Bunker Fuel Market, By Region, 2017- 2027 (US$ Billion & Million Tons)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027
      • Y-o-Y Growth Analysis, By Region, 2020 – 2027 (%)
    • North America
      • Market Share Analysis, By Country, 2017 and 2027
      • Y-o-Y Growth Analysis, By Country, 2020 – 2027 (%)
        • U.S.
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
        • Canada
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
    • Europe
      • Market Share Analysis, By Country, 2017 and 2027
      • Y-o-Y Growth Analysis, By Country, 2020 – 2027 (%)
        • U.K.
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
        • Germany
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
        • France
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
        • Italy
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
        • Spain
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
        • Russia
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
        • Rest of Europe
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
    • Asia Pacific
      • Market Share Analysis, By Country, 2017 and 2027
      • Y-o-Y Growth Analysis, By Country, 2020 – 2027 (%)
        • China
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
        • India
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
        • Japan
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
        • ASEAN
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
        • Australia
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
        • South Korea
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
        • Rest of Asia Pacific
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
    • Latin America
      • Market Share Analysis, By Country, 2017 and 2027
      • Y-o-Y Growth Analysis, By Country, 2020 – 2027 (%)
        • Brazil
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
        • Mexico
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
        • Argentina
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
        • Rest of Latin America
          • Country Trends
          • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
          • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
    • Middle East & Africa
      • Market Share Analysis, By Sub-Region, 2017 and 2027
      • Y-o-Y Growth Analysis, By Sub-Region, 2020 – 2027 (%)
      • Middle East
        • Sub-region Trends
        • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
        • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
        • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
      • Africa
        • Sub-region Trends
        • Market Size and Forecast, By Fuel Grade, 2017- 2027 (US$ Billion & Million Tons)
        • Market Size and Forecast, By Vessel Type, 2017- 2027 (US$ Billion & Million Tons)
        • Market Size and Forecast, By Seller, 2017- 2027 (US$ Billion & Million Tons)
  9. Competitive Landscape
    • Heat Map Analysis
    • Market Share Analysis (3x3 Matrix)
    • Company Profiles
      • Chemoil Energy Limited
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Aegean Marine Petroleum Network, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • World Fuel Services Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Gulf Agency Company Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Gazpromneft Marine Bunker LLC
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • BP Marine Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Exxon Mobil Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Royal Dutch Shell plc
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Bunker Holding A/S
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Lukoil-Bunker LLC
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
  10. Section
    • References
    • Research Methodology
    • About us and Sales Contact

Frequently Asked Questions

The market for bunker fuel is estimated to surpass US$ 399.59 billion by 2027, exhibiting a CAGR of 4.6% between 2020 and 2027.
Increasing hydrocarbon resources development activities in offshore areas is driving demand for bunker fuel. Rapidly growing exploration activities coupled with the rising establishment of new hydrocarbon reserves has increased offshore and onshore reserves. Moreover, growth in the oil &gas exploration activities at the deep offshore location is further anticipated to augment the market growth of the bunker fuel.
The bunker fuel market is expected to exhibit a CAGR of 4.6% during the forecast period (2020-2027).
Major players operating in the global bunker fuel market include Chemoil Energy Limited, Aegean Marine Petroleum Network, Inc., World Fuel Services Corporation, Gulf Agency Company Ltd., Gazpromneft Marine Bunker LLC, BP Marine Ltd., Exxon Mobil Corporation, Royal Dutch Shell plc, Bunker Holding A/S, and Lukoil-Bunker LLC
Increasing fuel reduction initiatives by shipping industry subjected to rising environmental concern and reducing carbon footprint is expected to hamper the market growth. For this shipping industry are adopting efficient technologies that help to reduce the consumption of fuel.
Product innovation by key manufacture in marine fuel is a growing trend in the market and this is expected to augment the market growth of bunker fuel. For instance, in August 2019, Neste has announced the launch of low-sulfur marine fuels to help ships meet upcoming International Maritime Organization (IMO) regulations on sulfur dioxide emissions. Thus, continues product innovation by key manufacturers is expected to foster market growth.
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