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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.
Gas Based Economy
The Government of India seeks to increase the share of natural gas in India’s commercial energy basket from 6.3 percent in 2019 to 15 percent by 2030 to make India a ‘gas-based economy’. To reach the target of 15 percent, annual growth in consumption of natural gas has to increase from less than 5 percent in the last decade (less than 3 percent in 2019) to well over 10 percent in the next decade. India’s natural gas consumption in 2019-20 was about 175 mmscmd. To increase consumption to 600 mmscmd by 2030, the annual growth rate in consumption has to be more than 13 percent. This is not an impossible target. In the period 2008-2018, natural gas consumption in China grew by over 13 percent. Behind this double-digit growth rate for natural gas consumption in China was an annual average economic growth rate of over 8 percent, regulatory reform for transparency and flexibility along with focussed policy mandates.
by Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gasoil, and Others), Commercial Distributor (Oil Majors, Large Independent, and Small Independent), and Application (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing Vessels, Gas Tankers, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027. According to the report, the global bunker fuel industry generated $120.1 billion in 2019, and is projected to reach $130.1 billion by 2027, witnessing a CAGR of 3.1% from 2020 to 2027.
Drivers, restraints, and opportunities
IMO regulation on sulfur content in marine fuel and increase in offshore oil & gas exploration activities drive the growth of the global bunker fuel market. However, fuel reduction initiatives by the shipping community hinders the market growth. On the other hand, LNG bunkering financing creates new opportunities in the coming years.
Bunker Fuel Market All You Need To Know | BP p.l.c., Exxon Mobil Corporation, Royal Dutch Shell PLC sandiegosun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sandiegosun.com Daily Mail and Mail on Sunday newspapers.