Bunker Fuel Market Report 2021-26 Industry Size, Share, Trends, Growth, Outlook and Forecast
SHERIDAN, WY, UNITED STATES, December 13, 2021 /EINPresswire.com/ – According to recent report by IMARC Group, titled “Bunker Fuels Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025, “The global bunker fuel market size reached US $ 123.9 billion in 2020. In the future, IMARC Group expects the market to reach a value of US $ 155.2 billion. US dollars by 2026.
Bunker fuel or marine fuel refers to a heavy residual oil left after the extraction of fuels like diesel, gasoline, and light hydrocarbons during fractional distillation. It is brown or black in color and consists of sulfur levels and a characteristic odor. It is a viscous liquid used to power the engines or engines of marine fleets. Bunker fuel has a thick consistency which is lightened by adding a small amount of lighter fuel such as diesel. This lighter bunker fuel is also used as an inexpensive fuel alternative for maritime transport.
Baseline year: 2020
Forecast year: 2021-2026
Global bunker fuel market trends
The global bunker fuel market is primarily driven by the growing demand for the shipping industry. In addition, rapid globalization and the increase in international maritime trade have resulted in an increase in import and export activities. This is another important growth factor. In addition to this, the growing preference for low-process fuel oil by vessel operators and the increasing oil and gas exploration activities in deep offshore areas are also increasing the demand for bunker fuel. In addition, the governments of various countries are implementing initiatives to strengthen the security of geographic borders, which is fueling the growth of the market. In addition, significant investments in research and development (R&D) activities to develop clean fuels should create positive prospects for the market in the years to come.
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Global Bunker Fuel Market Analysis and Segmentation 2021-2026:
The competitive landscape of the market has been studied in the report along with the detailed profiles of the major players operating in the market.
Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG), BP Plc, Chevron Corporation, Exxon Mobil Corporation, Gazprom Neft PJSC (Gazprom), LUKOIL, Neste Oyj, Petroliam Nasional Berhad (PETRONAS), Royal Dutch Shell Plc and TOTAL HER
The report has segmented the market on the basis of region, fuel type, vessel type, and vendor.
Breakdown by fuel type:
High Sulfur Fuel Oil (HSFO)
Ultra Low Sulfur Fuel (VLSFO)
Marine diesel (MDO)
Liquefied Natural Gas (LNG)
Breakdown by type of vessel:
Breakage by the seller:
The big oil companies
Main independent sellers
Small independent sellers
Breakdown by region:
North America: (United States, Canada)
Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, others)
Middle East and Africa
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As the novel coronavirus (COVID-19) crisis takes over the world, we are constantly monitoring changes in the markets, as well as the industrial behaviors of consumers around the world and our estimates on the latest market trends and forecasts are made afterwards. examining the impact of this pandemic.
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