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The bunker fuel market's growth momentum will accelerate at a CAGR of 4.21% and the market share will increase by USD 26.74 million from 2021 to 2026.
This bunker fuel market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers bunker fuel market segmentation by:
The bunker fuel market report also offers information on several market vendors, including AP Moller Maersk AS, Bharat Petroleum Corp. Ltd., BP Plc, Chevron Corp., Eni Spa, Equatorial Marine Fuel Management Services Pte. Ltd., Exxon Mobil Corp., Glencore Plc, Global Energy International Ltd., Hindustan Petroleum Corp. Ltd., Indian Oil Corp. Ltd., Marquard and Bahls AG, Neste Corp., Phillips 66, PJSC Gazprom Neft, PJSC LUKOIL, Rosneft Oil Co., SENTEK Marine Pte. Ltd., Shell plc, SK B and T Pte. Ltd., TotalEnergies SE, and Toyota Tsusho Corp. among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing global volume of seaborne trade is notably driving the bunker fuel market growth, although factors such as implementation of MARPOL regulations may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the bunker fuel industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Bunker Fuel Market Driver
Key Bunker Fuel Market Trend
Key Bunker Fuel Market Challenge
This bunker fuel market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes global bunker fuel market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the bunker fuel market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the bunker fuel market encompasses successful business strategies deployed by the key vendors. The bunker fuel market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
bharatpetroleum.com - The company offers bunker fuel products such as very low Sulphur oil under Marine oil.
bharatpetroleum.com - Under the downstream petroleum segment, the company focuses on the refining and marketing of petroleum products.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The bunker fuel market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the bunker fuel market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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41% of the market's growth will originate from APAC during the forecast period. China is the key market for bunker fuel in APAC. Market growth in this region will be faster than the growth of the market in the North American and MEA regions.
The increasing demand for energy and growth in seaborne trade in the region will facilitate the bunker fuel market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The bunker fuel market in APAC witnessed certain challenges in 2020 due to the outbreak of the COVID-19 pandemic. In 2020, trading volumes of shipping fuel witnessed their lowest levels since 2014. The altered patterns in global trade can be attributed to the stringent emission rules for marine fuels and the low demand for such fuels due to the COVID-19 pandemic and associated restrictions. The maritime sector started to show signs of recovery from 2021 onward as the number of COVID-19 cases started to decrease due to the large-scale COVID-19 vaccination programs carried out in the region. The demand for low-sulfur bunker fuel will also increase in line with the resumption of shipping for various applications.
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The bunker fuel market share growth by the MGO segment will be significant during the forecast period. MGO demand has witnessed an increase in the second half of 2020. However, during the forecast period, the sales of MGO are expected to be hampered due to the growing demand for VLSFO as refiners are increasingly shifting to low-sulfur-blend stocks to produce VLSFO.
This report provides an accurate prediction of the contribution of all the segments to the growth of the bunker fuel market size and actionable market insights on post COVID-19 impact on each segment.
Bunker Oil market - The market share is expected to increase by 79.59 million tons from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.1%.
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Bunker Fuel Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.21% |
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Market growth 2022-2026 |
$ 26.74 million |
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Market structure |
Fragmented |
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YoY growth (%) |
3.99 |
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Regional analysis |
APAC, Europe, Middle East and Africa, North America, and South America |
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Performing market contribution |
APAC at 41% |
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Key consumer countries |
US, United Arab Emirates, China, Germany, and France |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
AP Moller Maersk AS, Bharat Petroleum Corp. Ltd., BP Plc, Chevron Corp., Eni Spa, Equatorial Marine Fuel Management Services Pte. Ltd., Exxon Mobil Corp., Glencore Plc, Global Energy International Ltd., Hindustan Petroleum Corp. Ltd., Indian Oil Corp. Ltd., Marquard and Bahls AG, Neste Corp., Phillips 66, PJSC Gazprom Neft, PJSC LUKOIL, Rosneft Oil Co., SENTEK Marine Pte. Ltd., Shell plc, SK B and T Pte. Ltd., TotalEnergies SE, and Toyota Tsusho Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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