Bunker Fuel Market Analysis APAC,Europe,Middle East and Africa,North America,South America - US,Saudi Arabia,China,India,Germany - Size and Forecast 2023-2027

Published: Oct 2023 Pages: 171 SKU: IRTNTR40326

Bunker Fuel Market Forecast 2023-2027

The bunker fuel market size is estimated to increase by USD 29.32 billion and grow at a CAGR of 4.23% between 2022 and 2027. The expansion of the market hinges on various factors, including rising naval expenditure, the surge in global seaborne trade, and the burgeoning shipping industry. Challenges within the market encompass fluctuations in oil and gas prices, stringent MARPOL regulations, and heightened demand for slow steaming.  Significant growth characterizes the market, driven by the shipping industry's expansion. Shipping, an integral part of the global freight transportation system, plays a crucial role in facilitating more than four-fifths of worldwide trade. With the shipping sector's increasing importance in global trade, the market continues to thrive year after year. After a decline during the financial crisis of 2008-2009, the market has bounced back, fueled by the resurgence of global trade and logistics operations.

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Market Segmentation

  • The market segmentation by Type (MGO, HSFO, and VLFSO)
  • The Application segment is categorised as (container, bulk carrier, oil tanker, general cargo, and chemical tanker)
  •  MGO segments is fastest growing segment during the forecast year
  • The  MGO segment was the largest segment and was valued at  USD 47.54 billion in 2017
  • The Regional Analysis consists of APAC, Europe, Middle East and Africa, North America, and South America
  • APAC is is most dominating region during the forecast period
  •  It also includes an in-depth analysis of drivers (factors influencing market growth), trends (emerging patterns or shifts in consumer behavior), and challenges (barriers or obstacles faced by the industry) 

By Type Analysis

The MGO segments are estimated to witness significant growth during the forecast period. Marine gas oil (MGO) is a distillate fuel oil derived from crude oil through a refining process used in ships and other marine vessels. Moreover, it has a lower sulfur content than other types. MGO is commonly used as a marine fuel, making it compliant with stricter emissions regulations.

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MGO is known for its cleaner-burning properties, resulting in lower emissions of sulfur dioxide (SO2), nitrogen oxides (NOx), and particulate matter. This is important for environmental reasons, as a significant step to mitigate air pollution and combat climate change, it is an important reduction of ship emissions.

Market Regional Analysis

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APAC is estimated to contribute 30% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The majority of the global seaborne trade is contributed by APAC, which is a major driver for the market in the region. APAC is home to some of the largest ports in the world.

Moreover, the increasing fuel demand in China and India is driving the crude oil and petroleum products trade in these countries. This will be a huge opportunity for the introduction in marine vessels. In addition, the increasing preference for LNG-based vessels, as well as the growing LNG trade, is also a driving growth factor driving the demand in the region. Australia is one of the biggest exporters of LNG worldwide. It is expected to create the opportunity for the growth of the market in focus in the region during the forecast period.

Market Dynamics and Customer Landscape

The market is influenced by diverse factors within the shipping industry and exploration activities. With liquefied petroleum gas (LPG) and LNG emerging as viable options, carbon footprint and emission regulations drive the demand for cleaner fuels. Vessels ranging from cruise liners to oil tankers seek alternatives to heavy fuel oil (HFO) due to its high viscosity and environmental impact. The market witnesses fluctuations in operational costs, prompting the adoption of very low sulfur fuel oil (VLSFO) and marine gas oil (MGO) for compliance. LNG operational vessels gain traction, especially with LNG container vessels and deep-sea vessel orders rising. Oil majors invest in LNG as a marine fuel to navigate international and coastal waters efficiently, reshaping the future of marine fuels.

Significant Market Trends 

The growing LNG market is a key trend in the market. There is a growing demand for LNG to be used as fuel onboard ships. LNG is used to reduce emissions of greenhouse gases (GHG), as it is odorless, non-toxic, and non-corrosive. It also evaporates quickly when exposed to air, leaving no residue behind. The number of vessels that are using LNG as fuel is increasing rapidly, which is spurred by the many LNG projects that are under execution and as well as being planned. 

Another important advantage that LNG fuel engines offer is the capacity for retrofitting.  A lot of companies are going into LNG bunkering by looking at future energy needs and emission regulations. Many container shipping companies are developing LNG-powered ships to reduce harmful emissions. Hence, the increase in the use of LNG will magnify the growth of the global market during the forecast period.

Key Market Driver

The market is experiencing significant growth, propelled by the expansion of the shipping industry. As a vital component of the global freight transportation system, shipping plays a crucial role in facilitating over four-fifths of global trade. The market continues to flourish as the shipping sector's prominence in global trade escalates annually. Following a downturn during the financial crisis of 2008-2009, the market has rebounded, driven by the resurgence of global trade and logistics activities. Liquefied petroleum gas (LPG), heavy fuel oil, and marine gas oil are essential fuels powering various vessels, including cruise liners, oil tankers, and container ships. To comply with stringent emission regulations and reduce carbon footprints, the market witnesses a rising demand for eco-friendly alternatives like very low sulfur fuel oil (VLSFO) and LNG as a marine fuel. As exploration activities surge and deep-sea vessel orders increase, the demand for bunker fuel is expected to soar, driving market growth in the forecast period.

Major Market Challenge

The fluctuations in oil and gas prices are a major challenge in the market.  Crude oil price is a direct link to the prices, so success or failure depends on whether this commodity has been priced correctly. The prices declined continuously owing to the supply-demand imbalance. Also, the low cost of fuel enables shipping companies to focus on their operational and technological efficiencies, purchasing vessels with greater cargo capacity and adding new routes that were previously unprofitable. 

However, with global prices gradually stabilizing, the cost is also expected to increase, thereby affecting the operating cost of companies. Also, new transport routes selected at a time of decreasing commodity prices may need to be modified as they are not likely to be economically feasible with current fuel prices and in the years ahead. Such fluctuations in global crude oil prices can decline the growth of the global market during the forecast period.

Market Customer Landscape

The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Market Customer Landscape

Major Bunker Fuel Market Companies

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

BP Plc - The company offers bunker fuel through its subsidiary BP Sinopec Marine Fuels.

The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

  • BP Plc
  • Chevron Corp.
  • Eni SpA
  • Exxon Mobil Corp.
  • Gulf Agency Co. Ltd.
  • Indian Oil Corp. Ltd.
  • Marathon Petroleum Corp.
  • Marquard and Bahls AG
  • Neste Corp.
  • PETRONAS Chemicals Group Berhad
  • PJSC LUKOIL
  • Rosneft Oil Co.
  • Saudi Arabian Oil Co.
  • Shell plc
  • TotalEnergies SE

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

  • Type Outlook 
    • MGO
    • HSFO
    • VLFSO
  • Application Outlook 
    • Container
    • Bulk carrier
    • Oil tanker
    • General cargo
    • Chemical tanker
  • Region Outlook 
    • North America
      • The U.S.
      • Canada
    • Europe
      • The U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa
    • South America
      • Chile
      • Argentina
      • Brazil

Market Analyst Overview

The market is deeply influenced by various factors such as environmental pollution, government regulations, and the emergence of alternative fuels like liquefied natural gas (LNG) and liquefied petroleum gas (LPG). With increasing exploration activities and demand for hydrocarbon resource development, the market witnesses a significant demand for bunker fuels across various sectors, including cruise liners, oil tankers, and power generation. The transition towards clean, eco-friendly fuels like LNG as a marine fuel is driven by environmental concerns and stringent regulations such as MARPOL. As the demand for bunker fuels continues to rise, research and development projects focus on enhancing operational efficiency and reducing the carbon footprint of marine transportation. Notable players in the market include Minerva Bunkering, Titan LNG, and oil majors, catering to international navigation and maritime trade operations across coastal waters and inland lakes.

Moreover, the market is evolving rapidly, driven by various factors such as the demand for gasoil and 30 heavy fuel oil in the shipping industry. With the emergence of larger vessels and the need for high viscosity fuels for propulsion, the market is witnessing significant growth. Additionally, the market is influenced by developments in hydrocarbon resource development activities in offshore areas, leading to increased demand for bunker fuels. Challenges like fluctuations in operational costs and adherence to stringent MARPOL regulations are prevalent. However, the market is responding with innovations such as very low sulfur fuel oil (VLSFO) and bioLNG, catering to the demand for environmentally friendly options. With ongoing research and development (R&D) projects and advancements in LNG operational vessels, the bunker fuel market is poised for further expansion, particularly in deep-sea vessel orders and LNG container vessels.

Electricity, a key factor in heating conversion, significantly impacts operational costs. The average monthly price reflects this, influencing budget planning and energy management strategies. Rising electricity costs prompt businesses and households to seek efficient heating solutions to mitigate expenses. As operational costs fluctuate, optimizing heating systems becomes imperative for financial stability. Monitoring average monthly prices aids in forecasting expenditures and adjusting consumption patterns. Effective conversion technologies contribute to sustainable energy usage, reducing reliance on costly electricity. Embracing energy-efficient practices not only lowers operational costs but also promotes environmental responsibility in the long run. 

Bunker Fuel Market Scope

Report Coverage

Details

Page number

171

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 4.23%

Market growth 2023-2027

USD 29.32 billion

Market structure

Fragmented

YoY growth 2022-2023(%)

3.85

Regional analysis

APAC, Europe, Middle East and Africa, North America, and South America

Performing market contribution

APAC at 30%

Key countries

US, Saudi Arabia, China, India, and Germany

Competitive landscape

 Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

BP Plc, Chevron Corp., Eni SpA, Exxon Mobil Corp., Gulf Agency Co. Ltd., Indian Oil Corp. Ltd., Marathon Petroleum Corp., Marquard and Bahls AG, Neste Corp., PETRONAS Chemicals Group Berhad, PJSC LUKOIL, Rosneft Oil Co., Saudi Arabian Oil Co., Shell plc, and TotalEnergies SE

Market dynamics

Parent market analysis, Market forecasting, 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 forecast period

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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What are the Key Data Covered in this Market Research Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
  • Precise estimation of the size of the market size and its contribution to the parent market
  • Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
  • Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
  • Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements. 

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
      • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Global bunker fuel market 2017 - 2021
      • Exhibit 18: Historic Market Size – Data Table on global bunker fuel market 2017 - 2021 ($ billion)
    • 4.2 Type Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ billion)
    • 4.3 Application  Segment Analysis 2017 - 2021
      • Exhibit 20: Historic Market Size – Application  Segment 2017 - 2021 ($ billion)
    • 4.4 Geography Segment Analysis 2017 - 2021
      • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)
    • 4.5 Country Segment Analysis 2017 - 2021
      • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Type

    • 6.1 Market segments
      • Exhibit 30: Chart on Type - Market share 2022-2027 (%)
      • Exhibit 31: Data Table on Type - Market share 2022-2027 (%)
    • 6.2 Comparison by Type
      • Exhibit 32: Chart on Comparison by Type
      • Exhibit 33: Data Table on Comparison by Type
    • 6.3 MGO - Market size and forecast 2022-2027
      • Exhibit 34: Chart on MGO - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 35: Data Table on MGO - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 36: Chart on MGO - Year-over-year growth 2022-2027 (%)
      • Exhibit 37: Data Table on MGO - Year-over-year growth 2022-2027 (%)
    • 6.4 HSFO - Market size and forecast 2022-2027
      • Exhibit 38: Chart on HSFO - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 39: Data Table on HSFO - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 40: Chart on HSFO - Year-over-year growth 2022-2027 (%)
      • Exhibit 41: Data Table on HSFO - Year-over-year growth 2022-2027 (%)
    • 6.5 VLFSO - Market size and forecast 2022-2027
      • Exhibit 42: Chart on VLFSO - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 43: Data Table on VLFSO - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 44: Chart on VLFSO - Year-over-year growth 2022-2027 (%)
      • Exhibit 45: Data Table on VLFSO - Year-over-year growth 2022-2027 (%)
    • 6.6 Market opportunity by Type
      • Exhibit 46: Market opportunity by Type ($ billion)
      • Exhibit 47: Data Table on Market opportunity by Type ($ billion)

    7 Market Segmentation by Application

    • 7.1 Market segments
      • Exhibit 48: Chart on Application - Market share 2022-2027 (%)
      • Exhibit 49: Data Table on Application - Market share 2022-2027 (%)
    • 7.2 Comparison by Application
      • Exhibit 50: Chart on Comparison by Application
      • Exhibit 51: Data Table on Comparison by Application
    • 7.3 Container - Market size and forecast 2022-2027
      • Exhibit 52: Chart on Container - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 53: Data Table on Container - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 54: Chart on Container - Year-over-year growth 2022-2027 (%)
      • Exhibit 55: Data Table on Container - Year-over-year growth 2022-2027 (%)
    • 7.4 Bulk carrier - Market size and forecast 2022-2027
      • Exhibit 56: Chart on Bulk carrier - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 57: Data Table on Bulk carrier - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 58: Chart on Bulk carrier - Year-over-year growth 2022-2027 (%)
      • Exhibit 59: Data Table on Bulk carrier - Year-over-year growth 2022-2027 (%)
    • 7.5 Oil tanker - Market size and forecast 2022-2027
      • Exhibit 60: Chart on Oil tanker - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 61: Data Table on Oil tanker - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 62: Chart on Oil tanker - Year-over-year growth 2022-2027 (%)
      • Exhibit 63: Data Table on Oil tanker - Year-over-year growth 2022-2027 (%)
    • 7.6 General cargo - Market size and forecast 2022-2027
      • Exhibit 64: Chart on General cargo - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 65: Data Table on General cargo - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 66: Chart on General cargo - Year-over-year growth 2022-2027 (%)
      • Exhibit 67: Data Table on General cargo - Year-over-year growth 2022-2027 (%)
    • 7.7 Chemical tanker - Market size and forecast 2022-2027
      • Exhibit 68: Chart on Chemical tanker - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 69: Data Table on Chemical tanker - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 70: Chart on Chemical tanker - Year-over-year growth 2022-2027 (%)
      • Exhibit 71: Data Table on Chemical tanker - Year-over-year growth 2022-2027 (%)
    • 7.8 Market opportunity by Application
      • Exhibit 72: Market opportunity by Application ($ billion)
      • Exhibit 73: Data Table on Market opportunity by Application ($ billion)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 74: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 75: Chart on Market share by geography 2022-2027 (%)
      • Exhibit 76: Data Table on Market share by geography 2022-2027 (%)
    • 9.2 Geographic comparison
      • Exhibit 77: Chart on Geographic comparison
      • Exhibit 78: Data Table on Geographic comparison
    • 9.3 APAC - Market size and forecast 2022-2027
      • Exhibit 79: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 80: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 81: Chart on APAC - Year-over-year growth 2022-2027 (%)
      • Exhibit 82: Data Table on APAC - Year-over-year growth 2022-2027 (%)
    • 9.4 Europe - Market size and forecast 2022-2027
      • Exhibit 83: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 84: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 85: Chart on Europe - Year-over-year growth 2022-2027 (%)
      • Exhibit 86: Data Table on Europe - Year-over-year growth 2022-2027 (%)
    • 9.5 Middle East and Africa - Market size and forecast 2022-2027
      • Exhibit 87: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 89: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
      • Exhibit 90: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • 9.6 North America - Market size and forecast 2022-2027
      • Exhibit 91: Chart on North America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 92: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 93: Chart on North America - Year-over-year growth 2022-2027 (%)
      • Exhibit 94: Data Table on North America - Year-over-year growth 2022-2027 (%)
    • 9.7 South America - Market size and forecast 2022-2027
      • Exhibit 95: Chart on South America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 96: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 97: Chart on South America - Year-over-year growth 2022-2027 (%)
      • Exhibit 98: Data Table on South America - Year-over-year growth 2022-2027 (%)
    • 9.8 China - Market size and forecast 2022-2027
      • Exhibit 99: Chart on China - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 100: Data Table on China - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 101: Chart on China - Year-over-year growth 2022-2027 (%)
      • Exhibit 102: Data Table on China - Year-over-year growth 2022-2027 (%)
    • 9.9 Germany - Market size and forecast 2022-2027
      • Exhibit 103: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 104: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 105: Chart on Germany - Year-over-year growth 2022-2027 (%)
      • Exhibit 106: Data Table on Germany - Year-over-year growth 2022-2027 (%)
    • 9.10 US - Market size and forecast 2022-2027
      • Exhibit 107: Chart on US - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 108: Data Table on US - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 109: Chart on US - Year-over-year growth 2022-2027 (%)
      • Exhibit 110: Data Table on US - Year-over-year growth 2022-2027 (%)
    • 9.11 India - Market size and forecast 2022-2027
      • Exhibit 111: Chart on India - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 112: Data Table on India - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 113: Chart on India - Year-over-year growth 2022-2027 (%)
      • Exhibit 114: Data Table on India - Year-over-year growth 2022-2027 (%)
    • 9.12 Saudi Arabia - Market size and forecast 2022-2027
      • Exhibit 115: Chart on Saudi Arabia - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 116: Data Table on Saudi Arabia - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 117: Chart on Saudi Arabia - Year-over-year growth 2022-2027 (%)
      • Exhibit 118: Data Table on Saudi Arabia - Year-over-year growth 2022-2027 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 119: Market opportunity by geography ($ billion)
      • Exhibit 120: Data Tables on Market opportunity by geography ($ billion)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 121: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 122: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 123: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 124: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 125: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 126: Matrix on vendor position and classification
            • 12.3 BP Plc
              • Exhibit 127: BP Plc - Overview
              • Exhibit 128: BP Plc - Business segments
              • Exhibit 129: BP Plc - Key news
              • Exhibit 130: BP Plc - Key offerings
              • Exhibit 131: BP Plc - Segment focus
            • 12.4 Chevron Corp.
              • Exhibit 132: Chevron Corp. - Overview
              • Exhibit 133: Chevron Corp. - Business segments
              • Exhibit 134: Chevron Corp. - Key news
              • Exhibit 135: Chevron Corp. - Key offerings
              • Exhibit 136: Chevron Corp. - Segment focus
            • 12.5 Eni SpA
              • Exhibit 137: Eni SpA - Overview
              • Exhibit 138: Eni SpA - Business segments
              • Exhibit 139: Eni SpA - Key offerings
              • Exhibit 140: Eni SpA - Segment focus
            • 12.6 Exxon Mobil Corp.
              • Exhibit 141: Exxon Mobil Corp. - Overview
              • Exhibit 142: Exxon Mobil Corp. - Business segments
              • Exhibit 143: Exxon Mobil Corp. - Key offerings
              • Exhibit 144: Exxon Mobil Corp. - Segment focus
            • 12.7 Gulf Agency Co. Ltd.
              • Exhibit 145: Gulf Agency Co. Ltd. - Overview
              • Exhibit 146: Gulf Agency Co. Ltd. - Product / Service
              • Exhibit 147: Gulf Agency Co. Ltd. - Key news
              • Exhibit 148: Gulf Agency Co. Ltd. - Key offerings
            • 12.8 Indian Oil Corp. Ltd.
              • Exhibit 149: Indian Oil Corp. Ltd. - Overview
              • Exhibit 150: Indian Oil Corp. Ltd. - Business segments
              • Exhibit 151: Indian Oil Corp. Ltd. - Key offerings
              • Exhibit 152: Indian Oil Corp. Ltd. - Segment focus
            • 12.9 Marathon Petroleum Corp.
              • Exhibit 153: Marathon Petroleum Corp. - Overview
              • Exhibit 154: Marathon Petroleum Corp. - Business segments
              • Exhibit 155: Marathon Petroleum Corp. - Key offerings
              • Exhibit 156: Marathon Petroleum Corp. - Segment focus
            • 12.10 Marquard and Bahls AG
              • Exhibit 157: Marquard and Bahls AG - Overview
              • Exhibit 158: Marquard and Bahls AG - Product / Service
              • Exhibit 159: Marquard and Bahls AG - Key offerings
            • 12.11 Neste Corp.
              • Exhibit 160: Neste Corp. - Overview
              • Exhibit 161: Neste Corp. - Business segments
              • Exhibit 162: Neste Corp. - Key news
              • Exhibit 163: Neste Corp. - Key offerings
              • Exhibit 164: Neste Corp. - Segment focus
            • 12.12 PETRONAS Chemicals Group Berhad
              • Exhibit 165: PETRONAS Chemicals Group Berhad - Overview
              • Exhibit 166: PETRONAS Chemicals Group Berhad - Business segments
              • Exhibit 167: PETRONAS Chemicals Group Berhad - Key news
              • Exhibit 168: PETRONAS Chemicals Group Berhad - Key offerings
              • Exhibit 169: PETRONAS Chemicals Group Berhad - Segment focus
            • 12.13 PJSC LUKOIL
              • Exhibit 170: PJSC LUKOIL - Overview
              • Exhibit 171: PJSC LUKOIL - Business segments
              • Exhibit 172: PJSC LUKOIL - Key news
              • Exhibit 173: PJSC LUKOIL - Key offerings
              • Exhibit 174: PJSC LUKOIL - Segment focus
            • 12.14 Rosneft Oil Co.
              • Exhibit 175: Rosneft Oil Co. - Overview
              • Exhibit 176: Rosneft Oil Co. - Business segments
              • Exhibit 177: Rosneft Oil Co. - Key offerings
              • Exhibit 178: Rosneft Oil Co. - Segment focus
            • 12.15 Saudi Arabian Oil Co.
              • Exhibit 179: Saudi Arabian Oil Co. - Overview
              • Exhibit 180: Saudi Arabian Oil Co. - Product / Service
              • Exhibit 181: Saudi Arabian Oil Co. - Key offerings
            • 12.16 Shell plc
              • Exhibit 182: Shell plc - Overview
              • Exhibit 183: Shell plc - Business segments
              • Exhibit 184: Shell plc - Key offerings
              • Exhibit 185: Shell plc - Segment focus
            • 12.17 TotalEnergies SE
              • Exhibit 186: TotalEnergies SE - Overview
              • Exhibit 187: TotalEnergies SE - Business segments
              • Exhibit 188: TotalEnergies SE - Key news
              • Exhibit 189: TotalEnergies SE - Key offerings
              • Exhibit 190: TotalEnergies SE - Segment focus

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 191: Inclusions checklist
                • Exhibit 192: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 193: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 194: Research methodology
                • Exhibit 195: Validation techniques employed for market sizing
                • Exhibit 196: Information sources
              • 13.5 List of abbreviations
                • Exhibit 197: List of abbreviations

              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

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases

              DATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts

              REPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape

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              Key Questions Answered

              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?

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              • Data on revenue-generating market segments
              • Details on the market shares of various regions
              • Five-force market analysis