Bunker Fuel Market to Reach $142.48 Billion, Globally, by 2023 at 9.6% CAGR - Allied Market Research
PORTLAND, Oregon, October 22, 2018 /PRNewswire/ --
Rise in marine-borne trade and growing offshore exploration activities would propel the growth of the global bunker fuel market
Allied Market Research published a report, titled, Bunker Fuel Market by Type (Residual Fuel Oil, Marine Diesel Oil, and Marine Gas Oil), Commercial Distributor (Oil Majors, Large Independent, and Small Independent), and End User (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing Vessel, Gas Tanker) - Global Opportunity Analysis and Industry Forecast, 2017-2023. This report offers comprehensive analyses of the global bunker fuel market along with the market trends, drivers, opportunities, key player positioning, top investment pockets, and competitive landscape. According to the report, the global bunker fuel market generated $82.04 billion in 2017, and is expected to reach $142.48 billion by 2023, registering a CAGR of 9.6% from 2017 to 2023.
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The growth of the market is attributed to the surge in marine-borne trade and increase in offshore exploration activities, which augments the requirement of bunker fuel. However, high investment costs involved in creating the bunker fuel infrastructure and persistent need to replace the old containers hinder the market growth. On the contrary, pressing need to find alternate sources of marine fuel would create lucrative prospects for the market players.
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Oil majors segment to contribute the major share by 2023
In terms of commercial distribution, oil majors segment contributed the highest share in 2017, accounting for more than one-third of the total revenue. This is due to the dominance of six multinational oil organizations that control the activities of most of the oil requirement worldwide. Small independent distributor segment would grow at the fastest CAGR of 9.8% from 2017 to 2023, owing to the increase in the number of small independent companies. The large independent distributors segment is expected to witness steady rate during the forecast period.
Containers segment to retain lead in terms of revenue by 2023
Containers segment contributed the highest share in terms of revenue, accounting for nearly one-fourth of the total market revenue in 2017, owing to their massive weight carrying capacity. This segment is expected to maintain its dominance through 2023. Fishing vessels segment would register the fastest CAGR of 10.2% from 2017 to 2023, owing to the high adoption of bunker fuel to transport heavy fishing boats. The report also analyzes bulk carrier, oil tanker, general cargo, chemical tanker, gas tanker, and others.
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Asia-Pacific to lead through 2023
Asia-Pacific contributed nearly half of the total market share in 2017 and is expected to retain its dominance throughout the forecast period. This region is anticipated to continue its lead position in terms of revenue by 2023, owing to the increased number of refineries, which produces fuel oil in large quantities. On the other hand, North America is expected to register the fastest CAGR of 10.9% from 2017 to 2023, owing to the abundance of ultralow sulfur fuel oil (ULSFO) & MGO in the region coupled with implementation of IMOs marine fuel directives for 2020.
Key frontrunners of the industry
The key players analyzed in the report include Bomin Bunker Oil Corp., Aegean Marine Petroleum Network Inc., KPI Bridge Oil A/S, Chemoil Energy Ltd., BP PLC, Exxon Mobil, Bunker Holding A/S, Gazprom Neft PJSC, GAC Bunker Fuels Ltd., and Royal Dutch Shell PLC. The companies have adopted expansion, product development, collaboration, joint ventures, and merger strategies to sustain the intense market competition in the industry.
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