26 July 2021
Visiongain has published a new report on Bunker Oil Market Report to 2031: Forecasts By Type (Marine Gas Oil (MGO), Residual Fuel Oil (RFO)) By Commercial Distributor (Oil Majors, Large Independent, Small Independent) By End-User (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing, Gas Tanker, Others) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.
Bunker oil is emerging as the primary fuel for marine and shipping industry
Visiongain has estimated that the total market for Bunker Oil would be around $xx million in 2020 and is projected to grow at a CAGR of xx% during the forecast period 2021-2031. The primary fuel for shipping and marine industries is bunker oil. Ship operators and operators prefer the cheapest fuel oil on the market, which accounts for more than 65 percent of total travel costs. This creates dynamic competition between suppliers and suppliers in the bunker petroleum market.
Which Factors Are Driving the Bunker Oil Market?
Increased transport of airlines supported, in particular, shipping cargo ships which were supposed to have a positive effect on the oil market in bunkers. The growing marine fleet, especially in China, Brazil, Pakistan, Russia and United States, is expected to boost the market. Bunker oil also offers navigation refuelling facilities which are expected to increase market growth during the forecast period. The development of different grades of petroleum is expected to allow participants to expand their portfolios. In the next seven years, stringent fuel quality regulations are expected to hinder Bunker's market growth.
Increasing aircraft traffic was particularly supportive of cargo vessels in shipping, which are expected to have a favourable effect on the bunker oil market
Increasing aircraft traffic was particularly supportive of cargo vessels in shipping, which are expected to have a favourable effect on the bunker oil market. The growing maritime fleet is likely to drive the industry, especially in countries like China, Brazil, Pakistan, Russia and the US. Bunker oil also permits refuelling while on sail, which during the projection period is expected to increase market growth. The emergence of various oil grades in the market is predicted to provide the participants with adequate opportunity to increase their product portfolio. The bunker oil market will be hampered by strict requirements on fuel quality over the next ten years.
The market growth is attributed to the growing operations in the offshore exploration of hydrocarbons, particularly in the Asia-Pacific region
Moreover, maritime trade growth also contributes to worldwide market growth as the number of import-export operations increases. But strict government rules on the use of bunker fuel such as residual fuel oil (RFO), including contaminants such as sulfur and nitrogen, able to interrupt the marine life cycle would impede overall industry growth. As oil and gas development activity in growing oil-producing countries, particularly in the Indo-Pacific, increases, the bunker fuel market is forecast to exponentially grow. Moreover, oil-producing regions have unexplored reserves, which are enough to supply the expanding need for energy. The exploration of these undiscovered sources is therefore projected to effect shipping demand favourably. In turn, the forecast year is expected to provide lucrative market growth prospects.
Leading companies and the potential for market growth
Exxon Mobil Corp.
Hindustan Petroleum Corp. Ltd.
Marquard & Bahls AG
PetroChina Co. Ltd.
Gazprom Neft PJSC
Petroliam Nasional Berhad (PETRONAS)
Public Joint Stock Company Gazprom
Royal Dutch Shell Plc
Toyota Tsusho Petroleum Pte. Ltd.
Overall world revenue for Bunker Oil Market will surpass $xxmillion in 2020, our work calculates. We predict strong revenue growth through to 2031.
Our work identifies which organizations hold the greatest potential. Discover their capabilities, progress, and commercial prospects, helping you stay ahead.
How the Bunker Oil Market report helps you
In summary, our 500+ page report provides you with the following knowledge:
• What can be the best investment options for new product and service lines?
• In order to make new research and development funding, what value proposals should businesses target?
• Which rules will enhance the supply chain network for stakeholders?
• In which regions in certain segments the demand may mature in the near future?
• What are some of the best cost optimization strategies with suppliers with which some well-trained players succeed?
• What are the key prospects for moving companies into a new growth path? C-suite?
• What regulations in government could challenge the status of key regional markets?
• How will the emerging political and economic scenario affect chances in key fields of growth?
• In different segments, what are the value-taking opportunities?
• How are new players on the market going to prevent entry?
The comprehensive report offers market estimation and forecast for the period ranging 2021 – 2031 for leading national markets and rest of the world. Moreover, the report contains dedicated leading companies covering 10 leading producers in the field of Bunker Oil.
The Bunker Oil Market Report 2021-2031 report will be of value to anyone who wants to better understand the market and its various segments. It will be useful for businesses who wish to better comprehend the part of the market they are already involved in, or those wishing to enter or expand into a different regional or technical part of the industry.
Notes for Editors
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