Bunker Fuel Market Size, Share And Industry Analysis | Outlook Report [2023-2030]
Fortune Business Insights
4 min read
Fortune Business Insights
Global Bunker Fuel Market to Expand Considerably; Advent of IMO-Compliant Bunker Fuel Will Boost the Market, says Fortune Business Insights
India, Pune, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The Bunker Fuel Market was experiencing several notable trends and patterns indicating both challenges and opportunities. The volume of global maritime trade is a significant driver for the bunker fuel market. As international trade and shipping activities increase, so does the demand for bunker fuel. This driver is closely tied to economic growth and globalization. According to a report by Fortune Business Insights, titled “Bunker Fuel Market Size, Share And Global Trend By Fuel Grade (IFO 380, IFO 180, MGO/MDO), By Seller Type (Major Oil Company, Large Independent Distributors, Small Independent Distributors), By End User (Container Fleet, Tanker Fleet, Bulk And General Cargo Fleet), And Geography Forecast Till 2030,”
Stringent Emission Regulations: Environmental regulations, particularly those aimed at reducing emissions of sulfur oxides (SOx) and nitrogen oxides (NOx), have a substantial impact on the bunker fuel market. These regulations, such as the International Maritime Organization's (IMO) sulfur cap regulations, drive the demand for cleaner and lower-sulfur bunker fuels.
IMO 2020 and IMO 2030: The IMO 2020 regulations mandated a significant reduction in the sulfur content of bunker fuels, leading to the increased use of low-sulfur fuels like very low sulfur fuel oil (VLSFO) and marine gas oil (MGO). Additionally, IMO 2030 targets aim to reduce greenhouse gas emissions from the shipping industry, which may drive the adoption of alternative and cleaner fuels.
Fuel Price Volatility: Bunker fuel prices are influenced by global oil prices and geopolitical factors. Fluctuations in crude oil prices impact the cost of bunker fuels and, in turn, the profitability of shipping companies. Price volatility can be a major driver of decision-making in the bunker fuel market.
The report has provided an in-depth analysis of how such regulatory compliances will impact the businesses of prevailing companies. Furthermore, the report also stresses on business strategies adopted by these companies and gauges the impact of these companies on the global bunker fuel market.
S&P Global Platt’s ‘Marine Fuel 0.5%’ Will Enable Growth
The global bunker fuel market will derive growth from new product launches. In the wake of IMO’s regulatory compliance update, several companies have come up with their patented bunker fuels, with the inclusion of various chemical compounds in combination with low sulphur content. Besides applications of bunker fuels in shipment carriage and transport, they are being used in offshore drilling purposes to enhance hydrocarbon uses.
Encouraged by the high demand, S&P Global Platt introduced the ‘Marine Fuel 0.5%’. The product was manufactured in compliance with IMO’s usage compliance. Fortune Business Insights states that this product will gain huge popularity and an increase in adoption will have a positive impact on the global bunker fuel market.
Besides product launches, the report provides an insight into various companies that are operating in the global market. Some of the leading companies that have made significant growth contributions are Sinopec, Aegean Marine Petroleum Network Inc., Bomin Bunkering, BP Plc, Bunker Holding Group, Chemoil Energy Limited, Exxon Marine Ltd., Gazprom Neft, Transocean Oil, Total Marine Fuels, Lukoil, and Petro China Company Ltd.
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