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Bunker Fuel Market Outlook 2023-28 | Share, Size, Demand and Price Forecast

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Bunker Fuel Market Outlook 2023-28 | Share, Size, Demand and Price Forecast

March 22
02:53 2023
Bunker Fuel Market Outlook 2023-28 | Share, Size, Demand and Price Forecast
Bunker Fuel Market 2023-28
Bunker fuel market size reached US$ 150.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 216.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.1% during 2023-2028. 

According to the recent report by IMARC Group, titled “Bunker Fuel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The global bunker fuel market size reached US$ 150.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 216.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.1% during 2023-2028. 

Industry Definition and Application:

Bunker fuel, or marine fuel, is a type of fuel used to power ships or maritime fleets. It is a heavy residual oil left over after the extraction of diesel, gasoline, and other light hydrocarbons from crude oil during the refining process. Bunker fuel has a characteristic odor and appears as a brown to black viscous liquid with high sulfur content. It is graded as A, B, or C, with C being the thickest and most viscous fuel that requires blending or heating to make the fluid flow easily. If 10 percent of light fuel is mixed with bunker fuel, it becomes an economical fuel substitute for shipping. At present, bunker fuel is mainly used in ships and marine vessels engaged in international navigation.

Bunker Fuel Market Trends and Drivers:

The global bunker fuel market is primarily driven by rising demand for the ship transportation industry. Moreover, the surging adoption of bunker fuel as an attractive, cost-effective option for the marine and shipping industry due to the shifting preferences of several ship operators toward fuel oil with the lowest price is positively influencing the market growth. Additionally, the escalating demand for LNG in the transportation sector, as it is a cleaner and more affordable energy source than conventional sources, has catalyzed market growth. Furthermore, several favorable initiatives by governments of numerous countries to strengthen geographical border security are contributing to the market growth. Other factors, including rising investments in research and development (R&D) activities to develop clean fuels, escalating demand for international seaborne trade, and rapid globalization, are also anticipated to drive the market further.

Request Free Sample Report: https://www.imarcgroup.com/bunker-fuel-market/requestsample

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Fuel Type:

  • High Sulfur Fuel Oil (HSFO)
  • Very Low Sulfur Fuel Oil (VLSFO)
  • Marine Diesel Oil (MDO)
  • Liquefied Natural Gas (LNG) 

Breakup by Vessel Type:

  • Containers
  • Tankers
  • General Cargo
  • Bulk Carrier
  • Others

Breakup by Seller:

  • Major Oil Companies
  • Leading Independent Sellers
  • Small Independent Sellers

Competitive Landscape with Key Player:

  • Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG),
  • BP Plc,
  • Chevron Corporation
  • Exxon Mobil Corporation
  • Gazprom Neft PJSC (Gazprom)
  • LUKOIL,
  • Neste Oyj
  • Petroliam Nasional Berhad (PETRONAS)
  • Royal Dutch Shell Plc
  • TOTAL S.A.

Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

Ask Analyst for Customization and Browse full report with TOC & List of Figure: https://www.imarcgroup.com/request?type=report&id=2549&flag=C

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Media Contact
Company Name: IMARC Group
Contact Person: Elena Anderson
Email: Send Email
Phone: +1-631-791-1145
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City: Brooklyn
State: NY
Country: United States
Website: https://www.imarcgroup.com

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