The global bunker fuel market will exhibit a growth rate of 4.4% CAGR and a value of USD 164.9 by 2030.
The bunker fuel market has evolved with the shipping industry. Over the
past decades, global demand for bunker fuel has increased in tandem with global
trade and the volume of vessels. The International Maritime Organization (IMO)
is a special agency of the United Nations promoting safe, accessible, and
sustainable shipping. It sets standards for safety, environmental performance,
and operational practices for international ships. Reduced sulfur emissions
from bunker fuels (from 3.5% to 0.5%) came into force as part of new
regulations by the IMO to reduce greenhouse gas emissions as well as air
pollution from shipping operations which are driving the market.
ResearchMoz provides a comprehensive report on the bunker fuel market.
It presents key statistics on supply and demand, trends in this sector along
with the latest news on regulations, technology developments, and competition
analysis among operators.
Recent Developments
in Technology Drive the Bunker Fuel Market
One of the most recent developments in bunker fuels is the use of
biodiesel. Biodiesel has many benefits, such as high lubricity, low emissions,
and a higher cetane number than diesel fuel. With these benefits, it provides
better wear resistance and engine performance. Another recent development in
bunker fuels is the use of biofuel blends to reduce carbon dioxide emissions
from shipping vessels will drive the global bunker fuel market in the coming
years.
The International Maritime Organization’s (IMO) 2020 regulations have
set a limit for sulfur content in fuels at 0.5%. This lower sulfur content
makes it possible for biofuels to be blended into marine fuel without any
difficulty or efficiency loss. The IMO has also mandated that all ships above
150 gross tonnages should switch to using low-sulfur providing growth
opportunities for the bunker fuel market for future development.
Self-Driving Boosts
Sales of Bunker Fuel
The global bunker fuel market will be driven by self-driving cars in the
future. Companies such as Lyft, Uber, etc are in the process to sell 100%
self-driving cars that will boost the demand for the bunker fuel market as this
fuel will be used as an alternative fuel to reduce carbon emission.
Analysts’ Views
Regulations for bunker fuel have changed over the years. For example, as
recently as 2020, there were a number of regulatory changes that are likely to
affect the market.
The sulfur emissions from bunker fuels will be reduced from 3.5% to
0.5%. This is a significant decrease in the allowed percentage of sulfur
emissions in bunker fuels and will impact global consumption patterns for this
product. Another change from 2020 onwards is the use of biofuels (biodiesel and
bioethanol) up to 3% by volume in bunkering fuel blends for ships with
installed exhaust gas cleaning systems. Previously, only 1% was allowed.
Further, the regulation coming into effect is that marine fuel oil with a
sulfur content exceeding 0.10 % can no longer be used as an engine fuel or as
fuel in any furnace on board a ship after September 30th, 2020. These
developments will bring significant growth in the global bunker fuel market
over the forecast period.
The Asia Pacific
Dominates the Bunker Fuel Market
The global bunker fuel market will be led by the Asia Pacific market in
the coming years, owing to rising imports and exports via sea, and increasing
sales of electric vehicles in China.
Competitive
Landscape
The complete report about the competitive landscape of the global bunker
fuel market is available with ResearchMoz to allow the new entrants to know the
market well before taking decisions in this space.
The bunker fuel market is a highly competitive one, with many players in
the industry. New technologies are emerging to meet this demand by producing
lower-sulfur bunker fuels. For example, some companies have developed liquefied
natural gas (LNG) as an alternative to oil-based bunker fuel. LNG can also be
used for other sectors like power, petrochemicals and shipping containers.
The current players in the bunker fuel market include-
- Marathon
Petroleum Corporation
- Brightoil
Petroleum (Holdings) Limited
- Saudi
Arabian Oil Co.
- Gazprom
- LUKOIL
- BP
- Royal
Dutch Shell plc
- BP
Sinopec Marine Fuels
- Chevron
U.S.A. Inc.
- BUNKER
HOLDING
- Total
- Neste
- Exxon
Mobil Corporation
- Royal
Dutch Shell plc
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