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The bunker market is poised for growth in near future riding on surging demand from shipping industry and oil & gas sector. The shipping industry is witnessing massive growth due to increasing trade via sea routes across the world. The bunker fuels are used by shipping corporations to fuel fleets. The growth in usage of sea vessels augments the demand for fuel which is a big boost for bunker fuel market. Apart from shipping industry, oil & gas sector is providing huge impetus to bunker fuel market across the world. The energy requirements to meet the offshore exploration and production activities are met through bunker fuels. As the oil & gas offshore activities are poised for huge growth in near future the demand for bunker fuel is anticipated to surge.
The bunker fuel market is categorized according to fuel grade and application. The various types of bunker fuel grade include Intermediate Fuel Oil (IFO) 180, Intermediate Fuel Oil (IFO) 380, Intermediate Fuel Oil (IFO) 500, Intermediate Fuel Oil (IFO) 700, MDO/MGO, Low Sulfur (LS) 380 and Low Sulfur (LS) 180. The applications involve Containers, Tankers, General Cargo, Bulk Carrier, and Others.
Rising Offshore Exploration & Production (E&P) Activity - Drives the Bunker Fuel Market
To meet the expected oil demand in the future, opportunities lie in offshore deep-sea beds, where oil & gas operators continue to discover new reserves. Globally, very few onshore regions are left yet to be explored by oil companies. Offshore explorations represent risks associated with extreme weather, higher costs of exploration than onshore operations, safety hazards and so on. However, if new sources of oil are to be found, they most certainly exist in the sea, waiting to be explored. Many regions around the world have begun offshore explorations in order to exploit their fair share of natural resources and to kick start their economy, which, in turn provides a huge impetus to bunker fuel market.
Asia-Pacific to Dominate the Bunker Fuel Market Share
Asia-Pacific is witnessing huge economic growth and the countries in the region are focusing economic cooperation by getting into trade agreements across the world. Such developments lead to surge in trade activities and import-export between nations which results in growth in transport of commodities via sea routes which in turn promulgates the demand for bunker fuel. The oil & gas offshore activities in Asia-pacific countries is also witnessing growth with policy level focus on driving the offshore sector. Thus, the growing end-user industries in Asia Pacific makes it a major geographical market for bunker fuel.
Key Developments in the Bunker Fuel Market
June 2018: ExxonMobil announced that it is progressing on a multi-billion dollar project to produce higher value products and expand lubricant base stocks production at its integrated manufacturing facility in Singapore.
Bunker Fuel Market Major Players
Exxon Mobil Corporation
Royal Dutch Shell Plc
Gazpromneft Marine Bunker LLC
BP PLC
Lukoil-Bunker LLC
KPI Bridge Oil A/S
Chemoil Energy Limited
Bunker Holding A/S
Gac Bunker Fuels Ltd
Bomin Bunker Oil Corp
Reasons to Purchase Bunker Fuel Market Report
Current and future bunker fuel market outlook in the developed and emerging markets.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
The segment that is expected to dominate the market.
Regions that are expected to witness fastest growth during the forecast period.
Identify the latest developments, and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet (in excel).
Customize Bunker Fuel Market Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
The bunker fuel market is categorized according to fuel grade and application. The various types of bunker fuel grade include Intermediate Fuel Oil (IFO) 180, Intermediate Fuel Oil (IFO) 380, Intermediate Fuel Oil (IFO) 500, Intermediate Fuel Oil (IFO) 700, MDO/MGO, Low Sulfur (LS) 380 and Low Sulfur (LS) 180. The applications involve Containers, Tankers, General Cargo, Bulk Carrier, and Others.
Rising Offshore Exploration & Production (E&P) Activity - Drives the Bunker Fuel Market
To meet the expected oil demand in the future, opportunities lie in offshore deep-sea beds, where oil & gas operators continue to discover new reserves. Globally, very few onshore regions are left yet to be explored by oil companies. Offshore explorations represent risks associated with extreme weather, higher costs of exploration than onshore operations, safety hazards and so on. However, if new sources of oil are to be found, they most certainly exist in the sea, waiting to be explored. Many regions around the world have begun offshore explorations in order to exploit their fair share of natural resources and to kick start their economy, which, in turn provides a huge impetus to bunker fuel market.
Asia-Pacific to Dominate the Bunker Fuel Market Share
Asia-Pacific is witnessing huge economic growth and the countries in the region are focusing economic cooperation by getting into trade agreements across the world. Such developments lead to surge in trade activities and import-export between nations which results in growth in transport of commodities via sea routes which in turn promulgates the demand for bunker fuel. The oil & gas offshore activities in Asia-pacific countries is also witnessing growth with policy level focus on driving the offshore sector. Thus, the growing end-user industries in Asia Pacific makes it a major geographical market for bunker fuel.
Key Developments in the Bunker Fuel Market
June 2018: ExxonMobil announced that it is progressing on a multi-billion dollar project to produce higher value products and expand lubricant base stocks production at its integrated manufacturing facility in Singapore.
Bunker Fuel Market Major Players
Exxon Mobil Corporation
Royal Dutch Shell Plc
Gazpromneft Marine Bunker LLC
BP PLC
Lukoil-Bunker LLC
KPI Bridge Oil A/S
Chemoil Energy Limited
Bunker Holding A/S
Gac Bunker Fuels Ltd
Bomin Bunker Oil Corp
Reasons to Purchase Bunker Fuel Market Report
Current and future bunker fuel market outlook in the developed and emerging markets.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
The segment that is expected to dominate the market.
Regions that are expected to witness fastest growth during the forecast period.
Identify the latest developments, and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet (in excel).
Customize Bunker Fuel Market Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
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