In the latest report published by Credence Research, Inc.
“Bunker Fuel industry: Growth, Future Prospects and Competitive Analysis,
2015-2020,” the global bunker fuel
industry was valued at US$ 244 Bn in 2014, and is expected to reach US$ 288.3
Bn by 2020, expanding at a CAGR of 2.8% from 2015 to 2020.
Industry Insights
The progress of the global bunker fuel industry is majorly
attributed to the growing demand for fuel from tanker vessels and containers.
Large-scale bunkering ports situated at strategic locations account for a
significant share in the overall industry. Asia Pacific is observed to be the
largest industry for bunker fuel both in terms of industry revenue and volume
due to large commodity consumption in the region.
The complete report is available at http://www.credenceresearch.com/report/bunker-fuel-market
The European
industry for bunker fuel is growing at a competitive growth rate due to existence
of some of the busiest trade routes and choke points in the region.
Furthermore, growing imports of goods and fuel oil in the region further
contribute to the dominance of Asia Pacific in the global bunker fuel industry.
Bunker fuel is
majorly utilized by shipping corporations, where residual fuel and distillate
fuel are used for fueling fleets. Residual fuel currently dominates the bunker
fuel industry among the available fuel types. Based on fuel grades, the global
bunker fuel industry is majorly categorized into MDO/MGO, IFO 380, IFO 180,
Other IFO (IFO 500 & 700), LS 380 and LS 180. IFO fuel are the most
preferred fuel grades as against others due to their cheaper price. IFO 380
segment is further anticipated to continue to dominate the industry over the
forecast period because a significant number of ship engines are fitted to
combust IFO 380 fuel. Furthermore, as the expansion of emission control areas
is progressing the demand for MDO/MGO type fuels is anticipated to grow.
Based on the sellers
of bunker fuel, this industry is categorized into major oil companies, Leading
independent distributors and small Independent distributors. Some industry
players such as Chemoil Energy Limited and World Fuel Services Corp. function
worldwide; whereas players such as Gazpromneft Marine Bunker LLC lead in
regional industrys alone. Independent distributors have a critical advantage
over small distributors that they have assets like strategically located
storage terminals and blending facilities at various ports. In addition,
leading independent distributors have an advantage over their counterparts that
they have the financial stability to fund geographical expansion and also
acquire small independent distributors.
Among the end users,
bulk and general cargo vessels occupy the largest industry share in the global
bunker fuel industry. However, since cargo vessels require significant manpower
for operation these vessel type are being perpetually replaced by container
vessels, thus contributing to their fastest growth rate during the forecast
period. The major drivers of the global bunker fuel industry are swift increase
in bunker requirements in product and fuel transport, and growing hydrocarbon
resource development activities in offshore areas. On the other hand, increasing
initiatives to reduce fuel consumption and emissions are challenging the growth
of this industry.
The complete report is available at https://goo.gl/XhEBLu
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