Transparency Market Research has announced the publication of a recent market research report analyzing the global bunker fuels market. The report gives a thorough overview of the several important market segments and their states in the past and present times, the regulatory scenario and its impact on several business decisions and market’s future growth prospects, and the numerous factors that will be instrumental in shaping the future of the market.The report states that global bunker fuel market, which had a valuation of 372.30 mn tons in 2013 in terms of volume, is expected to expand at a 3.1% CAGR between 2014 and 2020, and rise to reach 460 mn tons by 2020.The report is titled “Bunker Fuel Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020.”
Bunker fuel, also called fuel oil, refers to the fractionally distilled variety of liquid fuel derived from crude oil. Bunker fuel can be classified on the basis of its boiling point, intended purpose, and chemical composition. Bunker fuels are the fuels used expressly specifically for operating marine fleets and account for as much as 70% of the overall expenditure of a voyage for a marine vessel. Owing to the highly unrefined nature, bunker fuels are also known to be more polluting as compared to other fuel types. Hence, stringent regulations have been put in place implemented these days to ensure that better grades of oil, that, which are less harmful to the marine environment, be used as bunker fuels.
On Among the many drivers of the global bunker fuel market, the prominent ones include the rising demand for fuel for tanker vessels and container ships and a substantial rise in hydrocarbon resource development activities in offshore sites. However, the market is projected to be restricted to a certain level owing to the numerous fuel reduction initiatives being undertaken by the global shipping community, tightening sulfur emissions-related norms, and the rising popularity of LNG as an alternative fuel.
The report segments the market on the basis of four criteria: fuel grade, end user, seller type, and geography.
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On the basis of fuel grade, the market has been segmented into IFP 180, IFO 380, MGO/MDO, and IFO others. Based on end-use segments end user, the market is further classified into tanker vessels, bulk and general cargo vessels, container vessels, and other vessels. Based on the type of seller, the market has been further segmented into leading independent distributors, major oil companies, and small independent distributors.
Geography-wise Regionally, the global bunker fuel market has been segmented into North America, Asia Pacific, Europe, Middle East, and Rest of the World (RoW).
The report also gives a detailed account of the competitive scenario of the global bunker fuel market, wherein detailed business profiles, SWOT analysis, Porter’s Five Forces analysis, value chain analysis, analysis of recent development, and finance related details pertaining to some of the major vendors in the market have been included. Major vendors in the market profiled in the report are Chemoil Energy Limited, World Fuel Services Corporation, Gazpromneft Marine Bunker LLC, and Lukoil-Bunker LLC.
The market has been segmented as follows:
Bunker Fuel Market: Fuel Grade Analysis
- IFO 380
- IFO 180
- IFO Others
- MGO/MDO
Bunker Fuel Market: End User Analysis
- Container Vessels
- Tankers Vessels
- Bulk & General Cargo Vessels
- Other Vessels
Bunker Fuel Market: Seller Type Analysis
- Major Oil Companies
- Leading Independent Distributors
- Small Independent Distributors
Bunker Fuel Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East
- Rest of the World (RoW)
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