Bunker Fuel Market, by Fuel Grade (IPO 380, IPO 180, IPO Others, MDO/MGO), by Vessel Type (Tankers, Containers, Bulk & General Cargo, Others), by Seller (Major Oil Companies, Leading Independent Distributors, Small Independent Distributors), by Region (North America, Europe, Asia-pacific, Latin America, Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
Bunker fuel is also known as marine diesel or marine gasoil and is a final solid product obtained from oil refining. It is available in two forms: fuel grade and calcined grade. Power generation, construction, and metal industry are some of the major end-user of the bunker fuel. It is also used in the production of titanium and fertilizers.
Market Dynamics
Rapid industrialization and urbanization across emerging countries have significantly raised the demand for bunker fuel. Growth in the seaport trade has increased the consumption of fuels in ship bunkers, thereby fueling the market growth of the bunker fuel. Moreover, rising demand for petroleum products along with the increasing number of tanker vessels around the globe is further expected to foster the market growth of bunker fuel.
Increasing focus of bunker providers to open bunkering facilities in ports that are near offshore hydrocarbon is acting as a catalyst in the growth of the bunker fuel market. Increase in offshore production and exploration activities is also expected to foster the market growth of the bunker fuel over the forecast period. Moreover, the growing development of LNG bunkering infrastructure is further anticipated to spur the market growth.
Strict regulation regarding usage of bunker fuel as these contain pollutants such as sulphur and nitrogen is expected to hinder the market growth.
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