Global Bunker Oil Market Growth 2023-2029

Global Bunker Oil Market Growth 2023-2029

Fuel oil (also known as heavy oil, marine fuel or furnace oil) is a fraction obtained from petroleum distillation, either as a distillate or a residue. In general terms, fuel oil is any liquid fuel that is burned in a furnace or boiler for the generation of heat or used in an engine for the generation of power, except oils having a flash point of approximately 42 °C (108 °F) and oils burned in cotton or wool-wick burners. Fuel oil is made of long hydrocarbon chains, particularly alkanes, cycloalkanes and aromatics.

LPI (LP Information)' newest research report, the “Bunker Oil Industry Forecast” looks at past sales and reviews total world Bunker Oil sales in 2022, providing a comprehensive analysis by region and market sector of projected Bunker Oil sales for 2023 through 2029. With Bunker Oil sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Bunker Oil industry.

This Insight Report provides a comprehensive analysis of the global Bunker Oil landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Bunker Oil portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms' unique position in an accelerating global Bunker Oil market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Bunker Oil and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Bunker Oil.

The global Bunker Oil market size is projected to grow from US$ 389.8 million in 2022 to US$ 521.8 million in 2029; it is expected to grow at a CAGR of 521.8 from 2023 to 2029.

The continuously increasing naval expenditure is impacting the market positively. The governments across the globe are increasing their spending to raise the defense capacities of their countries to combat external threats pertaining to security issues. The global military expenditure is likely to increase considerably over the next few years. As a result, the spending will directly reflect the growth of the bunker oil market during the forecast period. Various countries including China, Russia, India, Saudi Arabia, the US, and other countries such as Indonesia and South Korea have increased their military spending substantially over the past few years. This will eventually lead to the growth of the bunker oil market during the forecast period.

This report presents a comprehensive overview, market shares, and growth opportunities of Bunker Oil market by product type, application, key manufacturers and key regions and countries.

Market Segmentation:

Segmentation by type
Residual Fuel
Distillate Fuel

Segmentation by application
Container Vessels
Tanker Vessels
Bulk & General Cargo Vessels

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
BP
Chevron
Exxon Mobil
Gazprom
HPCL
Royal Dutch Shell

Key Questions Addressed in this Report

What is the 10-year outlook for the global Bunker Oil market?

What factors are driving Bunker Oil market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Bunker Oil market opportunities vary by end market size?

How does Bunker Oil break out type, application?

What are the influences of COVID-19 and Russia-Ukraine war?

Please note: The report will take approximately 2 business days to prepare and deliver.