Europe Bunker Fuel Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The bunker fuel market in Europe is expected to register a CAGR of more than 7% during the forecast period, 2022-2027. The outbreak of COVID-19 has significantly affected the consumption of bunker fuel. The closure of international and domestic trade movements to curb the spread of the virus reduced the demand for bunker fuel in 2020. The increasing preference for LNG-based vessels and growing LNG trade are significant factors driving the demand for bunker fuels in Europe during the forecast period. With increasing maritime export and import in countries like Germany and United Kingdom, considerable growth is anticipated in the coming years. However, increasing trade tensions between countries such as United States, China, Russia, etc., are expected to restrain the market during the forecast period.
Key HighlightsThe European bunker fuel market is moderately fragmented. Some of the major companies include Gazprom Neft PJSC, BP PLC, Shell PLC, TotalEnergies SE, and AP Moeller Maersk AS.
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