North America Bunker Fuel Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The bunker fuel market in North America is expected to register a CAGR of more than 6.5% during the forecast period (2022-2027), reaching USD 22.21 billion in 2027 from USD 10.77 billion in 2020. In 2020, the COVID-19 outbreak disrupted the logistics and supply chain industry, resulting in major losses to the transportation sector, including the shipping industry. The increasing natural gas production and LNG trade are the major factors that may drive the demand for bunker fuels in North America during the forecast period. However, the increasing trade tensions and tariff escalations between United States and China are likely to hinder the market's growth during the forecast period.
Key HighlightsThe North American bunker fuel market is moderately fragmented. Some major companies include ExxonMobil Corporation, BP PLC, Shell PLC, TotalEnergies SE, and Chevron Corporation.
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