Bunker Fuel Market Size- By Applications, By Commercial Distributors, By End Users, By Fuel Grades- Regional Outlook, Competitive Strategies and Segment Forecast to 2032

Bunker Fuel Market Size- By Applications, By Commercial Distributors, By End Users, By Fuel Grades- Regional Outlook, Competitive Strategies and Segment Forecast to 2032

Global Bunker Fuel Market Overview

According to SPER Market Research, the Global Bunker Fuel Market is estimated to reach USD 186.72 billion by 2032 with a CAGR of 4.54%. The term Bunker fuel is used for the fuel oil used by marine vessels. It is used in the ship bunker to keep the engines moving. Residual fuel and distillate fuel are the main categories of fuels used in bunkers. It is mainly classified into three categories (A, B and C) depending on the quality with A being the highest quality and C being the lowest. There is another classification for the fuel which is based on the amount of sulphur present in the oil.

Impact of COVID-19 on the Global Bunker Fuel Market

The infestation of COVID-19 has resulted in a drop in the global bunker fuel market which can be attributed to lockdown imposed which restricted the movements across the borders. Due to this we saw a steep fall in the number of shipments. It disrupted the import, export and hence the overall supply chain of many non-essential commodities which in turn affected the global bunker fuel market in a negative manner. But in post covid periods the shipments are regaining the numbers or in fact increasing than previous which is helping in increase in the market in the forecast period.

Scope of the Report:

Report Metric Details
Market size available for years 2019-2032
Base year considered 2021
Forecast period 2022-2032

Segments coveredBy Application, By Commercial Distributors, By End Users, By Fuel Grades

Regions coveredAsia-Pacific, Europe, Middle East and Africa, North America, Latin America

Companies Covered

BP plc., BP SINOPEC , MARINE FUELS, Brightoil Petroleum (Holdings) Limited, Chemoil Energy Limited, China Petrochemical Corporation, Exxon Mobil Corporation, Petroliam Nasional Berhad (PETRONAS),Royal Dutch Shell PLC, Sinopec Group, Total SE

Global Bunker Fuel Market Segmentation:

By Application- Based on the Application, Global Bunker Fuel Market is segmented as; Bulk Carrier, Chemical Tanker, Container, Fishing Vessels, Gas Tanker, General Cargo, Oil Tanker, Others.

By Commercial Distributors- Based on the Commercial Distributors, Global Bunker Fuel Market is segmented as; Large Independent Distributor, Oil Majors, Small Independent Distributor.

By Region- Most of the revenue share belongs to the Asia and pacific region. As a result of the enormous marine commerce potential of nations like India, China, Singapore, Japan, and others, the Asia-Pacific region is anticipated to continuously dominate the bunker fuel industry.