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Coal Is Fastest Growing Segment Fueling The Growth Of Bunker Fuel Market

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Gauri Cmi
Coal Is Fastest Growing Segment Fueling The Growth Of Bunker Fuel Market


The global Bunker Fuel Market is estimated to be valued at US$ 28.84 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Bunker fuel is a type of fuel oil used aboard ships. It is typically composed of residues left over from the refining of crude oil. Bunker fuel is inexpensive and an important fuel source for ships due to its efficiency and cost-effectiveness compared to other fuels.

Market key trends:

One of the key trends in the bunker fuel market is the shift towards using cleaner fuels to reduce emissions. The International Maritime Organization (IMO) has implemented stringent regulations to cut down pollution from ships. As a result, demand for low sulphur bunker fuels compliant with IMO 2020 is growing. Meanwhile, the use of liquefied natural gas (LNG) as a marine fuel is increasing due to its clean burning nature compared to conventional bunker fuels. Leading ship operators and ports are investing in LNG bunker infrastructure to support the transition towards using more environmentally friendly fuels.

Segment Analysis

The bunker fuel market is segmented by type into residual fuel and distillate fuel. The residual fuel segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. Residual fuel, also known as heavy fuel oil (HFO), is the least expensive option for bunker fuel and accounts for around 80% of global bunker fuel consumption due to its affordable price.

Key Takeaways

The Global Bunker Fuel Market Size is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period 2023 to 2030, due to increasing maritime trade activities across the world.

Regional analysis

Asia Pacific dominated the global bunker fuel market in 2022 and is expected to maintain its position over the forecast period. Countries like China, Japan, and South Korea have large shipping fleets and maritime trade volumes. Singapore is the largest bunkering hub globally due to its strategic location.

Key players

Key players operating in the bunker fuel market are Chemoil Energy Limited, Aegean Marine Petroleum Network, Inc., World Fuel Services Corporation, Gulf Agency Company Ltd., Gazpromneft Marine Bunker LLC, BP Marine Ltd., Exxon Mobil Corporation, Royal Dutch Shell plc, Bunker Holding A/S, and Lukoil-Bunker LLC.

 

Discover More: https://www.pressreleasebulletin.com/global-bunker-fuel-market/


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Natural guidelines pointed toward decreasing contamination delivered by transport transportation are projected to be the significant development driver in the Bunker Fuel Market. Such enhancements are probably going to increment interest for LNG bunkering. Furthermore, a point-by-point investigation of the Bunker Fuel Market estimate for 2027 is likewise remembered for the report. com/report/bunker-fuel-market-151/  Market Dynamic The developing interest for LNG as shelter fuel and LNG bunkering administrations has come about because of an ascent in marine-borne exchange. Moreover, an absence of framework to fuel LNG across bunkering areas is probably going to frustrate the objective market's extension soon.
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2023-01-11
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However, the initiatives taken by shipping companies to lower the fuel usage and intense competition among the regional market players may restrain the Singapore bunker fuel market growth in the forecast period. Browse XX Figures spread through XX Pages and an in-depth TOC on "Singapore Bunker Fuel Market” https://www. Based on type, the market is divided into high sulfur fuel oil, low sulfur fuel oil, marine gasoil, and others. Major market players operating in the Singapore bunker fuel market are:ExxonMobil CorporationBP Singapore Pte Ltd. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of Singapore bunker fuel market.
Future Outlook of the Bunker Fuel Market: Trends and Growth Opportunities
2023-06-29
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The future outlook of the bunker fuel market is influenced by various trends and presents numerous growth opportunities. Another trend is the digital transformation of the bunker fuel market industry. Furthermore, the growth of emerging markets, particularly in Asia-Pacific and Latin America, presents significant growth opportunities in the bunker fuel market. Overall, the future outlook of the bunker fuel market is shaped by sustainability concerns, digitalization, and regional growth dynamics. This regulation has led to a shift from high-sulfur fuel oil (HSFO) to low-sulfur alternatives, such as marine gas oil (MGO) and very low sulfur fuel oil (VLSFO).
Bunker Fuel Market Report 2021: Industry Overview, Size, Share, Trends, Growth and Forecast Till 2026
2021-11-30
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According to the recent report by IMARC Group, titled “Bunker Fuel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global bunker fuel market reached a value of US$ 123. Global Bunker Fuel Market TrendsOne of the major growth-inducing factors of the market is the rising demand for the ship transportation industry. Several ship operators prefer fuel oil with the lowest price as it incurs more than 65% of the total travel expenses. Apart from this, rapid technological development and gradual growth in international seaborne trade have also increased the sales of bunker fuel. The report has segmented the market on the basis on region, fuel type, vessel type and seller.
LNG As a Bunker Fuel Market Size, Drivers, Restraints Challenges, and Growth Opportunities Till 2027
2022-01-17
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The LNG As a Bunker Fuel Market Report, in its latest update, highlights the significant impacts and the recent strategical changes under the present socio-economic scenario. Get | Download FREE Sample Report of Global LNG As a Bunker Fuel Market @ https://www. Which regional LNG As a Bunker Fuel market shows the highest growth CAGR between 2022 to 2027? What are the opportunities and challenges currently faced by the LNG As a Bunker Fuel market? Purchase the Complete Global LNG As a Bunker Fuel Market Research Report @ https://www.
Bunker Fuel Market Industry Overview, Top Manufactures, Market Size, Opportunities and Forecast by 2025
2021-01-13
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According to the recent report by IMARC Group, titled “Bunker Fuel Market Outlook: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global bunker fuel market grew at a CAGR of about 5% during 2015-2019.

It is graded A, B or C, with C being the most viscous and thickest fuel, which requires blending or heating to make the liquid flow easily.

If mixed with 10 percent of a light fuel, the product becomes a cheap fuel alternative for shipping.

Bunker fuel is transported to ships that are engaged in international navigation.Request Free Sample Report: https://www.imarcgroup.com/bunker-fuel-market/requestsampleMarket Trends: One of the major growth-inducing factors of the market is the rising demand for the ship transportation industry.

As bunker fuel is emerging as a cost-effective option for the marine and shipping industry, there has been significant growth in the market.

Apart from this, rapid technological development and gradual growth in international seaborne trade have also increased the sales of bunker fuel.

Singapore Bunker Fuel Market: Exploring Opportunities with Market Size and Growth Projections
2023-03-07
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Browse XX Figures spread through XX Pages and an in-depth TOC on "Singapore Bunker Fuel Market” - https://www. html The Singapore bunker fuel market has been categorized into various segments, including type, commercial distributor, application, regional distribution, and company. In terms of type, the market has been segmented into high sulfur fuel oil, low sulfur fuel oil, marine gasoil, and others. Major market players operating in the Singapore bunker fuel market are:ExxonMobil CorporationBP Singapore Pte Ltd. cid=9523 About TechSci Research:TechSci Research is a research based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries.