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The global Bunker Fuel Market is estimated to be valued at US$ 130 Billion in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Growing awareness about climate change and need to cut down on greenhouse gas emissions has compelled several industries and countries to shift towards renewable sources of energy. The opportunity to substantially reduce carbon footprint by replacing conventional fuels with solar energy is driving the growth of bunker fuel market. Solar power can make significant contribution towards achieving nationally determined carbon reduction goals and sustainability targets. Rising focus on developing carbon neutral economies will further boost the adoption of solar panels in various applications and propel the market growth over the coming years.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as bunker fuel market requires high capital investment to build distribution and supply infrastructure. However, the growing demand from shipping industry attracts new players.
Bargaining power of buyers: The bargaining power of buyers is high as bunker fuels are commoditized products. Buyers can easily switch between suppliers based on competitive pricing and quality of fuels.
Bargaining power of suppliers: A few major oil companies dominate the global bunker fuel supply. This gives them significant control over pricing and supply. However, regional suppliers also influence pricing.
Threat of new substitutes: Alternate fuels like LNG pose potential threat but shipping industry requires bunker fuels to meet emission norms. Adoption of new substitutes may be gradual.
Competitive rivalry: Intense competition exists among major oil companies to gain market share. Companies differentiate based on product quality, supply reliability and competitive pricing.
SWOT Analysis
Strength: Growing global seaborne trade drives demand. IMO regulations on emissions increase demand for quality compliant fuels.
Weakness: Significant price volatility of crude oil impacts profitability. Environmental regulations increase production and compliance costs.
Opportunity: Adoption of marine hybrid technology and alternate fuels to expand addressable market over long-term.
Threats: Shift to LNG and other cleaner fuels poses risks. Economic slowdowns negatively impact shipping volumes.
Key Takeaways
The Global Bunker Fuel Market Demand is expected to witness high growth over the forecast period supported by expanding global shipping volumes. The global Bunker Fuel Market is estimated to be valued at US$ 130 Billion in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates global bunker fuel demand and consumption. China, Japan and South Korea account for over 50% demand driven by large shipping fleet in region for transportation of goods. Growth in emerging economies of India is also expected to drive regional bunker fuel market.
Key players operating in the bunker fuel market are Royal Dutch Shell Plc, Exxon Mobil Corporation, BP Plc., Chevron Corporation, Sinopec Group. Major players are focusing on expanding supply infrastructure and portfolio of regulatory compliant fuels to maintain market share. Companies are also investing in R&D for development of cleaner marine fuels. However, adoption of new fuels depends on technology feasibility and costs.
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