Bunker Fuel Market Scope
Bunker fuel is the fuel oil delivered to ships of all states that are engaged in international navigation. The international navigation could take place via ocean, on inland lakes & waterways, and in coastal waters. The 2 major bunker fuel classifications within the marine industry are distillates and residual fuel oils. Marine distillates are distributed into marine gas oil (MGO) and marine diesel oil (MDO). MGO is employed in small and extremely rated diesel engines that are prominently found in many sorts of ships. Residual fuel oil, also called heavy fuel oil (HFO), is that the highest viscosity fuel oil.
According to AMA, the Global Bunker Fuel market is expected to see growth rate of 6.0% and may see market size of USD153994.89 Million by 2026.
Research Analyst at AMA estimates that United States and Russia Manufacturers will contribute to the maximum growth of Global Bunker Fuel market throughout the predicted period.
BP PLC (United Kingdom), ExxonMobil (United States), Royal Dutch Shell PLC (Netherlands), LUKOIL (Russia), Sinopec Group (China), Gazprom Neft PJSC (Russia), Chevron Corporation (United States), Neste (Finland), Saudi Arabian Oil Company (Saudi Arabia), Marathon Petroleum Corporation (United States), Valero Energy Corporation (United States) and China Petroleum & Chemical Corp (Sinopec Corporation) (China) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Petroliam Nasional Berhad (PETRONAS) (Malaysian) and TOTAL S.A. (France).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
The study have segmented the market of Global Bunker Fuel market by Type (Marine Gasoil (MGO) and Residual Fuel Oil (RFO)) and Region with country level break-up.
On the basis of geography, the market of Bunker Fuel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On 28, June 2018, ExxonMobil has announced the acquisition of PT Federal Karyatama, one of Indonesia’s largest manufacturers and marketers of motorcycle lubricants, from PT Mitra Pinasthika Mustika Tbk. and its affiliate. This acquisition includes the Federal Oil brand and a 700,000 barrel per year blending plant in Cilegon, Indonesia. This acquisition is expected to strengthen ExxonMobil’s position in a key growth market and will contribute to building the Mobil lubricant brand in Indonesia.
Recently, ExxonMobil has announced that it will supply fuels that fulfill with the International Maritime Organization’s (IMO) 0.5% Sulphur cap in ports in Northwest Europe, the Mediterranean and Singapore. and On 18 Dec 2018, Neste and ScanOcean AB have entered into cooperation in delivering Neste’s low-sulfur marine fuel. ScanOcean AB is now an official reseller for Neste’s 0.1% marine fuel products on the East Coast of Sweden. Low-Sulfur marine fuel is one of Neste’s high-quality products.
The rules, drawn up by the U.N. International Maritime Organization (IMO), will ban ships using fuel with a sulfur content higher than 0.5 percent, compared to 3.5 percent now, unless a vessel has the equipment to clean up its sulfur emissions. Any vessels failing to comply will face fines, could find their insurance stops being valid and might be declared “unseaworthy” which would bar them from sailing.
- IMO’s Regulations of Sulfur Cap for Marine Fuels
- Increasing Offshore Exploration Activities
- Reducing Crude Oil Price
- Increasing Oil and Gas Exploration Activities
- Fuel Reduction Initiatives by the Shipping Community
- Increasing Concerns Regarding the Worsening Condition In Terms Of Marine Pollution
Key Target Audience
Bunker Fuel Traders, Bunker Fuel Distributors, Importer/Exporter, Raw Material Suppliers, End User and Regulatory & Government Bodies