Marine Bunker Oil Market Scope
Bunker fuel is a fuel oil used aboard marine vessels. It is poured into the ship bunkers to power its engines. Marine vessels use mainly three types of fuels which include high sulfur fuel oil, low sulfur fuel oil, and diesel oil. Bunker oil is provided to fulfill the fuel requirements at ports. A voyage is the most preferred transportation mode for trade which in turn requires more fuel and has to refuel the tanker several times during the voyage.
The Marine Bunker Oil market study is segmented by Type (High Sulfur Fuel Oil (HSFO), Very Low Sulfur Fuel Oil (VLSFO), Marine Diesel Oil (MDO), Liquefied Natural Gas (LNG) and Others), by Application (Commercial Shipping, Military Shipping and Leisure Shipping) and major geographies with country level break-up.
Exxon Mobil Corporation (United States), Royal Dutch Shell Plc (Netherlands), Gazprom Neft (Russia), BP PLC (United Kingdom), Lukoil (Russia), Chevron Corporation (United States), Total SE (France), Minerva Bunkering (Switzerland), World Fuel Services Corporation (United States) and Chemoil Energy Limited (United States) are some of the key players that are part of study coverage.
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.
AdvanceMarketAnalytics has segmented the market of Global Marine Bunker Oil market by Type, Application and Region.
On the basis of geography, the market of Marine Bunker Oil 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
In 2019, Total signed an agreement with Zhejiang Energy Groupin to form a joint venture company to supply and deliver marine fuels in the region of Zhoushan, China.
In September 2019, Maersk Oil Trading and Koole Terminals signed an agreement to produce IMO 2020-compliant bunker fuel. The toll distillation deal allows Maersk to produce VLSFO bunker fuel and may enable Maersk to expand its bunker supply volumes in Europe.
- Increase in Order and Delivery of LNG-Powered Vessels
- Increasing Demand from Marine Industry owing to Import and Export Activities
- Ongoing R&D Activities and Increase in Offshore Oil and Gas Exploration Activities
- Stringent Regulations Regarding Fuel Quality
- Increasing Trade Tension between Different Countries like The United States and China
Key Target AudienceMarine Bunker Oil Manufacturers, Raw Material Suppliers, Marine Industry, Government, End-Use Industry and Others
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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