The Marine Bunker Oil Market report is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report. The market report additionally gives a to-the-point evaluation of the techniques and plans of action that are being executed by the players and companies to contribute to the Marine Bunker Oil market growth.
The Global Marine Bunker Oil Market Size is Projected to Reach at a CAGR of 13% during 2022-2027.
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With IMO’s intervention to decrease the share of high sulfur fuel oil, the demand for LNG as a bunker fuel is expected to rise significantly during the forecast period.
Low sulfur fuel oil and LNG are expected to create ample opportunities for the market players. Due to the increasing environmental concern, the demand for cleaner fuel is increasing in the shipping industry across the globe.
Asia-Pacific is one of the largest exporters of goods globally and is leading the market for bunker fuel. With the expected growth in maritime trade, the region is likely to continue its dominance during the forecast period.
Top Leading Companies:
BP, Chemoil Energy, Sentek Marine & Trading, Transocean Oil, Total Marine Fuels, ExxonMobil, Panoil Petroleum, Shell, Consort Bunkers, Universal Energy
Gazprom Neft, Gazprom Gas-Engine Fuel, and United Shipbuilding Corporation (USC) signed an agreement in September 2019 to cooperate in developing LNG projects and related infrastructure in Russia. The agreement envisions the companies for cooperation in R&D activities to build LNG vessels and develop LNG infrastructure. Moreover, the agreement stated joint participation in the creation and improvement of LNG’s regulatory framework as fuel in Russia.
In September 2019, Maersk Oil Trading and Koole Terminals announced the signing of 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 further. Annual production is expected to cover 5-10% of Maersk’s annual fuel demand.
Total signed an agreement with Zhejiang Energy Group (ZEG) in October 2019 and also planned to form a joint venture company to supply and deliver marine fuels in the region of Zhoushan, China. The JV planned is expected to hold a 49% share by Total China Investment and the rest by Zhejiang Zheneng Petroleum New Energy.
Marine Bunker Oil Market Segmentation by Type:
Marine Bunker Oil Market Segmentation by Application:
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Asia-Pacific to Dominate the Market
Asia-Pacific is expected to dominate the bunker Oil market due to the immense maritime trade potential of countries like India, China, Singapore, Japan, and other countries.
As of 2020, China is the biggest exporter and the second-largest importer of goods by value. China’s major exports are mechanical and electric machinery and equipment, automotive products including vehicle parts, chemicals and plastics, iron and steel articles, furniture, etc.
Australia is among the biggest exporter of LNG globally. The rising LNG exports supported the international trade of Australia in 2019. As a result, the country was among the few economies to register a growth in exports by value as well as volume in 2019, thus, driving the marine trade and bunker fuel market.
Regional Marine Bunker Oil Market (Regional Output, Demand & Forecast by Countries)
North America (United States, Canada, Mexico)
South America (Brazil, Argentina, Ecuador, Chile)
Asia Pacific (China, Japan, India, Korea)
Europe (Germany, UK, France, Italy)
Middle East Africa (Egypt, Turkey, Saudi Arabia, Iran) And additional.
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Highlights of the Marine Bunker Oil Market Report:
Detailed overview of Marine Bunker Oil Market
Changing the Marine Bunker Oil market dynamics of the industry
In-depth market segmentation by Type, Application, etc.
Historical, current and projected Marine Bunker Oil market size in terms of volume and value
Recent industry trends and developments
Competitive landscape of Marine Bunker Oil Market
Strategies of key players and product offerings
Potential and niche segments/regions exhibiting promising growth.
The research includes historic data from 2016 to 2022 and forecasts until 2027 which makes the report an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.
Finally, the Marine Bunker Oil Market report is the believable source for gaining the market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and market development rate and figure, and so on. Marine Bunker Oil industry report additionally Presents a new task SWOT examination, speculation attainability investigation, and venture return investigation.
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