A market research report published by Transparency Market Research, titled “Bunker Fuel Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020”, presents a detailed evaluation of the present state and future growth prospects of the global bunker market in terms of volume and revenue. The market is studied from a broader global perspective as well as a more detailed regional viewpoint.The report projects that the market, which had a valuation of 372.30 mn tons in 2013, will expand at a 3.1% CAGR over the forecast period and reach 460 mn tons by 2020.
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Bunker fuel, the fractionally distilled fuel derived from crude oil, is used chiefly by ships. Bunker fuel is known to be more polluting owing to its highly unrefined nature as compared to other petroleum products. Owing to this, the bunker fuel market has remained at the center of numerous controversies related to marine environment pollution in the past years. This has led to the enforcement of several emissions control areas (ECAs) where marine vessels are prohibited from burning fuel with sulfur content of more than 0.1%. This has led to an increasing shift towards low-sulfur bunker fuel. The volatile prices of crude oil on the global front, which are currently at a record low, are also significantly impacting the market.
The report segments the market on the basis of four criteria: fuel grade, end user, seller type, and geography.On the basis of fuel grade, the market is segmented into IFO 180, IFO 380, IFO others, and MGO/MDO. On the basis of end user, the market is segmented into tanker vessels, container vessels, bulk and general cargo vessels, and other vessels. On the basis of seller type, the market is segmented into small independent distributors, leading independent distributors, and major oil companies. On the basis of geography, the market is segmented into North America, Asia Pacific, Europe, Middle East, and Rest of the World (RoW).
Owing to the flourishing marine transport market and the escalating demand for bunker fuel in developing regions of the globe, Asia Pacific has emerged as the most lucrative market for bunker fuel producers in the past few years. Demand for bunker fuel is high in Singapore and China. Europe follows Asia Pacific in terms of consumption of bunker fuel.
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The report presents a comprehensive overview of the global bunker fuel market with the help of detailed business profile, details regarding financial and business strategies, and a SWOT analysis of some of the key vendors in the global bunker fuel market. Recent developments in the market and activities such as mergers and acquisitions are also thoroughly analyzed. The report presents business profiles of companies such as Chemoil Energy Limited, World Fuel Services Corporation, Aegean Marine Petroleum Network, Inc., Gazpromneft Marine Bunker LLC, Gulf Agency Company Ltd, Exxon Mobil Corporation, BP Marine Ltd., Royal Dutch Shell plc, Lukoil-Bunker LLC, and Bunker Holding A/S.
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