Worldwide Bunker Fuel Market 2024 : Market drivers, Growth Rate, Risks, Opportunities, Import/Export, Manufacturers
The major trend witnessed in the global bunker fuel market is the shift toward cleaner and environment-friendly fuels used in bunkers. Owing to the rising need to tackle the environmental pollution caused by conventional fuels used in ship bunkers, various companies producing these fuels are investing on the research and development of cleaner fuels. This has clearly indicated the growing preference of shipping companies for eco-friendly fuels for operational activities.
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Based on fuel grades, the bunker fuel market can be categorized into marine gas oil/marine diesel oil (MGO/MDO), intermediate fuel oil (IFO) 380, IFO 500, low sulfur (LS) 380, IFO 180, LS 180, and IFO 700. Of these, IFO 380 is the most preferred fuel grade owing to its cheapest cost. The market for IFO 380 is expected to grow at a significant rate in the coming years because most of the ship engines are capable of combusting this fuel.
Based on region, the bunker fuel market can be classified into Europe, North America, Asia-Pacific (APAC), Latin America, and the Middle East and Africa. Among all the regions, APAC held the largest share in the market during the historical period, owing to the presence of major shipping companies in the region, particularly in China, India, South Korea, and Japan. Moreover, increased exports from APAC to the European and North American countries are resulting in the high demand for shipping vessels, which, in turn, is positively impacting the growth of the bunker fuel industry.
The major driver identified in the bunker fuel market is the expanding fleet size of shipping vessels. Owing to the rapid industrialization and commercialization in developing countries such as China, India, Vietnam, and the Philippines, exports as well as imports in these countries have risen significantly. To facilitate the movement of goods across various nations, the demand for shipping vessels is increasing considerably. The rising number of shipping vessels, in turn, is resulting in the increased consumption of fuels used in ship bunkers.
The key factor hindering the growth of the bunker fuel market is the fuel reduction initiatives by the shipping community. In a bid to comply with international environment protection standards and reduce the carbon footprint caused by moving vessels, shipping companies are adopting efficient technologies that help reduce the fuel consumption. The declining fuel consumption as a result of the introduction of fuel-efficient vessels is likely to restrain the market growth in the coming years.
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