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Bunker Fuel Market Report 2021-26, Industry Analysis, Share, Si

  • According to the recent report by IMARC Group, titled “Bunker Fuel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” The global bunker fuel market size reached a value of US$ 123.9 Billion in 2020. Looking forward, IMARC Group expects the market to reach a value of US$ 155.2 Billion by 2026. 

    Bunker fuel is used to power the engines of a ship or marine fleet. It is a heavy, residual oil left over after the extraction of diesel, gasoline, and other light hydrocarbons during the refining process. Bunker fuel is brown to black in color with a characteristic odor and high sulfur content. It is graded A, B or C, with C being the most viscous and thickest fuel, which requires blending or heating to make the liquid flow easily. If mixed with 10 percent of a light fuel, the product becomes a cheap fuel alternative for shipping. Bunker fuel is transported to ships that are engaged in international navigation.

    Global Bunker Fuel Market Trends

    One of the major growth-inducing factors of the market is the rising demand for the ship transportation industry. Several ship operators prefer fuel oil with the lowest price as it incurs more than 65% of the total travel expenses. As bunker fuel is emerging as a cost-effective option for the marine and shipping industry, there has been significant growth in the market. Apart from this, rapid technological development and gradual growth in international seaborne trade have also increased the sales of bunker fuel. Additionally, there is a high demand for LNG in the transportation sector as it is a much cleaner and affordable source of energy in comparison to conventional sources. This, in turn, is creating a positive outlook for the market growth. Some of the other factors fueling the market growth are rapid globalization, increasing investments in research and development (R&D) projects to develop clean fuels and government initiatives toward strengthening geographical border security. 

    Request Free Sample Report: https://www.imarcgroup.com/bunker-fuel-market/requestsample

    Global Bunker Fuel Market 2021-2026 Analysis and Segmentation:

    Competitive Landscape:

    The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

    Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG), BP Plc, Chevron Corporation, Exxon Mobil Corporation, Gazprom Neft PJSC (Gazprom), LUKOIL, Neste Oyj, Petroliam Nasional Berhad (PETRONAS), Royal Dutch Shell Plc and TOTAL S.A.

    The report has segmented the market on the basis on region, fuel type, vessel type and seller.

    Breakup by Fuel Type:

    High Sulfur Fuel Oil (HSFO)
    Very Low Sulfur Fuel Oil (VLSFO)
    Marine Diesel Oil (MDO)
    Liquefied Natural Gas (LNG)
    Breakup by Vessel Type:

    Containers
    Tankers
    General Cargo
    Bulk Carrier
    Others
    Breakup by Seller:

    Major Oil Companies
    Leading Independent Sellers
    Small Independent Sellers
    Breakup by Region:

    North America
    United States
    Canada
    Asia Pacific
    China
    Japan
    India
    South Korea
    Australia
    Indonesia
    Others
    Europe
    Germany
    France
    United Kingdom
    Italy
    Spain
    Russia
    Others
    Latin America
    Brazil
    Mexico
    Others
    Middle East and Africa

    Ask Analyst for Customization and Explore Full Report with TOC & List of Figure: https://bit.ly/3tnXC8X

    As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

    If you want latest primary and secondary data (2021-2026) with Cost Module, Business Strategy, Competitive landscape, etc. Click request free sample report, the report will be delivered to you in PDF format via email within 24 to 48 hours after the payment confirmation.

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    IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

    IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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