Marine Bunker Oil Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET INTRODUCTION

Bunker oil is oil loaded into bunker tanks for use as fuel, as distinguished from oil carried as cargo. Bunker oils contain metals and contaminants that can cause corrosion in commercial ships, cruise ships and cargo. Since it carries a range of contaminants, it can lead to a serious environmental hazard when it spills. Bunker oil is also known as residual fuel oil (RFO). Bunker oil is residual fuel oil of high viscosity commonly used in marine and stationary steam power plants. It requires preheating to 220 - 260 °F (104 - 127 °C). In comparison with other petroleum products, bunker oil is extremely crude and highly polluting.

MARKET DYNAMICS 

Increasing airline traffic had supported the shipping industry especially cargo vessels and vessels comprise large load-bearing capacity as compared to other transportation modes are driving the growth of marine bunker oil market. However, fluctuating prices of liquefied natural gas or alternative bunker oils may restrain the growth of marine bunker oil market. Furthermore, the emergence of different oil grades in the market is anticipated to create a market opportunity for marine bunker oil market during the forecast period.

MARKET SCOPE

The "Global Marine Bunker Oil Market Analysis To 2031" is a specialized and in-depth study of the energy and power industry with a special focus on the global market trend analysis. The marine bunker oil market report aims to provide an overview of the marine bunker oil market with detailed market segmentation by fuel grades, vessel type, and geography. The global marine bunker oil market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading marine bunker oil market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

The global marine bunker oil market is segmented on the basis of fuel grades and vessel type. Based on fuel grades, the marine bunker oil market is segmented into: IFO 380, IFO 180, IFO others, and MGO/MDO. On the basis of vessel type, the marine bunker oil market is segmented into: container vessels, tanker vessels, and bulk and general cargo vessels.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global marine bunker oil market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The marine bunker oil market by each region is later sub-segmented by respective countries and segments. The marine bunker oil market report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the marine bunker oil market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis highlighting factors affecting the marine bunker oil market in these regions.

IMPACT OF COVID-19 ON MARINE BUNKER OIL MARKET

The impact of the COVID-19 pandemic on the market is covered throughout the report. The pandemic had a negative impact on the marine bunker oil market. Lockdown imposed due to the outbreak of the COVID-19 pandemic resulted in temporary ban on the import and export thereby, disrupting the supply chain, which, in turn, hampered the bunker fuel market growth in the second, third, and fourth quarter of 2021. However, the market recovered in the late year or by the first quarter of 2021 as the demand for bunker fuel from the maritime transport and shipping industry increased.

MARKET PLAYERS

The reports cover key developments in the marine bunker oil market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from marine bunker oil market are anticipated to lucrative growth opportunities in the future with the rising demand for filter products in the global market. Below mentioned is the list of few companies engaged in the marine bunker oil market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the marine bunker oil market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

• Aegean Marine Petroleum Network
• BP Sinopec Marine Fuels
• Brightoil Petroleum (Holdings) Limited
• Chemoil Energy Limited
• Chevron U.S.A. Inc.
• Exxon Mobil Corporation
• Marathon Petroleum Corporation
• Royal Dutch Shell plc
• Saudi Arabian Oil Co.
• World Fuel Services Corporation

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study. 

Marine Bunker Oil Report Scope