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Bunker Fuel Market to Hit $164.9 Billion by 2030 at 4.3% CAGR: Allied Market Research
Rise in offshore oil & gas exploration activities and the international maritime organization (IMO) regulations on sulfur content in marine fuel have boosted the growth of the global bunker fuel market. On the contrary, fuel reduction initiatives taken by the shipping community hamper the market growth. On the contrary, surge in focus toward LNG as an alternative marine fuel is expected to open new opportunities in the future.
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By type, the LSFO segment held the lion's share in 2020, accounting for nearly two-thirds of the market. However, the segment is projected to portray the highest CAGR of 4.7% during the forecast period, due to rise in maritime trade activities to transport heavy goods, chemicals, equipment, and other bulk materials. The report includes analysis of the segments such as HSFO, MGO, and others.
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By commercial distributor, the large independent segment is anticipated is estimated to register the highest CAGR of 4.7% from 2021 to 2030, due to presence of blending facilities, storage terminals, financial stability, and others in these companies. However, the oil major segment held in 2020, contributing to more than two-fifths of the market, due to the highest revenues of the companies and dominance in crude oil tanks chartering business.
By region, the global market across Asia-Pacific is anticipated to register the highest CAGR of 4.7% during the forecast period. In addition, the region held the largest share in 2020, accounting for nearly half of the market, due to presence of huge consumer base and surge in maritime trade activities. The market across North America is expected to register the second-highest CAGR of 4.3% during the forecast period.
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is projected to reach $16.404 billion by 2023.
is projected to reach $24.5 billion by 2030.
is anticipated to generate
$238.5 billion by 2026.
is projected to reach $5.14 billion by 2027.
is projected to reach $58.9 billion by 2030.
is projected to reach $18.4 billion by 2030.
is projected to reach $854.0 million by 2030.
is projected to reach $3,751.5 billion by 2030.
is projected to reach $33.7 billion by 2030.
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