Portland, OR -- (SBWire) -- 09/26/2017 --The Global Bunker Fuel Market was valued at $97,203 million in 2016, and is expected to reach $142,489 million by 2023, registering a CAGR of 9.6% from 2016 to 2022. Bunker fuel is the fuel oil/gas delivered to ships of all states that are engaged in international navigation. The international navigation may take place via sea, on inland lakes & waterways, and in coastal waters. The two major bunker fuel classifications in the marine industry are distillates and residual fuel oils.
In 2016, distillates (MDO/MGO) dominated the global market, with nearly half of the market share, in terms of value. The demand for gasoil is expected to increase post January 2020, resulting in higher prices. Moreover, the price of residual fuel oil is anticipated to plummet in the near future. These factors are expected to drive the market during the forecast period. The profit margins for refining is expected to increase to cater to the anticipated supply of MGO by 2020.
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Bunker Fuel Market Key Segments
By Type
- Residual Fuel Oil
- MDO
- MGO
By Commercial Distributor
- Oil Majors
- Large Independent
- Small Independent
By End User
- Container
- Bulk Carrier
- Oil Tanker
- General Cargo
- Chemical Tanker
- Fishing
- Gas Tanker
By Geography
- North America
- Europe
- Asia-Pacific
- LAMEA
Bunker Fuel Market Expected to Reach $142,489 Million by 2023
Substantial growth in marine trade. drive the growth of the global bunker fuel market.