Portland, OR -- (SBWIRE) -- 02/22/2018 -- According to a new report published by Allied Market Research titled, Bunker Fuel Market by Type, Commercial Distributor, and End User: Global Opportunity Analysis and Industry Forecast, 20172023, the bunker fuel market was valued at $97,230 million in 2016, and is projected to reach $142,489 million by 2023, growing at a CAGR of 9.6% from 2017 to 2023. Asia-Pacific dominates the bunker fuel market, both in terms of volume and value, and is expected to continue to maintain this trend throughout the forecast period.

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An alcoholic beverage is ethanol-based drink, which is commonly known as alcohol. Bunker fuel are divided into three general classes-beers, wines, and spirits. Bunker fuels are consumed across the globe for various uses. The demand for these beverages has changed over the past few years, owing to dwindling premises consumption trends.

The global bunker fuel market is driven by International Maritime Organizations regulations of sulfur emissions to 0.50% m/m (mass/mass) by 2020 in marine fuels and increase in sea-borne trade, particularly in terms of ton-km travelled. However, replacement of obsolete ships by efficient counterparts is expected to hamper the market growth.

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The oil majors segment accounted for more than one-third share of the total market in 2016, in terms of value, and is expected to maintain its dominance during the forecast period, owing to its high demand across the globe. However, large independent distributors are expected to grow with a faster rate due to rise in demand for MDO and MGO in the future.

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