Sarasota, FL -- (SBWIRE) -- 07/16/2018 -- Bunker fuel is also known as marine fuel and is generally divided into categories of distillates and heavy fuel oil. Distillates are even known as marine gasoil. Heavy fuel oils include other products such as HSFO, ULSFO, and LSFO. Blends of distillates and heavy fuel oil are described as intermediate fuel oils and marine diesel oil. Marine diesel oil refers to blends with a low proportion of heavy fuel oil. These types of marine diesel oil are even categorized as distillate. Various marine fuels are produced from crude oil through a fractional distillation process in refineries.

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Development of blue economy coupled with increasing globalization in world trade in emerging markets has enhanced marine industry in past few years. Further, global investment in commercial fishing fleets and marine fisheries is boosting marine fuel demand in the fishing vessels industry. In 2015, global seaborne trade was above 10 billion tons, highest till now in the UNCTAD records. Since 2008, tanker trade segment has registered its best performance in 2015. As per the estimates of "World Trade Organization", merchandise trade volume will remain constant and will grow at the same rate as that in 2015. Growth in global seaborne trade shipment is projected to increase marginally in 2016, as compared to the historical trends. However, 80% of seaborne trade contributes to carbon emissions, polluting the atmosphere, this can act as a restraining factor for global bunker fuel market.

Increasing consumption in oil & gas sector for extraction activities and offshore exploration, increasing government support, and raise in the ocean-borne field are preliminary driving factors for bunker fuel demand. However, policies pertaining to adoption of LNG along with fuel usage reduction can restrain the market growth over the forecast timeframe.

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As per the type of fuel, global bunker fuel market is segmented into bunker A, bunker B, and bunker C. Bunker A is projected to contribute significantly in the industry. Various fuel grades are marine diesel oil, IFO 180, IFO 380, IFO 500, IFO 700, LS 380, and LS 180. Low sulfur (LS) 380 will depict highest gains over the forecast timeframe owing to its lower polluting characteristics. Distributors providing this fuel to end-use consumers are largely independent, small independent, and major oil companies. Small independent players are expected to grow in the market at a faster rate as compared to rest of the distribution segments till 2024. Global bunker fuel market is bifurcated according to end-user as tanker fleet, container fleet, bulk and general cargo fleet, and others. Tanker fleet is expected to gain momentum during the forecast timeframe owing to increasing oil & gas as well as other chemicals industries.

The Middle East & Africa is at a nascent stage in the global bunker fuel market but is expected to have a significant growth rate till 2024. The growth of the region is attributed to its supply of oil & gas products through tanker vessels worldwide. North America is accounting for a substantial share in global bunker fuel market owing to its ever-increasing cruise passenger's growth rate in the last decade.

Certain prominent manufacturers in the global bunker fuel market are World Fuel Services Corporation, Lukoil-Bunker LLC, Aegean Marine Petroleum Network, Inc., Bomin Bunker Oil Corp., BP Plc, Bunker Holding A/S, Chemoil Energy Limited, Exxon Mobil Corporation, GAC Bunker Fuels Ltd., Gazpromneft Marine Bunker LLC, KPI Bridge Oil A/S, and Royal Dutch Shell Plc.

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Bunker Fuel Market: Type Segment Analysis

Bunker A
Bunker B
Bunker C

Bunker Fuel Market: Fuel Grade Segment Analysis

Marine diesel oil
IFO 180
IFO 380
IFO 500
IFO 700
LS 380
LS 180

Bunker Fuel Market: Commercial Distributors Segment Analysis

Major oil companies
Small Independent
Large Independent

Bunker Fuel Market: End-use Segment Analysis

Tanker fleet
Container fleet
Bulk and general cargo fleet
Others

Bunker Fuel Market: Regional Segment Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa

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