The bunker fuel market refers to the fuel used by ships for propulsion and power generation during their voyages. Bunker fuel is a heavy fuel oil that is produced from crude oil distillation and is primarily used by the marine industry. The market for bunker fuel is expanding due to the increasing demand for marine transportation, which is driven by international trade and globalization.
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One of the key drivers of the bunker fuel market is the growing demand for marine transportation. International trade and globalization have led to an increase in the demand for marine transportation, as ships are used to transport goods and commodities across the globe. This has led to an increase in the demand for bunker fuel, which is the primary fuel used by ships for propulsion and power generation.
Companies
- ExxonMobil Corporation
- Total S.A.
- Royal Dutch Shell plc.
- Neste Oyj
- Saudi Arabian Oil Company
- Marathon Petroleum Corporation
- Valero Energy Corporation
- Pemex
- OAO Gazprom
- China Petroleum & Chemical Corp (Sinopec Corporation)
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Another factor driving the bunker fuel market is the increasing demand for low-sulfur bunker fuel. The International Maritime Organization (IMO) has mandated that ships reduce their sulfur emissions by using low-sulfur fuels or installing exhaust gas cleaning systems. This has led to an increase in the demand for low-sulfur bunker fuel, which is cleaner and has less environmental impact than traditional bunker fuel.
The bunker fuel market is highly competitive, with a large number of players operating in the market. Some of the key players in the market include ExxonMobil, Royal Dutch Shell, BP, Chevron Corporation, and Total SA, among others. These companies are investing heavily in research and development to develop new and innovative bunker fuel products that meet the growing demand for low-sulfur and environmentally friendly fuels.
One of the challenges facing the bunker fuel market is the volatility of crude oil prices. Bunker fuel prices are closely linked to crude oil prices, which can be volatile and subject to fluctuations due to various economic and political factors. This can make it challenging for companies in the bunker fuel market to manage their costs and maintain profitability.
IFO 180 to lose growth points in the coming years; a huge decrease in BPS to strike IFO 180
IFO (Intermediate Fuel Oil) 180 segment in the type category is anticipated to lose its market value in the coming years. This segment lead the market in 2017 with a high value of US$ 77 Bn. It is also anticipated to continue its dominance till 2019.
However, after 2019, IFO 180 is poised to lose its market share. 2020-2025 timeline is expected to be unhealthy for the growth of this segment. IFO 180 is projected to grow at a negative value CAGR during this period and is anticipated to lose 4110 BPS by the end of the assessment period.
IFO (Intermediate Fuel Oil) 380 segment in this category is also expected to grow at negative rate to reach an estimate of around US$ 5 Bn by the end of the assessment year. This major reason for these segments to witness negative growth is strict emission norms regarding sulfur emission and hence shipping companies are exploring different options of other fuel alternatives that reflect lower sulfur content.
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