Description
According to Zion Market Research, during the assessment period of 2017–2025, the worldwide bunker fuel market is expected to have a large market valuation and a robust growth rate. The market for bunker fuel has been expanding favourably during the past few years.
The worldwide bunker fuel market was predicted to be worth roughly US$ 135 billion in 2016 and is expected to increase to just under US$ 250 billion by the end of the assessment year (2025). The global market for bunker fuel has a value of more than US$ 140 billion in 2017, and it is anticipated to expand at a rapid CAGR of 7.4% from 2017 to 2025.
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This fast growth is linked to the expansion of offshore hydrogen resource development activities, which has raised the demand for bunker fuel and has caused the price of bunker to rise quickly in crude oil and product tankers. On the other hand, the development of LNG fuel technology as an alternative to bunker fuel and fuel reduction attempts by the international shipping sector are anticipated to provide challenges to the market’s expansion in the upcoming years.
One of the key characteristics characterising the bunker fuel industry is type category. The type category’s main segment, Other IFO, has a significant market share and valuation. With a market value of about US$37 billion, this sector was the second largest in 2017.
Nevertheless, it is anticipated to gain significant traction in the upcoming years and to reach a value greater than US$ 170 Bn by the conclusion of the assessment year (2025). During the projection period, this segment is expected to increase at the highest CAGR of 21.1%.
IFO 180, however, is likely to see a decline in market share after 2019. The period from 2020 to 2025 is anticipated to be detrimental to the expansion of this market. IFO 180 is forecast to experience a loss of 4110 BPS by the end of the assessment period and is predicted to expand at a negative CAGR throughout this time.
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By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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