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The global bunker fuel market is expected to witness a high CAGR during the forecast period, according to Radiant Insights. Global expansion in marine trade has triggered the demand for bunker fuel driven by rise in oil & gas exploration activities in emerging markets. Moreover, tax policies for bunker fuels have been reshaping the market. For instance, In Jan 2020, Beijing officially announced the tax exemption for bunker fuel to be effective from February 1st. The market also witnessed gradual fall in very low sulphur fuel oil prices (VLSFO) due to the percentage drop in oil sales in the mid of January. The new regulation by International Maritime Organisation (IMO) states that 0.5 percent sulphur content is the prescribed limit for bunker fuel for ships which was earlier capped at 3.5 percent. The new regulation supports use of high-sulphur fuel oil (HSFO) for vessels with emission cleaning scrubbers installed. The primary reasons for the downfall of sulphur fuel oil prices included incidences of logistical issues and shift in barge tanks that created a lot of pressure on oil suppliers. With these amendments, the shipping and refining industries are undertaking several initiatives to comply with IMO 2020 regulations. Access "123" page research report with TOC on "Bunker Fuel Market" available with Radiant Insights, [email protected] https://www.radiantinsights.com/research/2013-2028-report-on-global-bunker-fuel-market Globally, the bunker fuel market is significantly driven by rise in energy demand and growing dependence on maritime fuel for sea trade and transportation. The growing significance of offshore exploration resulted in a high demand for bunker fuels in the past years and have rapidly increased the demand for crude oil and products. Moreover, fuel oil specifications depend on fuel oil application and environmental conditions therein creating standard protocols for fuel usage. Regular revisions to oil specifications adhering to marine equipment and suppliers have resulted in niche market. Based on type, the bunker fuel market can be segmented as fuel oil, LNG, and residual oil. Based on application, the market can be segmented as tanker vessels, general cargo and bulk vessels. North America is the leading market for bunker fuel and is mainly driven by existence of high number of fleets and prospering oil business. In addition, the market growth is stimulated by the change in trade policies and fleet inventory management. Import and export in the fuel oil sector is also contributing to the regional development. Additionally, the regional market also witness a huge adoption of innovative policies pertaining to fuel specification and standards. Some of the major players in the bunker fuel market are Alliance Oil Company, Exxon Mobil, BP, Shell, China Marine Bunker, World Fuel Services, Chemoil, Total Marine Fuel, Bright Oil, Sinopec, Bunker Holding, GAC, China Changjiang Bunker, Lukoil-Bunker, and Shanghai Lonyer Fuels.
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