bunkering-services-market

Bunkering Services Market By Fuel Grade (MDO, MFO, IFO, MGO and HFO), By Application (Tankers, Containers, Bulk Carriers, Fishing Vessels And Others) - Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

02 Mar 2019 Format PDF icon PPT icon XLS icon Request Sample

Market Excerpt

"Improving outlook of the shipping industry is driving the demand for bunkering services market"

The global market for bunkering services is expected to cross US$ 202.5 Bn by 2030 at a CAGR of 5.6% throughout the forecast period from 2023 to 2030. Improving outlook of shipping industry is the primary driving factor for the growth of this industry. Shipping industry is playing a vital role in the global freight transportation system. The industry contributes for transporting almost 90% of the world trade as it is the most inexpensive and efficient mode of transporting goods. In addition, vessels can carry bulk of goods for long distances at an affordable cost compared to other mode of transport including roads, rail, air etc. This, along with rising international trades are expected to increase the demand for bunkering services globally.

Bunker tankers refer to the ships or barges designed for supplying fuel to vessels. They are usually located at seaports or offshore and supply various types of fuels including marine diesel oil (MDO), marine gas oil (MGO), marine fuel oil (MFO), intermediate fuel oil (IFO) and heavy fuel oil (HFO). One of the most promising factors driving the MGO bunkering sales is The International Maritime Organization’s (IMO) plans to reduce sulphur content in marine fuel from 2020 onwards. MGO is expected to be the fastest growing bunker fuel throughout the forecast period from 2023 to 2030. MGO, due to its low sulphur content, is expected to witness increased demand in the following years as a result of IMO’s decision. In addition, favorable government policies in various countries across the world, supporting the international trades is expected to create a positive impact on the demand for MGO. However, high price of MGO as compared to other marine fuels is one of the restraints impacting the market.

"The global bunkering services market is dominated by Asia Pacific and expected to witness fastest growth throughout the forecast period"

Asia Pacific is the largest bunkering services market globally and expected to maintain its dominating position throughout the forecast period from 2023 to 2030. In 2020, annual vessel arrival tonnage was estimated 2.79 Bn gt.  Increasing trades by China with global market is the major driving factor for bunkering services market in Asia Pacific. In 2020, China accounted for one third of the global exports and more than 28% of the imports were shipped to the country. Increasing trades between China and international market represents positive outlook for bunkering fuel suppliers in the region. India one of the fastest growing economy in the world and witnessing increase in marine trades.

Europe is another major market for bunkering services. Greece and Germany are two major markets for marine fuel suppliers. Greece is the country with largest cargo carrying capacity of around 308.8 Mn dead-weight ton (DWT) and Germany has capacity of around 112 Mn DWT. 

"Bunkering services providers are focusing on strengthening supply chain and distribution network to strengthen their position in the global market"

One of the major areas of focus is strengthening of supply network. Similar strategy is adopted by puma in the region to expand its bunkering services in Asia Pacific region. Puma Energy and Asia Sun Energy (ASE) jointly started new petroleum products terminal in Myanmar at Thilawa port. This will help the company to expand its bunkering operations in Myanmar and nearby countries.

In order to sustain in competitive environment bunkering service providers are focusing on providing faster and efficient services for their customers’ bunkering needs. Bunkering service providers are investing in advanced bunker tankers to match customers’ bunkering needs. Recently, Bomin has purchased four modern double haul bunker barges which offers faster pumping rate for bunkering operation.     

Established players in the industry are committed to help ship owners and operators in a rapidly changing market. These players have invested significantly in ensuring that their global infrastructure and resources are designed to deliver for their customers. Bunkering suppliers are focusing more to have complete control over the entire process from order to final delivery. This strategy enable companies maintain their profitability and develop strong client relationships by providing quality, efficient and cost effective services. Some major players in the global bunkering services include Bomin Bunker Oil Corp., Lukoil-Bunker LLC, Aegean Marine Petroleum Network, Inc., Chemoil Energy Limited, BP PLC, World Fuel Services Corporation, Bunker Holding A/S, Gazpromneft Marine Bunker LLC, GAC Bunker Fuels Ltd., Royal Dutch Shell Plc, Exxon Mobil Corporation and KPI Bridge Oil A/S.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Bunkering Services market are as follows:

  • Research and development budgets of manufacturers and government spending
  • Revenues of key companies in the market segment
  • Number of end users and consumption volume, price and value.
  • Geographical revenues generate by countries considered in the report
  • Micro and macro environment factors that are currently influencing the Bunkering Services market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

ATTRIBUTE DETAILS
Research Period  2022-2032
Base Year 2023
Forecast Period  2024-2032
Historical Year  2022
Unit  USD Million
Segmentation
Fuel Grade
  • MDO Fuel
  • MGO Fuel
  • MFO Fuel
  • IFO Fuel
  • HFO Fuel

Application
  • Tankers
  • Container Ships
  • Bulk Carriers
  • Fishing Vessels
  • Other Ships

 Region Segment (2022-2032; US$ Million)

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • UK and European Union
    • UK
    • Germany
    • Spain
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC
    • Africa
    • Rest of Middle East and Africa

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Bunkering Services market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2032.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Bunkering Services market?
  • Which is the largest regional market for Bunkering Services market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Bunkering Services market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Bunkering Services market worldwide?
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