The Global Bunker Fuel Market is likely to grow considerably in the coming years due to improved fuel quality, with a view to reducing environmental pollution and sea contamination. According to a report by Fortune Business Insights, titled “Bunker Fuel Market Size, Share And Global Trend By Fuel Grade (IFO 380, IFO 180, MGO/MDO), By Seller Type(Major Oil Company, Large Independent Distributors, Small Independent Distributors), By End User(Container Fleet, Tanker Fleet, Bulk And General Cargo Fleet), And Geography Forecast Till 2026,” the market is likely to gain traction in the coming years, due to the soaring demand for bunker fuels from all parts of the world.
Browse Complete Report at https://www.fortunebusinessinsights.com/industry-reports/global-bunker-fuel-market-100469
Increasing trade activities across the world have led to the need for simplified measures and medium for transportation. Business trades carried through seawater transportation are gaining huge popularity due to their exceptional benefits. Fuel bunkers play a huge role in trade activities through ships and other carriers. Furthermore, advancements in fuel bunkers such as the reduction of harmful gases in the content of fuel have led to a huge demand for the product. The report identifies key factors that are responsible for the growth of the market, along with factors that have restrained the growth of the market in recent years.
IMO-Compliance on Bunker Fuel Will Create Greater Adoption
In response to the impact of fuel residues and pollution on seawater, the International Maritime Organization (IMO) has announced that it plans to upgrade the allowable sulphur content in bunker fuel. The IMO states that the permissible sulphur content in bunker fuel will be brought down to 0.5% from the previous margin of 3.5%. This will come around as a welcoming step and many companies will look to capitalize on the latest regulatory update. The drop in sulphur content will allow and environment-friendly mode of sea-water commute, a major percentage of which includes trade activities.
The advent of low-sulphur and highly efficient fuel will lead to a rising uptake among users across the world. Furthermore, price drops can be expected in bunker fuel due to the awareness through government initiatives and programs, aimed at preserving aquatic life and reducing pollution. The report has provided an in-depth analysis of how such regulatory compliances will impact the businesses of prevailing companies. Furthermore, the report also stresses on business strategies adopted by these companies and gauges the impact of these companies on the global bunker fuel market.
Top Players Overview:
- Gazprom Neft
- Chemoil Corporation
- Total Marine Technology
- Petro-Chem Development Co., Inc.
- Exxon Marine Ltd.
- Bunker Holding A/S
- AEGEAN MARINE PETROLEUM S.A.
- Bomin Bunkering
S&P Global Platt’s ‘Marine Fuel 0.5%’ Will Enable Growth
The global bunker fuel market will derive growth from new product launches. In the wake of IMO’s regulatory compliance update, several companies have come up with their patented bunker fuels, with the inclusion of various chemical compounds in combination with low sulphur content. Besides applications of bunker fuels in shipment carriage and transport, they are being used in offshore drilling purposes to enhance hydrocarbon uses. Encouraged by the high demand, S&P Global Platt introduced the ‘Marine Fuel 0.5%’. The product was manufactured in compliance with IMO’s usage compliance. Fortune Business Insights states that this product will gain huge popularity and an increase in adoption will have a positive impact on the global bunker fuel market.
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