• October 20, 2020

Bunker Oil Market | 104.44 Million MT Growth During 2020-2024 | Technavio - Odessa American: Business

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Bunker Oil Market | 104.44 Million MT Growth During 2020-2024 | Technavio

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Posted: Friday, October 16, 2020 6:15 pm | Updated: 6:46 pm, Fri Oct 16, 2020.

LONDON--(BUSINESS WIRE)--Oct 16, 2020--

The bunker oil market size is set to grow by 104.44 million MT accelerating at a CAGR of over 4%, during the period spanning over 2020-2024. One of the key factors driving growth is the increasing naval expenditure. Increasing security concerns and external threats have led many countries to increase their expenditure on enhancing defense capabilities. The growing LNG market is a significant trend that will further stimulate market growth. LNG is steadily gaining prominence among end-users due to its odorless, non-toxic, and non-corrosive nature.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201016005487/en/

Technavio has announced its latest market research report titled Global Bunker Oil Market 2020-2024 (Graphic: Business Wire)

To learn more about the global trends impacting the future of market research, download a free sample now

Parent Market Analysis

Technavio categorizes the global bunker oil market as a part of the global oil and gas storage and transportation market, within the global oil and gas market. The global oil and gas storage and transportation market covers companies engaged in the transportation and/or storage of gas, oil, and/or refined products. The oil and gas midstream or storage and transportation market is one of the three links in the overall oil and gas value chain. Growth in the global oil and gas market will be driven by the increasing global demand for energy.

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Bunker Oil Market: Geographic Segmentation

The report segments the market by geography: APAC, North America, Europe, MEA, and South America. About 43% of the market’s growth will originate from APAC during the forecast period. Increasing demand for fuel in China and India is driving the growth of the market in APAC. Singapore and China are the key markets for bunker oil in APAC.

Bunker Oil Market: Segmentation by Product

The residual fuel segment was the leading the market in 2019. Heavy fuels such as residual fuel are highly preferred in large ships. This is because larger engines can only efficiently burn fuels that have higher proportions of heavy fuel oil. These factors are crucial in driving the growth of the segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the bunker oil market size.

Bunker Oil Market: Growth Drivers

The market is driven by increasing naval expenditure. Rising incidents of terrorist attacks and border disputes have led many countries to focus on strengthening their defense capabilities. This has increased the expenditure in the defense sector, which has also increased the overall naval spending. For instance, in March 2017, the People's Liberation Army (PLA) Navy division announced its plans to secure substantial new funding in China’s defense budget in 2017. Similarly, other countries such as Indonesia and South Korea have also increased their spending on the military during the past few years. Therefore, the increase in naval spending will positively influence the demand for bunker oil during the forecast period.

Bunker Oil Market: Challenges to Overcome

The adoption of slow-steaming is increasingly becoming popular in the shipping industry as it helps shipping companies to reduce fuel costs by up to one-seventh. Also, speed reduction has a direct impact on the drag of the vessel while sailing. This is leading to reduced fuel consumption, which is affecting the growth of the global bunker oil market.

Bunker Oil Market: Vendor landscape

This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading bunker oil companies, including:

  • BP Plc
  • Chevron Corp.
  • Exxon Mobil Corp.
  • Hindustan Petroleum Corp. Ltd.
  • Marquard & Bahls AG
  • PetroChina Co. Ltd.
  • Public Joint Stock Company Gazprom
  • Royal Dutch Shell Plc
  • Total SA
  • Toyota Tsusho Petroleum Pte. Ltd.

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View market snapshot before purchasing

Technavio reports cover the following key research areas:

  • Detailed Analysis of Market Eco System
  • Market favorability index
  • Market opportunity by segments
  • Customer Landscape
    • Analysis of drivers of price sensitivity
    • Key purchase criteria
    • Customer purchase basket
  • Impact of drivers and Challenges
  • Vendor landscape
    • Factors of differentiation
    • Landscape disruption
    • Key industry risks
    • Market position of vendors

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com:https://www.businesswire.com/news/home/20201016005487/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: media@technavio.com

Website: https://www.technavio.com 

KEYWORD:

INDUSTRY KEYWORD: OIL/GAS ENERGY

SOURCE: Technavio Research

Copyright Business Wire 2020.

PUB: 10/16/2020 07:15 PM/DISC: 10/16/2020 07:15 PM

http://www.businesswire.com/news/home/20201016005487/en

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