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 2022 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 2022 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 2022 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 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.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 Segmentation
Fuel Grade
- MDO Fuel
- MGO Fuel
- MFO Fuel
- IFO Fuel
- HFO Fuel
Application
- Tankers
- Container Ships
- Bulk Carriers
- Fishing Vessels
- Other Ships
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 2030.
- 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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Table of Contents
1. Preface1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. Key Offerings
1.2. Market Segmentation
1.3. Research Methodology
1.3.1. Phase I - Secondary Research
1.3.2. Phase II - Primary Research
1.3.3. Phase III - Expert Panel Review
1.3.4. Assumptions
1.3.5. Approach Adopted
2. Executive Summary
2.1. Market Snapshot: Global Bunkering Services Market
2.2. Global Bunkering Services Market, By Fuel Grade, 2021 (US$ Million)
2.3. Global Bunkering Services Market, By Application, 2021 (US$ Million)
2.4. Global Bunkering Services Market, By Geography, 2021 (US$ Million)
2.5. Attractive Investment Proposition by Geography, 2021
3. Bunkering Services Market: Competitive Analysis
3.1. Market Positioning of Key Bunkering Services Market Vendors
3.2. Strategies Adopted by Bunkering Services Market Vendors
3.3. Key Industry Strategies
3.4. Tier Analysis 2021 Versus 2030
4. Bunkering Services Market: Macro Analysis & Market Dynamics
4.1. Introduction
4.2. Global Bunkering Services Market Value, 2020 - 2030, (US$ Million)
4.3. Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Key Challenges
4.3.4. Key Opportunities
4.4. Impact Analysis of Drivers and Restraints
4.5. See-Saw Analysis
5. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
5.1. Market Overview
5.2. Growth & Revenue Analysis: 2021 Versus 2030
5.3. Market Segmentation
5.3.1. MDO Fuel
5.3.2. MGO Fuel
5.3.3. MFO Fuel
5.3.4. IFO Fuel
5.3.5. HFO Fuel
6. Bunkering Services Market: By Application, 2020-2030, USD (Million)
6.1. Market Overview
6.2. Growth & Revenue Analysis: 2021 Versus 2030
6.3. Market Segmentation
6.3.1. Tankers
6.3.2. Container Ships
6.3.3. Bulk Carriers
6.3.4. Fishing Vessels
6.3.5. Other Ships
7. North America Bunkering Services Market, 2020-2030, USD (Million)
7.1. Market Overview
7.2. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
7.3. Bunkering Services Market: By Application, 2020-2030, USD (Million)
7.4.Bunkering Services Market: By Region, 2020-2030, USD (Million)
7.4.1.North America
7.4.1.1. U.S.
7.4.1.1.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
7.4.1.1.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
7.4.1.2. Canada
7.4.1.2.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
7.4.1.2.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
7.4.1.3. Rest of North America
7.4.1.3.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
7.4.1.3.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
8. UK and European Union Bunkering Services Market, 2020-2030, USD (Million)
8.1. Market Overview
8.2. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
8.3. Bunkering Services Market: By Application, 2020-2030, USD (Million)
8.4.Bunkering Services Market: By Region, 2020-2030, USD (Million)
8.4.1.UK and European Union
8.4.1.1. UK
8.4.1.1.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
8.4.1.1.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
8.4.1.2. Germany
8.4.1.2.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
8.4.1.2.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
8.4.1.3. Spain
8.4.1.3.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
8.4.1.3.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
8.4.1.4. Italy
8.4.1.4.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
8.4.1.4.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
8.4.1.5. France
8.4.1.5.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
8.4.1.5.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
8.4.1.6. Rest of Europe
8.4.1.6.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
8.4.1.6.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
9. Asia Pacific Bunkering Services Market, 2020-2030, USD (Million)
9.1. Market Overview
9.2. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
9.3. Bunkering Services Market: By Application, 2020-2030, USD (Million)
9.4.Bunkering Services Market: By Region, 2020-2030, USD (Million)
9.4.1.Asia Pacific
9.4.1.1. China
9.4.1.1.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
9.4.1.1.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
9.4.1.2. Japan
9.4.1.2.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
9.4.1.2.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
9.4.1.3. India
9.4.1.3.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
9.4.1.3.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
9.4.1.4. Australia
9.4.1.4.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
9.4.1.4.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
9.4.1.5. South Korea
9.4.1.5.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
9.4.1.5.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
9.4.1.6. Rest of Asia Pacific
9.4.1.6.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
9.4.1.6.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
10. Latin America Bunkering Services Market, 2020-2030, USD (Million)
10.1. Market Overview
10.2. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
10.3. Bunkering Services Market: By Application, 2020-2030, USD (Million)
10.4.Bunkering Services Market: By Region, 2020-2030, USD (Million)
10.4.1.Latin America
10.4.1.1. Brazil
10.4.1.1.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
10.4.1.1.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
10.4.1.2. Mexico
10.4.1.2.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
10.4.1.2.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
10.4.1.3. Rest of Latin America
10.4.1.3.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
10.4.1.3.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
11. Middle East and Africa Bunkering Services Market, 2020-2030, USD (Million)
11.1. Market Overview
11.2. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
11.3. Bunkering Services Market: By Application, 2020-2030, USD (Million)
11.4.Bunkering Services Market: By Region, 2020-2030, USD (Million)
11.4.1.Middle East and Africa
11.4.1.1. GCC
11.4.1.1.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
11.4.1.1.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
11.4.1.2. Africa
11.4.1.2.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
11.4.1.2.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
11.4.1.3. Rest of Middle East and Africa
11.4.1.3.1. Bunkering Services Market: By Fuel Grade, 2020-2030, USD (Million)
11.4.1.3.1. Bunkering Services Market: By Application, 2020-2030, USD (Million)
12. Company Profile
12.1. Bomin Bunker Oil Corp.
12.1.1. Company Overview
12.1.2. Financial Performance
12.1.3. Product Portfolio
12.1.4. Strategic Initiatives
12.2. Lukoil-Bunker LLC.
12.2.1. Company Overview
12.2.2. Financial Performance
12.2.3. Product Portfolio
12.2.4. Strategic Initiatives
12.3. Aegean Marine Petroleum Network, Inc..
12.3.1. Company Overview
12.3.2. Financial Performance
12.3.3. Product Portfolio
12.3.4. Strategic Initiatives
12.4. Chemoil Energy Limited.
12.4.1. Company Overview
12.4.2. Financial Performance
12.4.3. Product Portfolio
12.4.4. Strategic Initiatives
12.5. BP Plc.
12.5.1. Company Overview
12.5.2. Financial Performance
12.5.3. Product Portfolio
12.5.4. Strategic Initiatives
12.6. World Fuel Services Corporation.
12.6.1. Company Overview
12.6.2. Financial Performance
12.6.3. Product Portfolio
12.6.4. Strategic Initiatives
12.7. Bunker Holding A/S
12.7.1. Company Overview
12.7.2. Financial Performance
12.7.3. Product Portfolio
12.7.4. Strategic Initiatives
12.8. Gazpromneft Marine Bunker LLC
12.8.1. Company Overview
12.8.2. Financial Performance
12.8.3. Product Portfolio
12.8.4. Strategic Initiatives
12.9. GAC Bunker Fuels Ltd
12.9.1. Company Overview
12.9.2. Financial Performance
12.9.3. Product Portfolio
12.9.4. Strategic Initiatives
12.10. Royal Dutch Shell Plc
12.10.1. Company Overview
12.10.2. Financial Performance
12.10.3. Product Portfolio
12.10.4. Strategic Initiatives
12.11. Exxon Mobil Corporation
12.11.1. Company Overview
12.11.2. Financial Performance
12.11.3. Product Portfolio
12.11.4. Strategic Initiatives
12.12. KPI Bridge Oil A/S
12.12.1. Company Overview
12.12.2. Financial Performance
12.12.3. Product Portfolio
12.12.4. Strategic Initiatives
List of Figures
Figure 1 Global Bunkering Services Market: Market Coverage
Figure 2 Research Methodology and Data Sources
Figure 3 Market Size Estimation - Top Down & Bottom-Up Approach
Figure 4 Global Bunkering Services Market: Quality Assurance
Figure 5 Global Bunkering Services Market, By Fuel Grade, 2021
Figure 6 Global Bunkering Services Market, By Application, 2021
Figure 7 Global Bunkering Services Market, By Geography, 2021
Figure 8 Market Geographical Opportunity Matrix - Global Bunkering Services Market, 2021
Figure 9 Market Positioning of Key Bunkering Services Market Players, 2021
Figure 10 Global Bunkering Services Market - Tier Analysis - Percentage of Revenues by Tier Level, 2021 Versus 2030
Figure 11 Global Bunkering Services Market, By Fuel Grade, 2021 Vs 2030, %
Figure 12 Global Bunkering Services Market, By Application, 2021 Vs 2030, %
Figure 13 U.S. Bunkering Services Market (US$ Million), 2020 - 2030
Figure 14 Canada Bunkering Services Market (US$ Million), 2020 - 2030
Figure 15 Rest of North America Bunkering Services Market (US$ Million), 2020 - 2030
Figure 16 UK Bunkering Services Market (US$ Million), 2020 - 2030
Figure 17 Germany Bunkering Services Market (US$ Million), 2020 - 2030
Figure 18 Spain Bunkering Services Market (US$ Million), 2020 - 2030
Figure 19 Italy Bunkering Services Market (US$ Million), 2020 - 2030
Figure 20 France Bunkering Services Market (US$ Million), 2020 - 2030
Figure 21 Rest of Europe Bunkering Services Market (US$ Million), 2020 - 2030
Figure 22 China Bunkering Services Market (US$ Million), 2020 - 2030
Figure 23 Japan Bunkering Services Market (US$ Million), 2020 - 2030
Figure 24 India Bunkering Services Market (US$ Million), 2020 - 2030
Figure 25 Australia Bunkering Services Market (US$ Million), 2020 - 2030
Figure 26 South Korea Bunkering Services Market (US$ Million), 2020 - 2030
Figure 27 Rest of Asia Bunkering Services Market (US$ Million), 2020 - 2030
Figure 28 Brazil Bunkering Services Market (US$ Million), 2020 - 2030
Figure 29 Mexico Bunkering Services Market (US$ Million), 2020 - 2030
Figure 30 Rest of Latin America Bunkering Services Market (US$ Million), 2020 - 2030
Figure 31 GCC Bunkering Services Market (US$ Million), 2020 - 2030
Figure 32 Africa Bunkering Services Market (US$ Million), 2020 - 2030
Figure 33 Rest of Middle East and Africa Bunkering Services Market (US$ Million), 2020 - 2030
List of Tables
Table 1 Global Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 2 Global Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 3 North America Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 4 North America Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 5 U.S. Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 6 U.S. Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 7 Canada Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 8 Canada Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 9 Rest of North America Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 10 Rest of North America Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 11 UK and European Union Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 12 UK and European Union Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 13 UK Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 14 UK Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 15 Germany Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 16 Germany Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 17 Spain Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 18 Spain Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 19 Italy Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 20 Italy Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 21 France Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 22 France Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 23 Rest of Europe Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 24 Rest of Europe Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 25 Asia Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 26 Asia Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 27 China Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 28 China Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 29 Japan Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 30 Japan Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 31 India Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 32 India Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 33 Australia Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 34 Australia Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 35 South Korea Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 36 South Korea Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 37 Latin America Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 38 Latin America Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 39 Brazil Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 40 Brazil Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 41 Mexico Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 42 Mexico Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 43 Rest of Latin America Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 44 Rest of Latin America Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 45 Middle East and Africa Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 46 Middle East and Africa Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 47 GCC Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 48 GCC Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 49 Africa Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 50 Africa Bunkering Services Market By Application, 2020-2030, USD (Million)
Table 51 Rest of Middle East and Africa Bunkering Services Market By Fuel Grade, 2020-2030, USD (Million)
Table 52 Rest of Middle East and Africa Bunkering Services Market By Application, 2020-2030, USD (Million)
Companies Mentioned
- 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
- KPI Bridge Oil A/S.
