According to the latest market research study by Technavio, the global bunker oil market is expected to grow at a CAGR of close to 3% during the forecast period 2017 to 2021.
This report by Technavio provides an in-depth analysis of the global bunker oil market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the end-user
Source: Technavio
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Global commercial shipping bunker oil market: Maritime Transportation is developing rapidly, as it is the most cost-effective way to transport goods and raw materials in mass around the world.
“The demand for bunker oil in the commercial shipping segment is anticipated to grow at a moderate rate during the forecast period. Declining fuel prices globally promote the growth of boating operators worldwide. Both the refined product and crude oil tanker markets enjoyed an extraordinarily strong freight market, owing to the decline in oil prices,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for research on oil and gas.
Global leisure shipping bunker oil market: The leisure shipping industry includes passenger ships, cruise ships, and yachts. Increasing GDP levels, expanding volumes of intercontinental tourists along with the rise in disposable incomes are the main factors supplementing the growth of the leisure shipping industry.
Global military shipping bunker oil market: Globally military shipbuilding is anticipated to grow as countries increase their naval budgets. The growth is due to the rising regional tensions and growing demand for maritime resources to respond to those pressures. In Western countries, where debt burdens continue to put downward pressure on government spending, defense budgets will remain relatively stable. The stability will be due to the increased geopolitical tensions and the need to replace or modernize aging naval fleets.
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The top vendors operating in the global bunker oil market are:
- BP Singapore
- Chemoil Energy
- Sentek Marine & Trading
- Transocean Oil
- Total Marine Fuels
The other prominent vendors in the market include Aegean Marine Petroleum Network, Consort Bunkers, EQUATORIAL Marine Fuel Management Services, ExxonMobil, Global Energy Trading, Golden Island Diesel Oil Trading, Panoil Petroleum, Searights Maritime Services, Seven Seas Oil Trading, Shell Eastern Trading, Singapore Petroleum Company, SK Energy International, Universal Energy, Vermont UM Bunkering, and Wired Bunkering.
A more detailed analysis is available in the Technavio report titled, ‘Global Bunker Oil Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports
- Global Industrial Lubricants Market 2016-2020
- Global Small-Scale Liquefaction Industry 2016-2020
- Gasoline Market in the US 2016-2020
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