According to TMR, the consumption volume of bunker fuel will reach 460 mn tons by 2020. On the basis of geography, the region which is contributing the highest in terms of revenue to the global bunker fuel market is Asia Pacific. Increasing traffic of container and oil tanker vessels in the ports of China and Singapore have compelled companies within the bunker fuel market to boost their investments in the Asia Pacific region. Asia Pacific is expected to be one of the key factors behind the growth of the overall market during the forecast period. On the basis of end-user, the bulk and general cargo vessel segments is leading in the market. However, it is expected that cargo vessels will emerge as a leading end user segment of bunker fuel.
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Reducing Crude Oil Price to Aid Growth of Bunker Fuel Market
The dropping prices of crude oil is also boosting the growth of the bunker fuel market. With reduced prices of crude oil worldwide, there has been bulk purchase and subsequent strategic storage of crude oil which in turn has led to a stupendous rise in the movement of crude oil tankers across the globe. This is boosting the demand for bunker fuel.
Increasing Offshore Exploration Activities to Drive Growth of Market
One of the key factors impacting the growth of the global bunker fuel market is the growing number of exploration activities in offshore destinations. A large number of bunker fuel suppliers have shifted their operations to offshore destinations and ports which are strategically nearer to offshore hydrocarbon resource sites on account of the high demand for bunker fuels for the operation of offshore support vessels.
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Increasing Marine Pollution to Force Companies to Shift to Cleaner Fuels
One of the key factors which is acting as a challenge for the bunker fuel market is the increasing concerns regarding the worsening condition in terms of marine pollution which in turn has resulted in the imposition of several emission regulations on the bunker industry. There are marine routes which have been declared as emission control areas that has made it is essential for shipping companies to switch to low sulphur bunker fuels. While in some way this is negatively impacting the bunker fuel market, very soon it is expected to create promising growth opportunities for marine diesel oil (MDO) and marine gas oil (MGO) grade bunker fuels and this in turn is expected to benefit the overall bunker fuel market. It is likely that from these developments, LNG bunkering will benefit.