Global Bunker Oil Market 2018-2022
About Bunker Oil
Bunker fuels are also known as marine fuels and are mainly divided into two categories, namely, residual fuel (heavy fuel oil) and the distillates. Marine fuels are supplied to the shipping industry for using them in ships’ bunkers to power their engines.
Technavio’s analysts forecast the global bunker oil market to grow at a CAGR of 3.74% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global bunker oil market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Bunker Oil Market 2018-2022
Technavio recognizes the following companies as the key players in the global bunker oil market: BP, Chevron, Exxon Mobil, Gazprom, HPCL, and Royal Dutch Shell.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing LNG market. The LNG is used to reduce emissions of greenhouse gases (GHG), as it is odorless, non-toxic, and non-corrosive. It also evaporates quickly when exposed to air, leaving no residue behind.”
According to the report, one driver in the market is increasing naval expenditure. The governments across the globe are increasing their spending to raise the defense capacities of their countries to combat external threats pertaining to security issues. The global military expenditure is likely to increase considerably over the next few years.
Further, the report states that one challenge in the market is fluctuations in oil and gas. The bunker oil is directly linked to the crude oil prices, and its success or failure depends on the pricing of this commodity. The oil and gas industry witnessed a prolonged period of low crude oil prices since July 2014.
BP, Chevron, Exxon Mobil, Gazprom, HPCL, and Royal Dutch Shell.
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