According to TechSci Research report, Asia-Pacific Bunker Fuel Market– By Country, Competition, Forecast and Opportunities, 2028, the Asia-Pacific bunker fuel market is anticipated to register robust growth during the forecast period. The International Maritime Organization’s (IMO) regulation on the sulphur level in marine fuel and the increase in offshore oil & gas exploration operations are the two key factors driving the growth of the global bunker fuel industry. Increased interest in LNG as an alternative marine resource fuel is anticipated to help the bunker fuel to grow in the Asia-Pacific market.
During the projected period, the preference for LNG-based vessels and the expansion of LNG commerce are two of the key variables influencing the demand for bunker fuels in Asia-Pacific. In addition, given the restriction placed on high sulphide fuel oil (HSFO), VLSFO is anticipated to generate a sizable amount of market demand beyond 2022. As a result, during the predicted period, such measures are probably going to result in higher demand for LNG as a bunker fuel.
After January 2020, the demand for VLSFO decreased because of global supply chain disruptions, a reduction in consumer demand for everyday goods and products, the adoption of lockdown in most of the nations, and a recession in the world economy. After mid-2021, the demand for VLSFO has risen significantly because of the accessibility of all trade channels and a rise in relative prices.
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Asia-Pacific bunker fuel market is divided into type, commercial distributor, application, and country. Based on type, the market is divided into high sulfur fuel oil, low sulfur fuel oil, marine gasoil, and others. Based on commercial distributor, the market is divided into oil majors, large independent, and small independent. Based on application, the market is divided into container, bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessels, gas tankers, and others. Based on country, the market is segmented into China, Japan, India, South Korea, Australia, Vietnam, Indonesia, Singapore, Philippines, Malaysia, and rest of the Asia-Pacific.
Based on type, the low sulfur fuel oil is projected as the most lucrative segment. The introduction of IMO-2020 has reduced the demand for high sulphide fuel oil (HSFO), which is anticipated to boost future market growth for low sulphide fuel oil.
Based on commercial distributor, the oil major sector is likely to dominate during the projection period as the most lucrative sector, with the largest revenue share in the bunker fuel market. This increase is attributable to the oil major’s dominance in the Asia-Pacific region of the crude oil tanker chartering market.
Based on application, the container segment holds the largest share, as the increase in trade-related agreements and the demand for ship-based cargo transportation has been proliferated. Additionally, it is anticipated that the market for bunker fuel for container shipping will grow because of the expansion of manufacturing and industrial facilities in areas like LAMEA and Asia-Pacific.
Based on country, China dominates the Asia-Pacific market. By value, China is the top exporter and the second-largest importer of products. China exports a variety of goods, including furniture, chemicals, plastics, iron and steel products, automotive items, and electronic equipment. China’s marine vessels are anticipated to boost their use of LNG as bunker fuel.
Key market players in the Asia-Pacific bunker fuel market are:
- China COSCO Holdings Company Limited
- Ocean Network Express PTE Ltd
- Indian Oil Corporation Limited
- Chimbusco Pan Nation Petro-Chemical Co.,Ltd
- BP and Sinopec
- Hindustan Petroleum Corporation
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“The demand for Asia-Pacific bunker fuel market is being affected by significant changes in sulphur emission rules, an increase in maritime activity, and rising investments in the oil and gas sector during the projection period. With the increased economic performance of developing nations like China and India, the demand for maritime transportation is anticipated to increase as well, providing the bunker fuel market’s players with considerable potential prospects. Additionally, the oil and gas industry’s quick technological advancements are anticipated to speed up offshore exploration, which is expected to drive the Asia-Pacific bunker fuel market’s expansion through 2028” said, Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Asia-Pacific Bunker Fuel Market Segmented By Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gasoil, and Others), By Commercial Distributor (Oil Majors, Large Independent, and Small Independent), By Application (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing Vessels, Gas Tankers, and Others) By Country, Competition, Forecast and Opportunities, 2028” has evaluated the future growth potential of Asia-Pacific bunker fuel market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Asia-Pacific bunker fuel market.
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