The latest report on Bunker Fuel Market by Infinium Global Research gives complete coverage of the Bunker Fuel Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Bunker Fuel such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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The Surge in Oil and Gas Exploration Activities in Developing Oil Regions Drives the Growth of the Bunker Fuel
Bunker fuel is persistent oil used to power up engines of ships. It is brown to black liquid and has a characteristic odour. It spreads large distances as it does not easily evaporate. The leading players in the global bunker fuel market are focusing on mergers, acquisitions, and collaborations that maximize their market share.
The surge in oil and gas exploration activities in developing oil regions drives the growth of the bunker fuel market. The increasing seaborne trade stimulates the growth of the bunker fuel market. The diminishing oil reserves, rising prices, and lack of possible alternatives to petroleum promote offshore exploration. The growing need to deal with environmental pollution caused by conventional fuels in ship bunkers propels the growth of the bunker fuel market.
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The Enhanced Reliability and Cost-Efficiency of Bunker Fuels Promote the Growth of the Bunker Fuel Industry
The enhanced reliability and cost-efficiency of bunker fuels promote the growth of the bunker fuel market. The rising hydrocarbon resource development activities propel the growth of the bunker fuel market. Using bunker fuel in transporting goods through large sea shipments is cost-efficient stimulating the growth of the bunker fuel market.
On the flip side, strict environmental regulations and close monitoring of trade routes hamper the growth of the bunker fuel market. Bunker oil is hazardous and toxic to aquatic life that hinders the growth of the bunker fuel market. Moreover, the surge in globalization with more commercial cooperation creates numerous opportunities for the growth of the bunker fuel market.
Based on geography, the global bunker fuel market is classified into North America, Asia-Pacific, Europe, and the Rest of the World. Asia-Pacific region is expected to hold a premium share in the global bunker fuel market. The presence of major shipping countries in countries such as India, China, Japan, and South Korea rives the growth of the bunker fuel market in Asia-Pacific. North America is anticipated to grow with a significant CAGR over the forecast period. The growing oil extraction projects in North America contribute to the growth of the bunker fuel market in North America. Europe is showing growth in the global bunker fuel market.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Bunker Fuel.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.