The Bunker Fuel Market size is estimated at US$ 97.85 billion in 2021, and it is anticipated to reach the size of US$ 209.76 billion by 2027, with a current CAGR of 12.8% over the forecast period of 2022-2027. Bunker Fuel is majorly used in propelling cargo carriers, industrial ships, service vessels, and miscellaneous ships. The residual oil left over from gasoline, diesel, and other light hydrocarbons extracted from crude oil during the refining process is termed bunker fuel; these are the main factors that have considerably increased the demand for Bunker Fuel in the market, thereby driving the huge growth of the Bunker Fuel market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for Bunker Fuel in the market are mainly due to the global LNG bunkering market evolved over the past decade, driven by the growth in global LNG usage, clean energy demand, and its ability to reduce greenhouse gas emissions. The order and delivery of LNG-powered vessels are increasing, and the reduced natural gas prices in 2014 marked the beginning of expanding opportunities for such vessels; these are the main factors that have considerably increased the demand for Bunker Fuel in the market, thereby driving the huge growth of the Bunker Fuel market in the upcoming years

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The report is segmented as:

Bunker Fuel Market is segmented on the basis of by:

By Fuel Type (High Sulphur Fuel Oil, Low Sulphur Fuel Oil, Marine Gas Oil, Liquefied Natural Gas),

By Vessel Type (Containers, Tankers, General Cargo, Bulk Carriers)

Geographical Segmentation:

Bunker Fuel Market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and the rest of the world. North America has the dominant share in Bunker Fuel due to the increase the demand from the maritime industry and marine fuel suppliers in Asia-Pacific during the forecast period these are the main factors that have considerably increased the demand for Bunker Fuel in North America, followed by Europe, Asia Pacific, Latin America, and Middle East & Africa will register a slower increase in the Bunker Fuel Market.

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Impact of COVID-19 on the Market

Covid -19 pandemic has affected the growth of business in every sector and it also affected the growth of the Bunker Fuel market, and the temporary lack of growth in export and import activities, which has impacted the rays of Bunker Fuel growth. The covid-19 pandemic has impacted hugely the sales revenue of the Bunker Fuel market. The government restrictions like lockdown in many countries have shut down commercial and industrial establishments and also stopped transportation these made a huge loss for the Bunker Fuel market. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of coronavirus.

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