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The global bunker fuel market was valued at US$ 140.7 Billion in 2021.
We expect the global bunker fuel market to exhibit a CAGR of 6.3% during 2022-2027.
The increasing number of seaborne trade practices, along with the expanding offshore oil and gas
exploration and processing activities, are currently driving the global bunker fuel market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent
lockdown regulations across several nations resulting in temporary restrictions on sea trade
activities, thereby negatively impacting the bunker fuel market.
Based on the fuel type, the global bunker fuel market can be bifurcated into High Sulfur Fuel Oil
(HSFO), Very Low Sulfur Fuel Oil (VLSFO), Marine Diesel Oil (MDO), and Liquefied Natural Gas (LNG).
Among these, Very Low Sulfur Fuel Oil (VLSFO) currently represents the largest market share.
Based on the vessel type, the global bunker fuel market has been segmented into containers,
tankers, general cargo, bulk carrier, and others. Currently, containers exhibit a clear dominance in
Based on the seller, the global bunker fuel market can be categorized into major oil companies,
leading independent sellers, and small independent sellers. Among these, major oil companies
account for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle
East and Africa, and Latin America, where Asia Pacific currently dominates the global market.
Some of the major players in the global bunker fuel market include Bomin Bunker Holding GmbH &
Co. KG (Marquard & Bahls AG), BP Plc, Chevron Corporation, Exxon Mobil Corporation, Gazprom
Neft PJSC (Gazprom), LUKOIL, Neste Oyj, Petroliam Nasional Berhad (PETRONAS), Royal Dutch Shell
Plc, and TOTAL S.A.
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