The Singapore bunker fuel market is projected to experience steady growth at a CAGR within the forecast period of 2023-2027, according to a report by TechSci Research titled “Singapore Bunker Fuel Market 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 Region, Competition Forecast & Opportunities, 2027”. The demand for clean bunker fuels is being propelled by the transportation of essential goods via marine routes, as well as the imposition of strict environmental regulations. The Singapore bunker fuel market is expected to see significant growth over the next five years due to the increase in hydrogen resource development in offshore areas and rising bunker requirements in crude oil and product tankers.
Bunker fuel is distinct from oil carried as cargo and is loaded into bunker tanks to be used as fuel. It is poured into ship bunkers to power the engines. However, bunker oil contains contaminants and metals that can cause corrosion in commercial ships, cargo, and cruise ships, and may result in environmental hazards in the case of spillage. Bunker oil is categorized into high sulfur fuel oil, low sulfur fuel oil, and diesel oil, and is a kind of residual fuel of high viscosity utilized in stationery and marine power plants.
Despite the projected growth, the Singapore bunker fuel market may be hindered by the efforts of shipping companies to reduce fuel usage and intense competition among regional market players during the forecast period.
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The Singapore bunker fuel market has been categorized into various segments, including type, commercial distributor, application, regional distribution, and company. In terms of type, the market has been segmented into high sulfur fuel oil, low sulfur fuel oil, marine gasoil, and others. Low sulfur fuel oil currently dominates the market and is expected to continue to do so during the forecast period of 2023-2027. This can be attributed to the implementation of regulations and strict sulfur regulations that are expected to drive the demand for affordable low sulfur fuel oil.
The commercial distributor segment has been divided into oil majors, large independent, and small independent. Oil majors are expected to capture the largest market share during the forecast period. Ongoing technological advancements and improvements in international trade activities are expected to create a demand for bunker fuel to support maritime activities. Based on application, the market has been categorized into container, bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessels, gas tankers, and others.
The container segment is anticipated to account for a significant market share during the forecast period. The increase in demand for the transportation of oil and oil-based products, as well as growing trade-related agreements in the country, are boosting the demand for the Singapore bunker fuel market. Moreover, rapid globalization, industrial transportation, and import-export activities are expected to accelerate the growth of the Singapore bunker fuel market during the forecast period.
Major market players operating in the Singapore bunker fuel market are:
- ExxonMobil Corporation
- BP Singapore Pte Ltd.
- Total S.A.
- Royal Dutch Shell plc.
- Neste Oyj
- Saudi Arabian Oil Company
- Marathon Petroleum Corporation
- Valero Energy Corporation
- Pemex
- OAO Gazprom
- China Petroleum & Chemical Corp (Sinopec Corporation)
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“Drastic changes in sulfur emission policies, rise in maritime activities, and growing investments in the oil & gas industry are influencing the demand of the Singapore bunker fuel market in the forecast period. Market players are advised to invest in R&D activities and improve the availability of marine bunker fuel to meet the growing requirements and stay ahead in the market. Also, rapid technological development in the oil & gas industry is expected to accelerate the exploration at deep offshore locations, which is expected to propel the Singapore bunker fuel market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a global research-based management consulting firm.
“Singapore Bunker Fuel Market 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 Region, Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of Singapore bunker fuel market and provided statistics & information on market size, shares, 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 the of Singapore bunker fuel market.
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TechSci Research is a research based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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