High-end investments in research & development activities by market players and rise in offshore exploration & production of hydrocarbon are expected to drive the demand of Singapore bunker fuel market through the forecast period, 2023-2027.
According to TechSci Research report, “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 Singapore bunker fuel market is expected to witness a growth of steady CAGR in the forecast period, 2023-2027. Transportation of essential commodities using marine routes and the imposition of strict environmental regulations are the primary factors driving the demand for clean bunker fuels across the country. An increase in hydrogen resource development in offshore areas and growing bunker requirements in crude oil and product tankers is putting a significant impact on the growth of the Singapore bunker fuel market in the next five years.
Bunker fuel is an oil loaded into bunker tanks that is to be used as fuel, which is as different from oil carried as cargo. Bunker oil is poured into ship bunkers to power the engines. Bunker oil contains contaminants and metals that can cause corrosion in commercial ships, cargo, and cruise ships. Sometimes, it can lead to environmental hazards in case of spillage. Bunker oil is a kind of residual fuel of high viscosity used in stationery and marine power plants. Bunker oil is divided into three main categories including, high sulfur fuel oil, low sulfur fuel oil, and diesel oil.
However, the initiatives taken by shipping companies to lower the fuel usage and intense competition among the regional market players may restrain the Singapore bunker fuel market growth in the forecast period.
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Singapore bunker fuel market is segmented into type, commercial distributor, application, regional distribution, and company.
Based on type, the market is divided into high sulfur fuel oil, low sulfur fuel oil, marine gasoil, and others. Low sulfur fuel oil is dominating the market and is expected to maintain its dominance throughout the forecast period, 2023-2027. Imposition of the regulations and strict sulfur regulations are expected to drive the demand for affordable low sulfur fuel oil.
Based on the commercial distributor, the market is divided into oil majors, large independent, and small independent. Oil majors are expected to capture the largest market share in the forecast period. Ongoing technological advancements and improving international trade activities are expected to demand bunker fuel to support maritime activities.
Based on application, the market is divided into the container, bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessels, gas tankers, and others. The container segment is expected to account for a significant market share in the forecast period. The surge in demand for transportation of oil and oil-based products and growing trade-related agreements in the country is boosting the demand of the Singapore bunker fuel market. Also, rapid globalization and increase in industrial transportation coupled with import and export activities are expected to accelerate the Singapore bunker fuel market growth through 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
- 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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