DUBLIN--(BUSINESS WIRE)--The "Global Marine Fuel Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.

Global marine fuel market was valued at US$148.739 billion in 2019 and is expected to grow at a CAGR of 0.84% over the forecast period to reach a total market size of US$156.426 billion in 2025.

Marine fuels, also known as bunker fuels, are hydrocarbon-based fuels that are used on board a ship. These fuels are primarily derived from petroleum sources and may also contain hydrocarbons from renewable or synthetic sources.

Booming global seaborne trade volume is the major driver of marine fuel market. According to the International Chamber of Shipping, the global shipping industry is responsible for carrying around 90 per cent of the overall world trade. Shipping as a transportation option is very important for bulk transport of raw materials and import/export of various manufactured items among different countries. Seaborne trade is continuously expanding with adding benefits for consumers across the world through competitive freight costs. Growing efficiency of shipping as a mode of transport and increased economic liberalization offer strong prospects for the further growth of global shipping industry.

The main reason behind the massive growth of marine industry has been the mushrooming growth in world trade volume, with institutional and technological factors also playing an essential role. The liberalization achievements under the GATT (General Agreement on Tariffs and Trade) and its successor the WTO (World Trade Organization) provided a much needed momentum to world trade in the past. China's economic opening to the world, with its admission to the WTO in 2001, was also very significant for the global trade. The NAFTA (North American Free Trade Agreement) led Mexico's exports to the United States trebled within six years of its establishment. Advancements in information and communications technology have further reduced the costs of mobility and accessibility by allowing new network connections and production processes such as just-in-time production, outsourcing, and offshoring. As a result, declining transportation costs, increase in ship size, and exploitation of economies of scale has also boosted the growth of the global marine industry.

Asia Pacific accounted for the significant share in the global market

Geographically, the global marine fuel market has been segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. According to the UNCTAD statistics, Asia was the largest trading region in 2018, with 4.5 billion tonnes of goods loaded (exports) and 6.7 billion tonnes unloaded (imports) in Asian seaports. On the other hand, the other continents registered less than half of these figures.

Global marine industry being hit hard by COVID-19 pandemic

The rapid spread of coronavirus across the globe has a horrendous impact on the global marine industry, with the slump in demand for goods from China causing a ripple effect on oil tankers and container ships among others. According to the Shanghai International Shipping Institute figures, the capacity utilization within the shipping sector has fell between 20 per cent and 50 per cent at the biggest Chinese ports. Ports have been closed by countries during quarantine period in order to curtail the transmission of this virus among workers. Certain countries have put ban or restricted the entry of marine vessels, thus causing chaos among the marine transportation facilities at the global level.

There has been a decline in import and export of goods and products between countries with perishable goods not being transported due to waiting period of 14 days or as prescribed by the competent authorities in each country. This has further declined the demand for cargos. With owners granting the vessels to charters for a definite time period for fixed costs, the COVID-19 has further imposed difficulties on such settlement as the vessels are prohibited from entering certain ports, thus forcing them to be on territorial waters for an extended time period and causing additional costs to parties.

Companies Mentioned

• Shell
• Neste
• Total
• BP
• Chevron Corporation
• Exxon Mobil Corporation
• Gazprom Neft PJSC
• Mabanaft GmbH & Co. KG
• Uniper SE
• Sinopec Fuel Oil
• VARO
• Global Partners LP
• Lukoil

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Market Opportunities

4.4. Porters Five Forces Analysis

4.5. Industry Value Chain Analysis

4.6. Market Attractiveness

5. Global Marine Fuel Market Analysis, By Type

5.1. Introduction

5.2. Fuel Oil

5.3. Gas Oil

6. Global Marine Fuel Market Analysis, By End User

6.1. Introduction

6.2. Oil Tanker

6.3. Gas Tanker

6.4. Chemical Tanker

6.5. General Cargo

7. Global Marine Fuel Market Analysis, By Geography

7.1. Introduction

7.2. North America

7.3. South America

7.4. Europe

7.5. Middle East and Africa

7.6. Asia Pacific

8. Competitive Environment and Analysis

8.1. Major Players and Strategy Analysis

8.2. Emerging Players and Market Lucrativeness

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Vendor Competitiveness Matrix

9. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/gr027c

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