Rise in offshore exploration & production (E&P) activity and increase in seaborne trade across the Asia-Pacific region are the factors that drive the growth of the Singapore bunker fuel market during the forecast period. In addition, IMO’s regulations of sulfur cap for marine fuels are also expected to drive the growth of the bunker fuel market during the analyzed time frame.
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The Singapore bunker fuel market size was valued at $17.6 billion in 2020, and is projected to reach $24.5 billion by 2030, growing at a CAGR of 3.5% from 2021 to 2030. Bunker fuel is a type of fuel oil that is used abroad/marine vessels. It is poured into ship’s bunkers to power its engines. Bunker fuel gets its name from tanks on ports and in ships that it is stored in. Previously, they were known as coal bunkers, but now they are called as bunker fuel tanks. Bunker fuels are used to power their motors, engine, drive, and other equipment in the marine vessels.
The Singapore bunker fuel market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include BP Plc., Exxon Mobil Corporation, Equatorial Marine Fuel Management Services Pte. Ltd., Glencore Singapore Pte. Ltd., PetroChina International (Singapore) Pte. Ltd., Royal Dutch Shell Plc., Sentek Marine & Trading Pte. Ltd., SK Energy International Singapore Pte. Ltd., Total Energies, and Vitol Marine Fuels Pte. Ltd.
Other players operating in the value chain of the Singapore bunker fuel market are Global Energy Trading Pte. Ltd., Chevron Singapore Pte. Ltd., Eng Hua Company Pte Ltd., Maersk Oil Trading Singapore Pte Ltd., and others.
Rise in offshore exploration & production (E&P) activity and increase in seaborne trade across the Asia-Pacific region are the factors that drive the growth of the Singapore bunker fuel market during the forecast period. In addition, IMO’s regulations of sulfur cap for marine fuels are also expected to drive the growth of the bunker fuel market during the analyzed time frame. Moreover, increase in utilization of LNG as a marine fuel is anticipated to fuel the growth of the Singapore bunker fuel market from 2021 to 2030.
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The Singapore bunker fuels market is analyzed across type, commercial distributor, and application.
The Singapore bunker fuels market is analyzed across type, commercial distributor, and application. Based on type, the LSFQ segment accounted for the major share in 2020, holding more than two-thirds of the total market. The same segment would also grow at the fastest CAGR of 18.3% throughout the forecast period.
Based on commercial distributor, the oil majors segment generated the highest share in 2020, accounting for around two-fifths of the total market. The same segment is also projected to manifest the fastest CAGR of 9.8% from 2021 to 2030.
Based on application, the container segment held the lion’s share in 2020, garnering nearly one-fourth of the total market. The same segment is also expected to cite the fastest CAGR of 5.8% by the end of 2030. The other segments studied in the report include bunk carrier, oil tanker, general cargo, chemical tanker, fishing vessels, and gas tankers.
Key Findings Of The Study
• In 2020, the low sulfur fuel oil segment accounted for majority of the market share of the Singapore bunker fuel market, and is expected to maintain its lead during the forecast period.
• In 2020, the oil majors segment accounted for around 40.63% of the share in the Singapore bunker fuel market, and is expected to maintain its dominance till the end of the forecast period.
• In 2020, the large independent distributor segment is accounted for 34.47% market share in 2020, and is anticipated to grow at a rate of 3.9% in terms of revenue, increasing its share in the Singapore bunker fuel market.
• Gas tankers is the fastest-growing application segment in the Singapore bunker fuel market and is expected to grow at a CAGR of 4.1% during 2021-2030.
• In 2020, container segment dominated the Singapore bunker fuel market with more than 23.14% of the share, in terms of revenue.
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