The global bunker oil market to grow at a CAGR of 3.36% during the period 2017-2021, says a latest research report.
Technavio's report, Global Bunker Oil Market 2017-2021, recognizes the following companies as the key players in the global bunker oil market: BP Singapore, Chemoil Energy, Sentek Marine & Trading, Transocean Oil, and Total Marine Fuels.
Other Prominent Vendors in the market are: Aegean Marine Petroleum Network, Consort Bunkers, EQUATORIAL Marine Fuel Management Services, ExxonMobil, Global Energy Trading, Golden Island Diesel Oil Trading, Panoil Petroleum, Searights Maritime Services, Seven Seas Oil Trading, Shell Eastern Trading, Singapore Petroleum Company, SK Energy International, Universal Energy, Vermont UM Bunkering, and Wired Bunkering.
Commenting on the report, an analyst from Research Analysts team said: “The latest trend gaining momentum in the market is shift in focus from EU to APAC. For the past three hundred years, Europe was the epicenter of most global trade."
"Being at the center of global power for centuries, the major trade in European countries was importing raw materials from their colonies to feed the industrial revolution powered facilities. The EU, with its highly-advanced economies, is still an important hub for global trade. However, its dominance is steadily shifting away to Asia,” they added.
According to the report, one of the major drivers for this market is growing LNG market. The demand for LNG, a marine fuel, is increasing significantly. Being odorless, non-toxic, and non-corrosive, it is used to reduce emissions of greenhouse gases (GHG). It also evaporates quickly when exposed to air, leaving no residue behind.
Further, the report states that one of the major factors hindering the growth of this market is stringent MARPOL regulations.