According to the report published by Allied Market Research, the Singapore bunker fuels market was estimated at $17.6 billion in 2020 and is expected to hit $24.5 billion by 2030, registering a CAGR of 3.5% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
IMO regulations on sulfur content in marine fuel and increase in oil & gas exploration activities drive the growth of the Singapore bunker fuels market. On the other hand, competition from regional players and different fuel reduction initiatives by the shipping community hinder the growth to some extent. However, several LNG break bulk services opportunities have been beneficial for the market growth.
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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.
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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.
The key market players analyzed in the Singapore bunker fuels market report include Exxon Mobil Corporation, Glencore Singapore Pte. Ltd., Equatorial Marine Fuel Management Services Pte. Ltd., PetroChina International (Singapore) Pte. Ltd., BP Plc, Royal Dutch Shell Plc, Vitol Marine Fuels Pte. Ltd., Sentek Marine & Trading Pte. Ltd., SK Energy International Singapore Pte. Ltd., and Total Energies. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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COVID-19 scenario-
- The outbreak of the pandemic led to a steep decline in demand for bunker fuel from the marine industry, which impacted the Singapore bunker fuels market negatively, especially during the initial phase of the lockdown.
- However, as the overall situation gets better, the market is expected to recoup soon.
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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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