Singapore bunker fuel market is anticipated to witness a growth of steady CAGR in the forecast period, 2023-2027. The rise in maritime trade activities and increase in oil & gas exploration activities in offshore sites are the primary factors driving the demand for the Singapore bunker fuel market. Also, International Maritime Organization (IMO) regulations on sulfur content in marine fuel and surge in the use of support vessels for offshore oil and gas developments are expected to bolster the demand for the Singapore bunker fuel market for the next five years.

Implementation Of IMO Regulations Expected to Boost the Market Growth

The International Maritime Organization (IMO) has implemented a new 0.5% global sulfur cap on fuel content, lowering the content from the 3.5% limit. The rise in the release of harmful emissions from the ship adversely impacts the environment. Stringent sulfur regulations have led ship owners and operators to choose bunker fuel, which would comply with the IMO regulations. This creates the opportunity for the market players to make investments to produce low-sulfur fuel to meet growing market requirements. Growing international marine trade activities make leading authorities promote the development of sea trade routes. Also, the fluctuations observed in the crude oil prices make the ship owners buy large quantities of bunker fuel for storage and usage purposes.

China imposes consumer and value-added taxes on purchasing bunker fuel, which is accelerating blenders to import the majority of the fuel requirement from Malaysia and Singapore.

Therefore, the rise in the market players offering bunker fuel with low sulfur content and growing fuel requirements from the maritime industry is expected to bolster the demand of the Singapore bunker fuel market in the forecast period.

Introduction of Very Low Sulphur Fuel Oil to Influence Market Growth

Growing concerns by leading authorities to curb the release of greenhouse emissions into the environment are accelerating the adoption of clean bunker fuel by maritime market players. IMO regulations 2020 that came into effect on 1st January 2020 has led market players to start trial and production of very low sulfur oil to capture the largest market share in the forecast period. High Sulphur fuel oil accounted for the majority of the market share, but with the introduction of very low sulfur oil, the demand of the Singapore bunker fuel market is expected to grow at a significant rate in the forecast period.

Increase In Oil & Gas Exploration Activities Drives the Market Growth

The oil & gas industry plays a crucial role in contributing to the economy of the country. The oil consumption of Singapore in 2020 was 1332 thousand barrels per day. Singapore is considered as one of the major important shipping centers in Asia and is in the world’s top three oil trading and refining hubs with a total crude oil capacity of 1.5 million barrels per day (bbl/d). Key players are making investments for technological up-gradation and adopting advanced solutions and digitization to increase oil productivity and offshore oil & gas exploration to stay ahead in the market. The growing demand for clean energy fuels by the maritime market players and unconventional oil & gas exploration and production activities are expected to create growth opportunities for the Singapore bunker fuel market in the forecast period.


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Market Segmentation

The 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. Based on commercial distributor, the market is divided into oil majors, large independent, and small independent. Based on application, the market is divided into container, bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessels, gas tankers, and others. The Singapore Bunker Fuel market is studied in major regions namely Central & East, North-East, North, West.

Market Players

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, Pemex, OAO Gazprom, China Petroleum & Chemical Corp (Sinopec Corporation), are the major market players operating in the Singapore bunker fuel market.

Attribute

Details

Base Year

2021

Historic Data

2017 – 2020

Estimated Year

2022

Forecast Period

2023 – 2027

Quantitative Units

Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments covered

·         Type

·         Commercial Distributor

·         Application

Regional scope

Central & East, North-East, North, West

Key companies profiled

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, Pemex, OAO Gazprom, China Petroleum & Chemical Corp (Sinopec Corporation)

Customization scope

10% free report customization with purchase. Addition or alteration to regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, Singapore bunker fuel market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

·         Singapore Bunker Fuel Market, By Type:

    • High Sulfur Fuel Oil
    • Low Sulfur Fuel Oil
    • Marine Gasoil
    • Others
  • Singapore Bunker Fuel Market, By Commercial Distributor:
    • Oil Majors
    • Large Independent
    • Small Independent
  • Singapore Bunker Fuel Market, By Application:
    • Container
    • Bulk Carrier
    • Oil Tanker
    • General Cargo
    • Chemical Tanker
    • Fishing Vessels
    • Gas Tankers
    • Others
  • Singapore Bunker Fuel Market, By Region:

o   Central & East

o   North-East

o   North

o   West

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Singapore bunker fuel market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Singapore bunker fuel market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected] 

In case you don’t find what you are looking for, please get in touch with our custom research team at [email protected]

1.    Product Overview

2.    Research Methodology

3.    Impact of COVID-19 on Singapore Bunker Fuel Market

4.    Executive Summary

5.    Voice of Customers

5.1.  Brand Awareness

5.2.  Factors Considered while Selecting Supplier

5.3.  Customer Satisfaction Level

5.4.  Major Challenges Faced

6.    Singapore Bunker Fuel Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gasoil, and Others)

6.2.2.     By Commercial Distributor (Oil Majors, Large Independent, and Small Independent)

6.2.3.     By Application (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing Vessels, Gas Tankers, and Others)

6.2.4.     By Region

6.2.5.     By Company

6.3.  Product Market Map

7.    Singapore High Sulfur Bunker Fuel Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Commercial Distributor

7.2.2.     By Application

7.2.3.     By Region

8.    Singapore Low Sulfur Bunker Fuel Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Value

8.2.  Market Share & Forecast

8.2.1.     By Commercial Distributor

8.2.2.     By Application

8.2.3.     By Region

9.    Singapore Marine Gasoil Bunker Fuel Market Outlook

9.1.  Market Size & Forecast

9.1.1.     By Value

9.2.  Market Share & Forecast

9.2.1.     By Commercial Distributor

9.2.2.     By Application

9.2.3.     By Region

10.  Market Dynamics

10.1.  Drivers

10.2.  Challenges

11.  Market Trends & Developments

12.  Policy & Regulator Landscape

13.  Singapore Economic Profile

14.  Company Profiles

14.1.  ExxonMobil Corporation

14.2.  BP Singapore Pte Ltd.

14.3.  Total S.A.

14.4.  Royal Dutch Shell plc.

14.5.  Neste Oyj

14.6.  Saudi Arabian Oil Company

14.7.  Marathon Petroleum Corporation

14.8.  Valero Energy Corporation

14.9.  Pemex

14.10.            OAO Gazprom

14.11.            China Petroleum & Chemical Corp (Sinopec Corporation)

15. Strategic Recommendations

In case you don’t find what you are looking for, please get in touch with our custom research team at [email protected]