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 shipowners 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 shipowners 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.
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Attribute
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Details
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Base Year
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2021
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Historic Data
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2017 –
2020
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Estimated Year
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2022
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Forecast Period
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2023
– 2027
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Quantitative Units
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Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027
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Report coverage
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Revenue
forecast, company share, competitive landscape, growth factors, and trends
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Segments covered
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·
Type
·
Commercial Distributor
·
Application
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Regional scope
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Central
& East, North-East, North, West
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|
Key companies profiled
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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)
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|
Customization scope
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10%
free report customization with purchase. Addition or alteration to regional
& segment scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and
Excel through Email (We can also provide the editable version of the report
in PPT/Word format on special request)
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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]