Global IMO Compliant Marine Fuel Market, By Type (Distillate/Marine Gas Oil (MGO), Ultra-Low Sulfur Marine Oil (ULSFO), Very-Low Sulfur Fuel Oil (VLSFO)), Application (Oil Tankers, Bulk Carriers, General Cargo, Container Ships, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global IMO Compliant Marine Fuel Market
The IMO compliant marine fuel market is expected to witness market growth at a rate of 8.00% in the forecast period of 2021 to 2028 and is expected to reach USD 3.54 billion by 2028. Data Bridge Market Research report on IMO compliant marine fuel market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The increasing demand for the fuels is escalating the growth of IMO compliant marine fuel market.
The ships generally use bunker oil which is a heavy fuel oil derived as a residue from crude oil distillation. The crude oil has sulphur in it which leads combustion in the engine, resulting in ship emissions. Sulphur oxides (SOx) are considered to be harmful to human health, especially causing respiratory symptoms and lung disease. This is also responsible for acid rain and have adhere effects on crops, forests and aquatic species and acidifies oceans. IMO regulations are implemented to reduce sulphur oxides (SOx) emissions from ships and tighten the use of it which means that low sulphur fuels such as middle distillates would displace high sulphur fuel oil in the bunker fuel business.
The increasing pressure on manufacturers to build new cargo ships to reduce greenhouse gas emissions in the industry and the need to reduce sulphur oxides (SOx) emissions from ships are the major factors driving the IMO compliant marine fuel market. Growing concern for desulfurization in the maritime transportation industry and increasing hydrocarbon resource activities in offshore areas accelerate the IMO compliant marine fuel market growth. The implementation of environmental regulations on sulfur emission, high consumption of fuel on per day and the rise in the concerns regarding climate change influence the IMO compliant marine fuel market. Additionally, expansion of maritime industry, development and adoption of measures to improve the safety and security of international shipping and to prevent pollution from ships, increasing premature deaths, growing number of research and development activities and surge in the investment for research projects positively affect the IMO compliant marine fuel market. Furthermore, ULSFO Compliant Marine Oil in the developing economies extends profitable opportunities to the IMO compliant marine fuel market players in the forecast period of 2021 to 2028.
On the other hand, high cost associated with the operating of compliant fuels is expected to obstruct the IMO compliant marine fuel market growth. The rise in concerns regarding microbial contamination in compliant fuels is projected to challenge the IMO compliant marine fuel market in the forecast period of 2021 to 2028.
This IMO compliant marine fuel market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on IMO compliant marine fuel market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
IMO Compliant Marine Fuel Market Scope and Market Size
The IMO compliant marine fuel market is segmented on the basis of type and application. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of type, the IMO compliant marine fuel market is segmented into distillate/marine gas oil (MGO), ultra-low sulfur marine oil (ULSFO) and very-low sulfur fuel oil (VLSFO).
- On the basis of application, the IMO compliant marine fuel market is segmented into oil tankers, bulk carriers, general cargo, container ships and others.
Global IMO Compliant Marine Fuel Market Country Level Analysis
The IMO compliant marine fuel market is analyzed and market size, volume information is provided by country, type and application as referenced above.
The countries covered in the globally IMO compliant marine fuel market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the IMO compliant marine fuel market because of the growth of marine oil industry in countries such as Singapore and China. North America is expected to witness significant growth during the forecast period of 2021 to 2028 due to the emission-control areas and high utilization of compliant fuel oil.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and IMO Compliant Marine Fuel Market Share Analysis
The IMO compliant marine fuel market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to IMO compliant marine fuel market.
The major players covered in the IMO compliant marine fuel market report are Exxon Mobil Corporation, Shell, bp p.l.c., Chevron Corporation, China Petrochemical Corporation, Gazprom Neft PJSC, Indian Oil Corporation Ltd, PetroChina Company Limited, Petrobras, Shell, Total, CHINA COSCO, Clipper Oil, Inc., Marquard & Bahls, Peninsula Petroleum Limited, SK SHIPPING among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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