Newark, July 11, 2022 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global bunker fuel market is expected to grow from USD 92.39 billion in 2021 to USD 136.84 billion by 2030, at a CAGR of 4.46% during the forecast period 2022-2030.
The increase in offshore oil & gas exploration activities is anticipated to expand demand for the bunker fuel market during the projection period. Further, the rising number of LNG-fuelled fleets, increasing natural gas trade, and the International Maritime Organization (IMO) regulation on sulfur content in maritime fuel are the driving factors of the market growth. Moreover, fuel reduction initiatives by the shipping community, environmental concerns, and strict regulation on the usage of bunker fuel are the restraining factors of the market growth. Furthermore, growth in awareness toward reducing environmental pollution and rising international marine trade are opportunities for market growth.
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Competitive Strategy
To enhance their market position in the global bunker fuel market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• For example, the Minerva Bunkering Company started providing maritime fuels at Saudi Arabia’s Red Sea ports of Jeddah and Yanbu in…
