The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Understanding several aspects of the global bunker fuel market, Persistence Market Research has put forth an in-depth analysis on various trends, opportunities, challenges, drivers and restraints influencing the growth of the market in its recent research report titled “Bunker Fuel Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025)”. Various facets of the global bunker fuel market are analyzed across the key regions of North America, Europe, Latin America, Asia Pacific and Middle East and Africa. An exhaustive analysis of the global bunker fuel market covers weighted segmentation analysis, competitive assessment and forecast projections with respect to value and volume for a period of five years from 2017 till 2025.
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Global Bunker Fuel Market: Forecast Highlights
The global bunker fuel market is expected to witness robust growth in the coming years and is projected to grow at a high value CAGR of 7.4% throughout the period of assessment. In 2017, the global market was valued at about US$ 140 Bn and is estimated to reach a valuation of just under US$ 250 Bn by the end of the year of assessment (2025).
Global Bunker Fuel Market: Segmentation Analysis
The global bunker fuel market is segmented on the basis of type, end use and region.
In the region category, Asia Pacific (APAC) is the largest regional market reflecting high attractiveness. The bunker fuel market in Asia Pacific is expected to reach a high market valuation by the end of the year of assessment and is projected to grow at the highest value CAGR of 8.2% throughout the period of forecast. Bunker fuel market in Europe is the second largest in terms of market value and growth rate.
In the type category, the other IFO segment is highly lucrative and is projected to grow at an exponential value CAGR of 21.1% during the period of forecast to reach a high valuation of more than US$ 170 Bn by the end of the period of forecast. Both IFO 180 segment and IFO 380 segment in this category are anticipated to reflect a negative value CAGR during the said period with a low market valuation.
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In the end use category, the bulk carriers and general cargo segment is expected to register a high CAGR of 8.1% throughout the forecast period. This segment is also estimated to reflect a high valuation throughout the period of assessment and is likely to dominate the global bunker fuel market. The adoption of bunker fuel is widely seen in tankers. The tanker segment is the second largest with respect to market share and is projected to grow at a significant value CAGR during the assessment period.
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