[April 08, 2018]

Top Factors Driving the Global Bunker Oil Market | Technavio

Technavio market research analysts forecast the global bunker oil market to grow at a CAGR of close to 4% during the period 2018-2022, according to their latest report.

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Technavio has published a new market research report on the global bunker oil market from 2018-2022. (Graphic: Business Wire)

This market research report segments the global bunker oil market into the following product, including residual fuel and distillate fuel and key regions, including the Americas, APAC, and EMEA.

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In this report, Technavio analysts highlight the increasing naval expenditure as a key factor contributing to the growth of the global bunker oil market:

Increasing naval expenditure

At present, the external threats that any country face is directly related to security issues. These external threats may be another country, terrorist organization, or an individual. Governments of several countries are increasing their spending to raise the defense capacities of their countries in order to combat such threats. As a crucial part of the armed forces, the overall naval spending has also witnessed a significant increase.

According to a senior analyst at Technavio for oil and gas, "During the forecast period, the global military expenditure is likely to increase. Countries such as the US, China, Saudi Arabia, India, and Russia are the largest defense spending nations globally. Additionally, over the past few years, certain countries such as Indonesia and South Korea have also increased their military spending significantly."

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Global bunker oil market segmentation

Of the two major products, the residual fuel segment held the largest market share in 2017, accounting for nearly 87% of the market. The market share for this product is expected to decrease nearly 11% by 2022. The fastest growing product is distillate fuel, which will account for nearly 24% of the total market share by 2022.

APAC was the leading region for the global bunker oil market in 2017, accounting for a market share of nearly 40%. By 2022, APAC is expected to continue dominating the market and register the highest growth rate.

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