The Latest Bunker Fuel Industry Statistics Explained
About 80 percent of the world’s maritime fleet is powered by ‘heavy fuel oil,’ or bunker fuel.
The statistic suggests that a significant majority, approximately 80 percent, of the global maritime fleet relies on heavy fuel oil, also known as bunker fuel, as a primary source of power. This reliance on heavy fuel oil highlights the prevalence of this type of fuel within the maritime industry, which is known for its relatively lower cost but higher pollutant emissions compared to cleaner fuel alternatives. The widespread use of heavy fuel oil in the world’s maritime fleet underscores the environmental impact of shipping activities, as these vessels contribute to air pollution and greenhouse gas emissions, thus emphasizing the importance of transitioning towards more sustainable and cleaner fuel options in order to reduce the industry’s carbon footprint and mitigate its environmental impact.
In 2018, bunker fuel market was worth USD 103.8 billion.
The statistic that in 2018 the bunker fuel market was worth USD 103.8 billion quantifies the total value of bunker fuel consumed by various industries such as shipping, aviation, and power generation during that year. Bunker fuel is a type of petroleum fuel used primarily in maritime transport for powering ships and vessels. The market value of USD 103.8 billion indicates the significant economic scale and importance of bunker fuel as a global commodity. This statistic provides insight into the financial magnitude of the market, highlighting its sizable contribution to the overall energy sector and international trade.
The global bunker fuel market is expected to reach USD 273 billion by 2027.
The statistic states that the global bunker fuel market is projected to reach a value of USD 273 billion by the year 2027. This implies a significant growth trend in the market for bunker fuel, which is the type of fuel primarily used by maritime vessels. The increase in market value suggests a growing demand for bunker fuel in the shipping industry, potentially driven by factors such as rising trade volumes, increasing maritime transportation activities, and evolving regulatory requirements. This projection serves as an important indicator of the market’s potential size and economic significance in the coming years, thereby attracting attention from stakeholders interested in the bunker fuel industry.
Asia’s bunker fuel market is account for around 42.6% of the global market share.
The statistic “Asia’s bunker fuel market accounts for around 42.6% of the global market share” indicates that Asia plays a significant role in the global bunker fuel industry, representing nearly half of the market share. Bunker fuel is a type of fuel used by ships for propulsion, and Asia’s dominant position highlights the region’s importance in international maritime trade and shipping activities. This statistic suggests that Asia is a key player in the global energy landscape, with its demand for bunker fuel driving market dynamics and influencing fuel prices worldwide. The region’s market share may also reflect its strategic geographical position and strong economic activities that rely on efficient maritime transportation.
In 2018, Singapore sold around 50 million metric tons of bunker fuel.
The statistic “In 2018, Singapore sold around 50 million metric tons of bunker fuel” indicates the significant economic activity and strategic importance of Singapore as a key player in the global maritime industry. Bunker fuel, a type of fuel used by ships, is a vital commodity for the shipping industry, and Singapore’s position as one of the world’s largest bunkering hubs underscores its role as a major maritime trade and logistics center. The large volume of bunker fuel sales in 2018 highlights Singapore’s pivotal role in facilitating the smooth operation of international shipping activities and serves as a key indicator of the country’s prominence in the global maritime sector.
In 2019, sulfur content in bunker fuel must be reduced to 0.5% from previous 3.5% according to IMO regulations.
The statistic indicates that in 2019, the sulfur content allowed in bunker fuel, which is used by ships for propulsion, was mandated to be reduced from 3.5% to 0.5% by the International Maritime Organization (IMO). This regulation aimed to reduce the environmental impact of shipping by decreasing sulfur oxide emissions, which contribute to air pollution, acid rain, and various health issues. The shift towards lower sulfur content in bunker fuel required the shipping industry to adopt cleaner fuel alternatives or implement technologies such as exhaust gas cleaning systems to comply with the new environmental standards set by the IMO.
The US and Europe account for 30% of the world bunker oil consumption.
This statistic indicates that the United States and Europe together consume approximately 30% of the global bunker oil supply. Bunker oil is a type of fuel used by ships and large vessels, making it a crucial component of international trade and transportation. The fact that the US and Europe account for nearly a third of this consumption suggests their significant role in global maritime activities. It also implies that these regions are major hubs for shipping and maritime commerce, emphasizing their impact on the global energy landscape. This statistic underscores the importance of monitoring and managing bunker oil consumption to ensure sustainable and efficient energy practices worldwide.
The consumption of bunker fuel in Middle East & Africa is projected to surpass 10,000 kilo tons by 2023.
The statistic indicates that the consumption of bunker fuel in the Middle East & Africa region is expected to reach over 10,000 kilo tons by the year 2023. Bunker fuel is a type of fuel used by the shipping industry, and the significant increase in consumption projected for the region suggests a growing demand for maritime transportation services in the Middle East & Africa. This trend could be driven by factors such as economic growth, increasing trade activities, and expanding infrastructure projects in the region, all of which contribute to the need for more fuel for ships. This projection provides insights into the potential growth of the maritime industry in the Middle East & Africa and has implications for the energy sector and environmental considerations related to shipping emissions in the region.
In 2018, the global shipping industry consumed around 11 million barrels per day of bunker fuel.
The statistic states that in 2018, the global shipping industry used approximately 11 million barrels of bunker fuel per day. Bunker fuel is a type of fuel oil that is commonly used by ships and other large vessels for propulsion. This statistic sheds light on the immense consumption of energy and resources by the shipping industry, highlighting its significant impact on the global fuel market and the environment. By quantifying the amount of bunker fuel consumed on a daily basis, this statistic provides insight into the industry’s scale of operations and its contribution to global energy consumption and emissions.
Global maritime shipping makes up about 3% of global carbon dioxide (CO2) emissions.
This statistic indicates that global maritime shipping is responsible for approximately 3% of the total global carbon dioxide (CO2) emissions. Carbon dioxide is a greenhouse gas that contributes to climate change and global warming. Given the significant volume of goods transported by sea around the world, it is important to address the environmental impact of maritime shipping in efforts to reduce overall greenhouse gas emissions. Strategies such as improving fuel efficiency, adopting cleaner fuels, and implementing emission reduction technologies can help mitigate the carbon footprint of the maritime shipping industry and work towards a more sustainable and environmentally friendly future.
The residual fuel segment held a market share of over 78.4% in 2018.
The statistic “The residual fuel segment held a market share of over 78.4% in 2018” indicates that within the fuel industry, specifically in the residual fuel category, this segment accounted for more than 78.4% of the total market share in 2018. This suggests that the residual fuel segment was the dominant player in the market during that year, outperforming other fuel categories. This information could be important for businesses operating within the fuel industry to understand market dynamics and competition, as well as for policymakers and analysts assessing trends and developments in the energy sector.
By mid-2020, the number of ships using exhaust scrubbers to meet the new IMO fuel regulations was approximately 2,900.
The statistic indicates that as of mid-2020, there were an estimated 2,900 ships utilizing exhaust scrubbers as a strategy to comply with the new International Maritime Organization (IMO) fuel regulations. Exhaust scrubbers are a technology used in the maritime industry to reduce harmful pollutants emitted from ship engines, particularly sulfur oxides. The implementation of these scrubbers allows ships to continue using high-sulfur fuel while still meeting the strict environmental standards set forth by the IMO. This statistic highlights the significant adoption of exhaust scrubber technology by the shipping industry to adhere to the regulations aimed at reducing air pollution and improving air quality in coastal areas and beyond.
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