Bunker Oil market report states that one challenge in the market is fluctuations in oil and gas.Commenting on the bunker oil market report, an analyst says one trend in the Bunker Oil Market is growing LNG market. The LNG is used to reduce emissions of greenhouse gases (GHG), as it is odorless, non-toxic, and non-corrosive.
It also evaporates quickly when exposed to air, leaving no residue behind. The analysts forecast global bunker oil market to grow at a CAGR of 3.74% during the period 2018-2022.
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According to the bunker oil market report, one driver in the market is increasing naval expenditure. The governments across the globe are increasing their spending to raise the defense capacities of their countries to combat external threats pertaining to security issues.
The global military expenditure is likely to increase considerably over the next few years.
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Key players in the global bunker oil market: BP, Chevron, Exxon Mobil, Gazprom, HPCL, and Royal Dutch Shell. Bunker fuels are also known as marine fuels and are mainly divided into two categories, namely, residual fuel (heavy fuel oil) and the distillates.
Marine fuels are supplied to the shipping industry for using them in ships bunkers to power their engines.
The report covers the present scenario and the growth prospects of the global bunker oil market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography: