Market Size of China Bunker Fuel Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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China Bunker Fuel Market Analysis
The China bunker fuel market is expected to grow at a CAGR of around 4.5% during the forecast period. Factors such as high trade activities with major economies across the globe is expected to drive the market. However, as the country is a net exporter to a diversified destination, so with the outbreak of COVID-19, the global economic slowdown had a significant negative impact on the Chinese maritime industry during 2020. With the slow recovery from COVID-19 in some major export, destinations are likely to hinder the market growth during the forecast period.
- Trade tension between the United States and China is likely to have a negative impact on the Chinese maritime business and the country's bunker fuel market during the forecast period.
- Chinese Ministry of Transport plans for building infrastructure and utilizing LNG as a marine fuel by 2025 is likely to create an opportunity for the LNG marine fuel growth in the near future.
- The container vessels held a significant market share in 2019, and is likely to continue its dominance during the forecast period.
