Market Size of Middle-East and Africa Bunker Fuel Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 12.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Middle East and Africa Bunker Fuel Market Analysis
The bunker fuel market in the Middle East and Africa is expected to grow at a CAGR of more than 12% during the forecast period.
The market was negatively impacted by the outbreak of COVID-19 due to regional lockdowns. Currently, the market has rebounded to pre-pandemic levels.
- The increasing preference of LNG-based vessels and growing LNG trade is one of the significant factors driving the demand for bunker fuels in the Middle East and Africa during the forecast period. The region is also a global leader in crude oil production. With the expected increase in production, the demand for bunker fuel is likely to increase.
- However, the environmental concerns and the strict regulations related to emissions from the maritime industry are anticipated to limit the usage of heavy bunker fuels, especially the high Sulfur fuel oil, during the forecast period.
- Middle-East countries like the United Arab Emirates and Saudi Arabia are planning to increase crude oil production. With increased production, the shipping market is likely to witness significant opportunities in the forecast period.
- The United Arab Emirates is one of the largest exporters of crude oil, which also has a significant share in the container shipping sector. With the expected growth in trade, the nation is likely to continue its dominance during the forecast period.
