Market Size of Singapore Bunker Fuel Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 14.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Singapore Bunker Fuel Market Analysis
The Singapore bunker fuel market is expected to grow at a CAGR of more than 14% during the forecast period of 2020-2025. The bunker fuel market in the country is mainly driven by the ever-rising marine transportation of essential commodities, implementation of the stricter environmental regulations driving the demand for cleaner bunker fuels, and the increase in the use of support vessels for offshore oil and gas developments. However, the outbreak of the COVID-19 leading to the global economic slowdown and drop in maritime imports and exports are likely to restrain the growth of the Singapore bunker fuel market in the coming years.
- The Very Low Sulfur Fuel Oil (VLSFO) is expected to witness significant growth in the market during the forecast period, owing to factors like the IMO 2020 Regulations that came into effect from January 1st, 2020.
- Developing sea trade routes and rising international maritime trade may offer tremendous opportunities for marine fuel suppliers in the region.
- Singapore is likely to witness a surge in the bunker fuel market owing to IMO 2020 Regulations and recovery in maritime trade.
