Top Factors Driving the Global Bunker Oil Market | Technavio

LONDON–(BUSINESS WIRE)–#Energy—Technavio
market research analysts forecast the global
bunker oil market to grow at a CAGR of close to 4% during
the period 2018-2022, according to their latest report.

This market research report segments the global bunker oil market into
the following product, including residual fuel and distillate fuel and
key regions, including the Americas, APAC, and EMEA.

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In this report, Technavio analysts highlight the increasing naval
expenditure as a key factor contributing to the growth of the global
bunker oil market:

Increasing naval expenditure

At present, the external threats that any country face is directly
related to security issues. These external threats may be another
country, terrorist organization, or an individual. Governments of
several countries are increasing their spending to raise the defense
capacities of their countries in order to combat such threats. As a
crucial part of the armed forces, the overall naval spending has also
witnessed a significant increase.

According to a senior analyst at Technavio for oil
and gas, “During the forecast period, the global military
expenditure is likely to increase. Countries such as the US, China,
Saudi Arabia, India, and Russia are the largest defense spending nations
globally. Additionally, over the past few years, certain countries such
as Indonesia and South Korea have also increased their military spending
significantly.”

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Global bunker oil market segmentation

Of the two major products, the residual fuel segment held the largest
market share in 2017, accounting for nearly 87% of the market. The
market share for this product is expected to decrease nearly 11% by
2022. The fastest growing product is distillate fuel, which will account
for nearly 24% of the total market share by 2022.

APAC was the leading region for the global
bunker oil market in 2017, accounting for a market share of
nearly 40%. By 2022, APAC is expected to continue dominating the market
and register the highest growth rate.

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