The report, now available on ASDReports, recognizes the following companies as the key players in the global bunker oil market: BP, Chevron, Exxon Mobil, Gazprom, HPCL, and Royal Dutch Shell.
Commenting on the report, an analyst said: “One trend in the 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.”
According to the 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.
Further, the report states that one challenge in the market is fluctuations in oil and gas. The bunker oil is directly linked to the crude oil prices, and its success or failure depends on the pricing of this commodity. The oil and gas industry witnessed a prolonged period of low crude oil prices since July 2014.
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Source: ASDReports - Market Research
Date: Apr 23, 2018