Bunker Fuel Market is estimated to be US$ 302.9 Billion by 2034 with a CAGR of 8.20% during the forecast period

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Published Date: April 2024

Bunker Fuel Market accounted for US$ 147.3 Billion in 2024 and is estimated to be US$ 302.9 Billion by 2034 and is anticipated to register a CAGR of 8.20%. Bunker fuel is a fuel used on board a ship and most commonly used type is residual fuel oil bunker or Bunker C. The various grades of bunker fuel are mentioned below:

Bunker A - Gasoil range bunker fuel, typically called marine diesel or marine gasoil
Bunker B - Low-viscosity vac reside range bunker fuel. Typically cut with some lighter material (VGO) to reduce viscosity to the point that it will flow without heating
Bunker C - The most common form of bunker. Composed primarily of vac resid range material, with a high viscosity that requires heating in order to pump. Typically sold at several viscosity specifications: 180 centistoke, 380 centistoke, or 460 centistoke, with 380 being the most common grade. The viscosities are measured at 50C, the typical heated temperature of the fuel

The report “Bunker Fuel Market By Type (Distillate Fuel Oil, Residual Fuel Oil, and LNG), By Application (Tanker Vessels, Container Vessels, Bulk Vessels, and General Cargo Vessels), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2034”

Key Highlights:

In April 2021, World bank backs ammonia as future bunker fuel.
In April 2021, Shangai international energy exchange(INE) launched bunker fuel futures contract which has seen its first use in International trade.
In January 2023, Argus launched new world’s first biofuel blended ship bunker price that includes biofuel component. New launched “B24” daily assessment will able to reflect the market value of bunkers as ship fuel made with 74% low sulphur fuel oil and 24% of cooking oil methyl ester.

Analyst View:

IMO regulation on sulfur content in the marine fuel and increase in offshore oil & gas exploration activities are the major key driving factors in the growth of the global market. However, fuel reduction initiatives by the shipping community is the key factor which might hamper the growth of the global market. Increase in focus toward LNG as an alternative marine fuel is expected to create opportunity in the global bunker fuel market.

Key Market Insights from the report:

The Bunker Fuel Market accounted for US$ 147.3 Billion in 2024 and is estimated to be US$ 302.9 Billion by 2034 and is anticipated to register a CAGR of 8.20%. The bunker fuel market report segments the market on the basis of type, application, and region.

By type, the Bunker Fuel Market is segmented into Distillate Fuel Oil, Residual Fuel Oil and LNG

By application, the market is segmented in Tanker Vessels, Container Vessels, Bulk Vessels, and General Cargo Vessels.

By region, the Bunker Fuel Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape:

The key players operating in the Bunker Fuel Market include Exxon Mobil, World Fuel, Services, BP, Shell, China Marine Bunker, Bunker Holding, Total Marine Fuel, Chemoil, Bright Oil and Sinopec.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period

Key Topics Covered