Global Bunker Fuel Market By Overview
Introduction
Bunker Fuel Market was valued at US$ 147.3 Billion in 2024 and is projected to grow at a CAGR of 8.20% to reach US$ 302.9 Billion by 2034.
Bunker Fuel also known as marine fuel or ship fuel, refers to the type of fuel used by ships and other large marine vessels. It is a heavy fuel oil specifically designed to meet the energy needs of marine engines. Bunker fuel is characterized by its high viscosity, density, and energy content, which make it suitable for powering marine propulsion systems.
Liquefied natural gas (LNG) is emerging as a cleaner alternative to traditional bunker fuels. LNG has lower sulfur and particulate matter emissions and can significantly reduce greenhouse gas emissions compared to conventional fuels. As infrastructure for LNG bunkering expands, and more LNG-powered vessels enter the market, the demand for LNG as a bunker fuel is likely to grow. As global trade expands and maritime transportation demand increases, the demand for bunker fuel is expected to rise. Factors such as economic growth, commodity demand, and geopolitical developments will influence the overall shipping industry and subsequently impact Bunker Fuel Market.
Global Bunker Fuel Market By Dynamics
Increasing Maritime Freight Transportation
International trade continues to grow, driven by globalization, population growth, and economic development. As a result, there is an increasing need for maritime transportation to move goods across borders and continents. Ships are the primary mode of transporting goods in bulk, including commodities like crude oil, coal, iron ore, grains, and containerized cargo. The growth of global trade directly translates into higher demand for bunker fuel to power the shipping fleet.
For instance, in December 2021, the port of Duqm now has a contemporary marine bunker terminal operating, greatly boosting its appeal to local and international ships. The terminal's 30,000 cubic meter capacity allows for the provision of different bunker fuel grades, including marine petrol oil (MGO), higher sulphur fuel oil (HFO) and very low sulphur fuel oil (VLSFO). Due to its adaptable architecture, the facility can accommodate ships' needs for low-sulfur fuel in accordance with norms that the International Maritime Organization (IMO) has recently imposed.
Increasing Adoption of LNG as Bunker Fuel
Even if LNG is becoming more popular as a bunker fuel, there are still issues to be resolved. Among these are the requirement for more LNG bunkering infrastructure, logistics for the LNG supply chain, regulatory harmonization, and guaranteeing the long-term viability of LNG as a bridging fuel in the move towards emission-free shipping. Nevertheless, with its environmental benefits and potential for energy diversification, LNG is expected to continue gaining traction as a bunker fuel in the maritime industry.
Restrains:
Bunker Fuel Market is influenced by fluctuations in crude oil prices. Changes in oil prices can have a direct impact on bunker fuel costs, which, in turn, affect the profitability and operational expenses of shipping companies. Volatility in oil prices can create uncertainty and restrain Bunker Fuel Market growth.
Global Bunker Fuel Market By Segmentation
Bunker Fuel Market is segmented based on Type, Application and Region.
Type Insight
On the basis of Type, Bunker Fuel Market is segmented into Distillate Fuel Oil, Residual Fuel Oil, and LNG. Distillate Fuel Oil is expected to dominate the target market growth as it has lower sulfur content compared to residual fuel oil, typically below 0.50% m/m to comply with environmental regulations. Marine Gas Oil (MGO) is commonly used in smaller vessels, such as ferries, coastal ships, and some inland vessels. It is also used as a marine fuel in emission-controlled areas.
Application Insights
On the basis of Function Type, Bunker Fuel Market is segmented into Tanker Vessels, Container Vessels, Bulk Vessels, and General Cargo Vessels. Tanker Vessels are expected to dominate the target market growth as tanker vessels are designed for the transportation of liquid cargo, including crude oil, petroleum products, chemicals, and liquefied gases. They play a crucial role in the global energy supply chain. Tankers require significant quantities of bunker fuel due to their size and power requirements.
Regional Insights:
On the basis of region the Bunker Fuel Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific is estimated to witness a significantly high revenue share over the forecast period, as The Asia-Pacific region, including countries like China, Japan, South Korea, Singapore, and Malaysia, has been a major player in the bunker fuel market. It has witnessed substantial growth in maritime trade and is home to some of the world's busiest ports, such as Shanghai, Singapore, and Busan.
Europe, particularly countries like the Netherlands, Germany, and Belgium, has been a key region in the bunker fuel market due to its strategic location and extensive maritime trade. European ports, such as Rotterdam, Antwerp, and Hamburg, are major bunkering hubs.
Report Scope:
|
Attribute |
Details |
|
Base year for estimation |
2023 |
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Forecast period |
2024 – 2034 |
|
Market representation |
Revenue in USD Billion & CAGR from 2024 to 2034 |
|
Market Segmentation |
By Type - Distillate Fuel Oil, Residual Fuel Oil, and LNG By Application - Tanker Vessels, Container Vessels, Bulk Vessels, and General Cargo Vessels |
|
Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
|
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2022 to 2032. For the purpose of this study, has segmented the Bunker Fuel Market report based on Type, Application and Region:
Bunker Fuel Market, By Type:
- Distillate Fuel Oil
- Residual Fuel Oil
- LNG
Bunker Fuel Market, By Application:
- Tanker Vessels
- Container Vessels
- Bulk Vessels
- General Cargo Vessels
Bunker Fuel Market, By Region:
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-
- North America
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- U.S.
- Canada
-
- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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- North America
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Global Bunker Fuel Market By Key Players
The key players operating the Bunker Fuel Market includes, Exxon Mobil, World Fuel, Services, BP, Shell, China Marine Bunker, Bunker Holding, Total Marine Fuel, Chemoil, Bright Oil and Sinopec.
Global Bunker Fuel Market By Company Profile
- Exxon Mobil *
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- World Fuel, Services
- BP
- Shell
- China Marine Bunker
- Bunker Holding
- Total Marine Fuel
- Chemoil
- Bright Oil and Sinopec
“*” marked represents similar segmentation in other categories in the respective section
Recent Development:
- In January 2023, global energy and commodity price reporting agency ARGUS launched the world’s first independently assessed price for ship bunker fuel that includes a biofuel component. As ship fuel consists of 24% used cooking oil methyl ester (UCOME) and 76% very-low sulphur fuel oil (VLSFO), delivered-on-board in Singapore, the revised B24 daily evaluation represents the market value of "bunkers". According to the company, the marine sector is embracing the need to change and lower greenhouse gas emissions. The new B24 evaluations, which are the first biofuel bunker pricing in the history of the world, provide crucial transparency to this young and developing market. This market will become more and more crucial as the sector transitions to the creation of affordable zero-carbon alternatives.
- In February 2023, PRIO launched its new ECO Bunkers B30 biofuel in partnership with Norwegian Cruise Line Holdings and World Fuel Services. PRIO to launching ECO Bunkers E20, a 20% biofuel blend, PRIO first introduced ECO Bunkers B15, a green ship fuel with 15% biodiesel. The new ECO Bunkers B30 is a blend of 30% advanced biofuel made from waste feedstock’s and manufactured in the biodiesel plant of PRIO, which is then blended at PRIO's tank terminal in Aveiro. Because of the flexibility of this blending method, it is feasible to scale production in accordance with demand and change the proportion of biodiesel mixtures (up to a 100% renewable product, which allows for a reduction of up to 86% in greenhouse gas emissions), in accordance with client needs and sustainability goals.
- In April 2022, SGS launched a new program, BunkerPro – global bunker fuel testing, to monitor the quality, inclusive of the capability and sustainability, of delivered fuels during and after bunkering. Accessible from anywhere in the world, BunkerPro uses its distinctive laboratory footprint, understanding of the industry, and digital technology to offer a tailored quality control program created for your bunker requirements. In order to give our customers with fast and accurate information on the quality of their fuel, BunkerPro offers bunker fuel and distillate testing to ISO 8217 International Standard versions 2010/2012/2017.
- In October 2021, S&P Global Platts launched of two new daily methanol bunker fuel price assessments reflecting the value of methanol used as a marine fuel at the ports of Singapore and Houston. Due to increased vessel construction and associated activity at key bunkering hubs around the world, methanol has experienced an increase in demand for usage as a marine fuel.
Global Bunker Fuel Market By Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Preview
- Executive Summary
- Key Findings—Global Outlook for medical carts Strategies
- Key Questions this Study will Answer
- Market Snippet, By Type
- Market Snippet, By Application
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restrains
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Bunker Fuel Market, By Type, 2022 – 2032, (US$ Bn)
- Overview
-
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Distillate Fuel Oil
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Residual Fuel Oil
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- LNG
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
-
- Bunker Fuel Market, By Application, 2022 – 2032, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Tanker Vessels
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Container Vessels
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Bilk Vessels
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- General Cargo Vessels
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Overview
- Bunker Fuel Market, By Region, 2022 – 2032, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Regional Trends
- North America
- Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Overview
-
- Latin America
- Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- Latin America
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-
-
- Brazil
- Mexico
- Rest of Latin America
-
- Middle East & Africa
- Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
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-
-
-
- GCC
- Israel
- South Africa
- Rest of Middle East
-
-
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
- Exxon Mobil
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- World Fuel Services
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- BP
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Shell
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- China Marine Bunker
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Bunker Holding
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Total Marine Fuel
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Chemoil
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Bright Oil
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Sinopec
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- The Last Word
- Future Impact
- About Us
- Contact
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