The bunker fuel market size has grown strongly in recent years. It will grow from $143.36 billion in 2023 to $150.93 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to growing awareness and pressure to reduce greenhouse gas emissions, the modernization of ships and the introduction of new, more fuel-efficient vessels, increased use of larger vessels, and the shift towards ultra-large container ships, and the composition and age of the global shipping fleet. The bunker fuel market size is expected to see strong growth in the next few years. It will grow to $186.28 billion in 2028 at a CAGR of 5.4%. The growth in the forecast period can be attributed to stringent environmental regulations, increasing global trade and shipping activities, adoption of new technologies, investment in bunker fuel infrastructure, and the gradual adoption of alternative fuels. Major trends in the forecast period include innovations in marine fuel technology, the development of more efficient and cleaner-burning fuels, advances in fuel storage and handling technologies, advances in the production of marine fuels, and the development and expansion of bunkering infrastructure.
The expansion of the shipping industry is anticipated to drive the growth of the bunker fuel market moving forward. The shipping industry plays a vital role in global trade and commerce, and its expansion is fueled by factors such as increased global trade volumes, advancements in shipping technology, growth in emerging markets, improvements in port infrastructure, and rising demand for efficient transportation solutions. Bunker fuel is primarily utilized in the shipping industry to power large vessels and cargo ships, serving as the main source of fuel for maritime transportation. For instance, in January 2024, according to the Bureau of Economic Analysis, a US-based government agency, the marine economy contributed $476.2 billion in 2022, which represented 1.8% of the U.S. gross domestic product (GDP), up from $424.2 billion (also 1.8%) in 2021. Consequently, the expansion of the shipping industry is driving the growth of the bunker fuel market.
Get A Free Sample Of The Bunker Fuel Market ReportThe bunker fuel market covered in this report is segmented –
1) By Fuel Type: High Sulfur Fuel Oil (HSFO), Very Low Sulfur Fuel Oil (VLSFO), Marine Gas Oil (MGO), Liquefied Natural Gas (LNG), Other Fuel Types
2) By Vessel Type: Containers, Tankers, General Cargo, Bulk Carriers, Other Vessel Types
3) By Seller Type: Major Oil Company, Large Independent Distributors, Small Independent Distributors
By Geography:The regions covered in the bunker fuel market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the bunker fuel market in 2023.
PetroChina International, Shell plc, ExxonMobil Marine Fuels, BP plc, Chevron Corporation, TotalEnergies Marine Fuels, Gunvor Group, Petrobras, Marubeni Corporation, World Fuel Services, Bunker Holding, Enoc, Noble Group, OceanConnect Marine, Vitol Group, Panocean, Smit Lamnalco, Aegean Marine Petroleum Network Inc., Bomin Bunker Oil Corp., KP Marine, Unipec, Fujairah Oil Terminal, MOL Group
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Bunker fuel refers to the type of fuel used to power ships, primarily for marine propulsion and power generation. It is a heavy, viscous oil derived from the refining of crude oil and includes several grades, such as IFO (intermediate fuel oil) and MDO (marine diesel oil). Bunker fuel is commonly used in large vessels due to its cost-effectiveness compared to lighter fuels. It is stored in the ship's bunker tanks and is crucial for maintaining marine operations, particularly for commercial shipping and naval vessels.
Bunker Fuel Global Market Report 2023 provides data on the global bunker fuel market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The bunker fuel market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.