The bunker fuel market has shown strong growth, expected to grow from $143.36 billion in 2023 to $150.93 billion in 2024 at a CAGR of 5.3%. Growth is attributed to emission reduction awareness, ship modernization, adoption of larger vessels, the shift to ultra-large container ships, and fleet composition.
The bunker fuel market is expected to see strong growth, reaching $186.28 billion by 2028, at a CAGR of 5.4%. Growth drivers include environmental regulations, global trade and shipping, new technologies, bunker fuel infrastructure investments, and alternative fuels adoption. Key trends include marine fuel technology innovation, cleaner-burning fuels, fuel storage advancements, marine fuel production, and bunkering infrastructure development.
Major Driver In The Bunker Fuel Market
The expansion of the shipping industry is anticipated to accelerate the growth of the bunker fuel market. The shipping industry’s growth is driven by increased global trade, technological advancements, and improvements in port infrastructure. Bunker fuel is essential for powering large vessels in maritime transportation. In January 2024, the Bureau of Economic Analysis reported that the U.S. marine economy contributed $476.2 billion to the GDP in 2022, up from $424.2 billion in 2021. Thus, the expansion of the shipping industry is propelling the bunker fuel market’s growth.
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Bunker Fuel Market Competitive Landscape
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
Key Bunker Fuel Market Trend
Companies in the bunker fuel market are focusing on multi-fuel solutions to stay competitive. A multi-fuel solution allows marine vessels to use different fuels for propulsion and power. In June 2023, Bunker Holding launched a methanol-ready bunker tanker, the MT NORE, which serves as a multi-fuel bunkering tanker in Scandinavian and Northwest European waters. The tanker has 3,500 tons of storage capacity and accommodates various products, supporting future methanol bunkering.
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Global Bunker Fuel Market Segmentation
The 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.
The Bunker Fuel Global Market Report 2024 furnishes information about the global bunker fuel market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
