USD 110.69 billion
Report ID:
SQMIG10B2043 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
122
|Figures:
77
Global Bunker Fuel Market size was valued at USD 110.69 billion in 2019 and is poised to grow from USD 112.9 billion in 2023 to USD 158.34 billion by 2031, growing at a CAGR of 4.32% in the forecast period (2024-2031).
The global bunker fuel market is expected to grow at a significant pace during the forecast period. Bunker fuel is a heavy fuel oil that is used in ships to power their engines. The increasing demand for shipping and the rising global trade are some of the key factors driving the growth of the bunker fuel market. The market is also being driven by the increasing demand for low-sulfur bunker fuel, which is being mandated by international regulations.
The increasing awareness about the harmful effects of sulfur emissions from ships is also driving the demand for low-sulfur bunker fuel. The market is also being driven by the increasing investments in the development of new refineries and the expansion of existing ones. The use of bunker fuel is expected to remain high in the shipping industry, which is one of the major end-users of bunker fuel. The market is also being driven by the increasing adoption of LNG as a bunker fuel. LNG is a cleaner fuel compared to traditional bunker fuel and is being increasingly adopted by ship owners to comply with the new sulfur emission regulations. The increasing demand for LNG as a bunker fuel is expected to create new opportunities for players operating in the market.
However, the market is also facing several challenges. The volatility in crude oil prices is one of the major challenges facing the bunker fuel market. The high cost of bunker fuel is also a major concern for ship owners. The increasing focus on sustainability and the adoption of alternative fuels is also expected to pose a challenge to the growth of the bunker fuel market.
US Bunker Fuel Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 110.69 billion
Largest Segment
Containers
Fastest Growth
Containers
Growth Rate
4.32% CAGR
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Global Bunker Fuel market is segmented on the basis of fuel type, fuel grade, vessel type, commercial distributor, and region. By fuel type, the Bunker Fuel Market is segmented into High Sulfur Fuel Oil (HSFO), Very Low Sulfur Fuel Oil (VLSFO), Marine Gas Oil (MGO), Liquefied Natural Gas (LNG), Other Fuel Types. By fuel grade, the Bunker Fuel Market is segmented into IFO 380, IFO 180, MGO/MDO, Other IFO. By vessel type, the Bunker Fuel Market is segmented into Containers, Tankers, General Cargo, Bulk Carriers, Other Vessel Types. By commercial distributor, the Bunker Fuel Market is segmented into Oil Majors, Large Independent Distributor, Small Independent Distributor. By region, the Bunker Fuel Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Bunker Fuel Market Analysis by Vessel Type
In 2021, the tanker segment dominated the global bunker fuel market, accounting for more than 40% of the market share. The segment is expected to continue growing steadily in the coming years due to the increasing demand for crude oil, petroleum products, chemicals, and liquid raw materials. Crude oil, in particular, is a major source of power generation, used to power vehicles, heat buildings, and generate electricity. The tanker fleet segment consists of specialized vessels designed for the transportation of Liquefied Petroleum Gas (LPG) and Liquefied Natural Gas (LNG).
The container segment held 30% of the market share in 2021. Container fleets are widely used for transporting goods such as electrical machinery, metal products, and accessories. The bulk & general cargo fleet, as well as the others segment (which includes passenger ferries and cruise ships), are projected to grow at a steady pace during the forecast period.
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North America region dominated the Bunker Fuel market in 2021 and is expected to maintain its dominance throughout the forecast period. North America is the primary region for offshore oil extraction activities, with a greater focus on developing offshore wind projects. The bunker fuel market in North America is driven by the growth in inter-regional trade and other value-added services. Europe offers a cost-effective transport solution and is home to some of the busiest trading routes globally. The Asia Pacific is the fastest growing market and it is emerging as a leader in the bunker fuel market due to its prominent commodity consumption centers. The presence of emerging economies in the region, such as India, China, Thailand, and Japan, is contributing to the growth in marine trading and boosting the demand for bunker fuel. The Middle East is known for its significant hydrocarbon exports worldwide. The current development in offshore projects and importing goods from neighboring countries is expected to further increase the demand for bunker fuel in the region.
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Bunker Fuel Market Drivers
Increasing global trade is propelling the Bunker Fuel market
Implementation of environmental regulations is driving market growth
Bunker Fuel Market Restraints
Volatility in crude oil prices is anticipated to limit market growth
Emergence of alternative fuels might limit market growth
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The bunker fuel market is highly competitive, with many small to big players operating in the industry. Some of the major companies operating in the market are Gazpromneft Marine Bunker LLC, ExxonMobil Corporation, Shell PLC, TotalEnergies SE, and BP PLC, among others. These companies are involved in the production, distribution, and supply of bunker fuel to the shipping industry. However, the market is highly competitive, and smaller players also operate in the industry, providing bunker fuel to specific geographic regions or niche segments of the market. As a result, the market remains fragmented, and companies must continually innovate and adapt to remain competitive.
Bunker Fuel Market Top Player’s Company Profiles
Bunker Fuel Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Bunker Fuel market analysis, the global bunker fuel market is expected to grow at a significant pace during the forecast period. The increasing demand for low-sulfur bunker fuel and the adoption of LNG as a bunker fuel are some of the key factors driving the growth of the market. However, the market is also facing several challenges, including the volatility in crude oil prices, the high cost of bunker fuel, and the increasing focus on sustainability. Players operating in the market need to focus on developing sustainable and cost-effective solutions to address these challenges and tap into the growing opportunities in the market.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 110.69 billion |
Market size value in 2031 | USD 158.34 billion |
Growth Rate | 4.32% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Bunker Fuel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Bunker Fuel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Bunker Fuel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Bunker Fuel Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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REQUEST FREE CUSTOMIZATIONBunker Fuel Market size was valued at USD 110.69 billion in 2019 and is poised to grow from USD 112.9 billion in 2023 to USD 158.34 billion by 2031, growing at a CAGR of 4.32% in the forecast period (2024-2031).
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Report ID: SQMIG10B2043