USD 110.69 billion
Global Bunker Fuel Market Size, Share, Growth Analysis, By Fuel Type(High Sulfur Fuel Oil (HSFO), Very Low Sulfur Fuel Oil (VLSFO)), By Fuel Grade(IFO 380, IFO 180), By Vessel Type(Containers, Tankers), By Commercial Distributor(Oil Majors, Large Independent Distributor) - Industry Forecast 2024-2031
Report ID:
SQMIG10B2043 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
122 |
Figures:
77
Global Bunker Fuel Market Insights
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Containers
Fastest Growth
Containers
Growth Rate
4.32% CAGR
Global Bunker Fuel Market by vessel type ($ Bn)
Country Share for North America Region (%)
Global Bunker Fuel Market by vessel type ($ Bn)
Global Bunker Fuel Market by vessel type (%)
To get more reports on the above market click here to Buy The Report
Global Bunker Fuel Market Segmental Analysis
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.
Global Bunker Fuel Market by vessel type, 2023 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Global Bunker Fuel Market Regional Insights
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.
Global Bunker Fuel Market By Region, 2024-2031
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Bunker Fuel Market Dynamics
Bunker Fuel Market Drivers
Increasing global trade is propelling the Bunker Fuel market
- The global trade volume is expected to grow in the coming years, particularly in emerging economies such as China and India. This growth is likely to increase the demand for shipping and bunker fuel. For example, the expansion of the Panama Canal has led to an increase in the number of larger ships passing through the canal, which has increased the demand for bunker fuel.
Implementation of environmental regulations is driving market growth
- The shipping industry is facing increased scrutiny over its environmental impact. As a result, several regulations have been implemented to reduce emissions from ships, such as the International Maritime Organization's (IMO) sulfur cap regulation. This has led to the development of cleaner and more efficient fuels, such as low-sulfur bunker fuel and LNG (liquefied natural gas) as a bunker fuel.
Bunker Fuel Market Restraints
Volatility in crude oil prices is anticipated to limit market growth
- Bunker fuel is derived from crude oil, which makes the market vulnerable to fluctuations in crude oil prices. This volatility can make it difficult for shipping companies to forecast their bunker fuel costs accurately and make it challenging for suppliers to maintain a steady supply at a stable price.
Emergence of alternative fuels might limit market growth
- The development of cleaner and more efficient fuels, such as LNG and hydrogen, has emerged as a potential threat to the bunker fuel market. The adoption of these fuels could reduce the demand for bunker fuel and impact the profitability of companies that rely on it.
Request Free Customization of this report to help us to meet your business objectives.
Global Bunker Fuel Market Competitive Landscape
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
- ExxonMobil Corporation
- BP plc
- Royal Dutch Shell plc
- Total SE
- Chevron Corporation
- China National Petroleum Corporation (CNPC)
- Gazprom Neft
- PetroChina Company Limited
- Valero Energy Corporation
- Lukoil
- Neste Corporation
- Indian Oil Corporation Ltd
- Trafigura Group Pte. Ltd
- Sinopec Corp
- Marathon Petroleum Corporation
- ENI SpA
- Phillips 66 Company
- Cepsa
- Repsol SA
- PBF Energy Inc.
Bunker Fuel Market Recent Developments
- In July 2022, Titan LNG was awarded the tender to supply liquefied natural gas (LNG) to Corsica Linea's new Ro-Pax LNG fueled ferry at the Port of Marseille, signaling the company's expansion into the Mediterranean market. The partnership will improve the availability of not only LNG but also bioLNG and, eventually, hydrogen-derived LNG in the region. This development highlights the growing importance of alternative fuels in the shipping industry and the need for companies to adapt to changing market trends.
- In December 2021, Mercuria Energy Group's subsidiary, Minerva Bunkering, commenced the supply of marine fuels at the ports of Yanbu and Jeddah located in the Red Sea region of Saudi Arabia. The collaboration with Aramco Trading and the Saudi Arabian Energy Ministry is expected to bolster the company's presence in the growing shipping industry of the region.
Global Bunker Fuel Key Market Trends
- Implementation of IMO 2020 Regulations: The International Maritime Organization (IMO) has introduced new regulations that require ships to use bunker fuel with a lower sulfur content. This has led to a shift towards low-sulfur fuels such as marine gas oil (MGO) and marine diesel oil (MDO).
- Increase in LNG as a Bunker Fuel: With the implementation of IMO 2020, there has been an increased interest in liquefied natural gas (LNG) as a bunker fuel due to its lower emissions and sulfur content. Many shipping companies are investing in LNG-fueled ships, and the availability of LNG bunkering infrastructure is increasing globally.
- Rise of Scrubber Technology: Scrubber technology has become increasingly popular as a way for ships to comply with IMO 2020 regulations without switching to low-sulfur fuels. Scrubbers remove sulfur dioxide from exhaust gases, allowing ships to continue using high-sulfur bunker fuel.
Global Bunker Fuel Market SkyQuest Analysis
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 |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Bunker Fuel Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Bunker Fuel Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global 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 Global 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Bunker Fuel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Bunker Fuel Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
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.
Global Bunker Fuel Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
