Bunker Fuel Market Report 2026

The bunker fuel market size has grown strongly in recent years. It will grow from $158.31 billion in 2025 to $166.35 billion in 2026 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to growth of global shipping industry, reliance on heavy fuel oil for marine propulsion, availability of refinery residual fuels, expansion of international trade routes, cost effectiveness of bunker fuels.

The bunker fuel market size is expected to see strong growth in the next few years. It will grow to $202.97 billion in 2030 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to implementation of imo emission regulations, shift toward cleaner marine fuels, expansion of container shipping, investments in alternative marine fuels, increasing fuel efficiency requirements. Major trends in the forecast period include rising demand for very low sulfur fuel oil, increasing use of marine gas oil, growing adoption of lng as marine fuel, expansion of global marine trade, increasing focus on fuel blending and optimization.

The expansion of the shipping industry is expected to drive the growth of the bunker fuel market going forward. The shipping industry, also known as the maritime transport sector, is a key pillar of global trade and commerce. Its growth is fueled by rising global trade volumes, technological advancements in shipping, the emergence of new markets, improvements in port infrastructure, and increasing demand for efficient and cost-effective transportation solutions. Bunker fuel serves as the primary energy source for powering large vessels and cargo ships in maritime transport. For instance, in June 2025, according to the Bureau of Economic Analysis, a US-based government agency, the marine economy contributed $511.0 billion to current‑dollar U.S. GDP in 2023, accounting for 1.8 % of the nation’s GDP, up from $482.4 billion in 2022. Therefore, the expansion of the shipping industry is driving the growth of the bunker fuel market.

Leading companies in the bunker fuel market are concentrating on developing innovative products, such as multi-fuel solutions, to enhance their competitive positioning. A multi-fuel solution in this context refers to the capability of marine vessels to utilize a variety of fuels for their propulsion and power requirements. For example, in June 2023, Bunker Holding, a Denmark-based company engaged in the purchasing, selling, and supplying of marine fuel and lube oil, launched its first methanol-ready bunker tanker. The MT NORE is designed to operate as a multi-fuel bunkering tanker with a 3,500-ton storage capacity, which can be divided among various products within its tank pairs. This initiative marks Bunker One's significant move to accommodate future methanol bunkering needs in Scandinavian waters and the Northwest European region.

In April 2024, TFG Marine, a Singapore-based marine fuel supply company, acquired a majority stake in the Spanish bunkering firm Vilma Oil Med for an undisclosed amount. This acquisition is set to enhance TFG Marine's operations in the Western Mediterranean, allowing the company to provide a comprehensive range of high-quality bunker fuels to vessels in this vital maritime area. Vilma Oil Med is based in Spain and specializes in the supply of bunker fuels.

Major companies operating in the bunker fuel market are 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.

Asia-Pacific was the largest region in the bunker fuel market in 2025. The regions covered in the bunker fuel market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the bunker fuel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The bunker fuel market consists of sales of heavy fuel oil (HFO), biofuels, and hybrid fuels. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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