Bunker Fuel Market Report 2024

This Bunker Fuel market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

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 during the historic period can be attributed to heightened awareness and pressure to reduce greenhouse gas emissions, the modernization of ships, the introduction of new, more fuel-efficient vessels, the increased utilization of larger ships, the shift toward ultra-large container vessels, and changes in 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 compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period can be attributed to stringent environmental regulations, rising global trade and shipping activities, the adoption of new technologies, investments in bunker fuel infrastructure, and the gradual shift toward alternative fuels. Key trends expected during this period include innovations in marine fuel technology, the development of more efficient and cleaner-burning fuels, advancements in fuel storage and handling technologies, improvements in the production of marine fuels, and the development and expansion of bunkering infrastructure.

The anticipated growth in the shipping industry is expected to drive the expansion of the bunker fuel market. The shipping industry, often referred to as the maritime transport sector, plays a vital role in global trade and commerce. This growth is influenced by several factors, including increased global trade volumes, advancements in shipping technology, the rise of emerging markets, enhancements in port infrastructure, and the growing demand for efficient and cost-effective transportation solutions. Bunker fuel is primarily utilized in the shipping sector to power large vessels and cargo ships, serving as the main fuel source for maritime transportation. For instance, in January 2024, the Bureau of Economic Analysis, a U.S. government agency, reported that the marine economy contributed $476.2 billion in 2022, accounting for 1.8% of the U.S. gross domestic product (GDP) in current dollars, an increase from $424.2 billion (also 1.8%) in 2021. It represented 1.7%, or $776.9 billion, of the nation’s current-dollar gross output. Hence, 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 2023. The regions covered in the bunker fuel market report are Asia-Pacific, 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, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Bunker fuel refers to the fuel used to power ships, primarily for marine propulsion and power generation. It is a heavy, viscous oil produced from crude oil refining, available in various grades such as intermediate fuel oil (IFO) and marine diesel oil (MDO). Bunker fuel is favored for large vessels due to its cost-effectiveness compared to lighter fuels. Stored in a ship’s bunker tanks, it is essential for maintaining marine operations, particularly in commercial shipping and naval vessels.

The primary types of bunker fuel include high sulfur fuel oil (HSFO), very low sulfur fuel oil (VLSFO), marine gas oil (MGO), liquefied natural gas (LNG), and others. HSFO, a type of marine fuel with sulfur content exceeding 0.5% by weight, was commonly used before the implementation of stricter environmental regulations. Bunker fuel is used in various vessel types such as containers, tankers, general cargo ships, and bulk carriers, and is distributed by major oil companies, large independent distributors, and small independent suppliers.

The bunker fuel market research report is one of a series of new reports that provides bunker fuel market statistics, including bunker fuel industry global market size, regional shares, competitors with a bunker fuel market share, detailed bunker fuel market segments, market trends and opportunities, and any further data you may need to thrive in the bunker fuel industry. This bunker fuel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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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