How has the bunker fuel market evolved, and where is it heading next?
The bunker fuel market size has grown strongly in recent years. It will grow from $150.93 billion in 2024 to $159.35 billion in 2025 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to growing awareness and pressure to reduce greenhouse gas emissions, the modernization of ships and the introduction of new, more fuel-efficient vessels, increased use of larger vessels, and the shift towards ultra-large container ships, and 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 $195.97 billion in 2029 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to stringent environmental regulations, increasing global trade and shipping activities, adoption of new technologies, investment in bunker fuel infrastructure, and the gradual adoption of alternative fuels. Major trends in the forecast period include innovations in marine fuel technology, the development of more efficient and cleaner-burning fuels, advances in fuel storage and handling technologies, advances in the production of marine fuels, and the development and expansion of bunkering infrastructure.
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What are the key drivers behind the rapid expansion of the bunker fuel market?
The expansion in the shipping industry is expected to propel the growth of the bunker fuel market going forward. The shipping industry, also known as the maritime transport sector, is a crucial component of global trade and commerce. The expansion in the shipping industry is due to several factors, such as increased global trade volumes, advancements in shipping technology, the growth of emerging markets, improvements in port infrastructure, and the rising demand for efficient and cost-effective transportation solutions. Bunker fuel is primarily used in the shipping industry to power large vessels and cargo ships, serving as the main source of fuel for maritime transportation. For instance, in January 2024, according to the Bureau of Economic Analysis, a US-based government agency, in 2022, the marine economy contributed $476.2 billion, representing 1.8% of the U.S. gross domestic product (GDP) in current dollars, up from $424.2 billion (also 1.8%) in 2021. It also made up 1.7%, or $776.9 billion, of the nation’s current-dollar gross output. Therefore, the expansion in the shipping industry is driving the growth of the bunker fuel market.
What is the segmentation for the bunker fuel market?
The bunker fuelmarket 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
Subsegments:
1) By High Sulfur Fuel Oil (HSFO): Residual Fuel Oil, Heavy Fuel Oil
2) By Very Low Sulfur Fuel Oil (VLSFO): Low Sulfur Residual Fuel Oil, Low Sulfur Distillate Fuel Oil
3) By Marine Gas Oil (MGO): Intermediate Marine Diesel Oil, Ultra-Low Sulfur Marine Diesel Oil
4) By Liquefied Natural Gas (LNG): Biogas LNG, Synthetic LNG
5) By Other Fuel Types: Emulsified Fuels, Renewable Marine Fuels
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Who are the most influential companies in the bunker fuel market?
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
What are the most influential trends expected to drive the bunker fuel market forward?
Major companies operating in the bunker fuel market are focusing on developing advanced products, such as multi-fuel solutions, to gain a competitive edge in the market. A multi-fuel solution in the bunker refers to the ability of marine vessels to use a range of different fuels for their propulsion and power needs. For instance, in June 2023, Bunker Holding, a Denmark-based company that is involved in purchasing, selling, and supplying marine fuel and lube oil, launched its first methanol-ready bunker tanker. MT NORE will serve as a multi-fuel bunkering tanker with 3,500-ton storage, which can be split with different products among her tank pairs. Bunker One is taking a major step into catering for future methanol bunkering in and around Scandinavian waters and the Northwest European region.
What are the major regional insights for the bunker fuel market, and which region holds the top position?
Asia-Pacific was the largest region in the bunker fuel market in 2024. The regions covered in the bunker fuel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Bunker Fuel Market Report 2025 Offer?
The bunker fuel market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Bunker fuel refers to the type of fuel used to power ships, primarily for marine propulsion and power generation. It is a heavy, viscous oil derived from the refining of crude oil and includes several grades, such as IFO (intermediate fuel oil) and MDO (marine diesel oil). Bunker fuel is commonly used in large vessels due to its cost-effectiveness compared to lighter fuels. It is stored in the ship’s bunker tanks and is crucial for maintaining marine operations, particularly for commercial shipping and naval vessels.
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