Global Bunker Fuel Market

Bunker Fuel Market Size, Share, Growth Analysis, By Fuel Type(High Sulfur Fuel Oil (HSFO), Very Low Sulfur Fuel Oil (VLSFO), Marine Gas Oil (MGO), Liquefied Natural Gas (LNG)), By Fuel Grade(IFO 380, IFO 180, MGO/MDO, Other IFO), By Vessel Type(Containers, Tankers, General Cargo, Bulk Carriers), By Commercial Distributor(Oil Majors, Large Independent Distributor, Small Independent Distributor), By Region - Industry Forecast 2024-2031

Report ID: SQMIG10B2043 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 122 | Figures: 77

Bunker Fuel Market News

  • 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.
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Global Bunker Fuel Market size was valued at USD 110.69 billion in 2022 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 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. '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.'

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 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).

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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Global Bunker Fuel Market

Report ID: SQMIG10B2043

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