IMARC Group, a leading market research company, has recently releases report titled “Bunker Fuel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global bunker fuel market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the bunker fuel market?
The global bunker fuel market size reached US$ 150.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 216.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.1% during 2023-2028.
What is bunker fuel?
Bunker fuel, also known as marine fuel or ship fuel, is a type of fuel specifically designed for use in marine vessels, such as cargo ships, tankers, and cruise ships. It is a heavy fuel oil derived from crude oil through refining processes and is primarily used to power large maritime vessels. It is typically stored in large fuel tanks, known as bunkers, located within the vessel's hull, and due to its heavy nature, it requires specialized handling and storage systems. In addition, it is characterized by its high viscosity, high sulfur content, and relatively lower cost than other refined petroleum products. It is also essential in the shipping industry as it provides the necessary energy to propel and operate marine vessels over long distances. As a result, bunker fuel is gaining immense traction across the globe.
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What are the growth prospects and trends in the bunker fuel industry?
The market is primarily driven by the expanding oil and gas sector. In addition, rapid urbanization, growing population, and rising demand due to fluctuating oil prices are contributing to the market growth. In line with this, the widespread adoption of digital technologies and data analytics to improve operational efficiency and decision-making is influencing market growth. Digital platforms and software solutions are being employed to optimize fuel procurement, manage fuel quality, monitor consumption, and streamline supply chain processes. Also, data analytics provide insights into fuel usage patterns, emission monitoring, and compliance with regulations, enabling better fuel management practices. Moreover, the growing environmental concern and the increasing focus on reducing greenhouse gas (GHG) emissions and the exploration of alternative fuels, and emission-reduction technologies such as scrubbers and exhaust gas cleaning systems represent another major growth-inducing factor. Along with this, the emergence of carbon-neutral and sustainable bunker fuels, such as biofuels and hydrogen-based fuels that can lower carbon emissions is also propelling market growth. Besides this, the implementation of fuel quality testing, certification, and compliance with industry standards is accelerating market growth.
As vessel operators switch between different types of fuels, there is a rising need to address potential compatibility issues and ensure the smooth operation of engines and fuel systems. Apart from this, the development of sustainable bunkering infrastructure to support the supply of cleaner fuels, including the establishment of liquefied natural gas (LNG) bunkering facilities, biofuel storage, and distribution infrastructure, and the incorporation of renewable energy sources in bunkering operations and collaborations among stakeholders are augmenting the market growth. Furthermore, the installation of exhaust gas cleaning systems or scrubber retrofits and upgrades and service providers offering scrubber installation and maintenance services are also creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Fuel Type:
- High Sulfur Fuel Oil (HSFO)
- Very Low Sulfur Fuel Oil (VLSFO)
- Marine Diesel Oil (MDO)
- Liquefied Natural Gas (LNG)
Breakup by Vessel Type:
- Containers
- Tankers
- General Cargo
- Bulk Carrier
- Others
Breakup by Seller:
- Major Oil Companies
- Leading Independent Sellers
- Small Independent Sellers
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG)
- BP Plc
- Chevron Corporation
- Exxon Mobil Corporation
- Gazprom Neft PJSC (Gazprom)
- LUKOIL, Neste Oyj
- Petroliam Nasional Berhad (PETRONAS)
- Royal Dutch Shell Plc
- TOTAL S.A.
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