Global Bunker Fuel Market – Industry Trends and Forecast to 2029

Global Bunker Fuel Market, By Fuel (High Sulfur Fuel Oil, Very Low Sulfur Fuel Oil, Marine Diesel Oil, Liquefied Natural Gas), Application (Tanker Fleet, Glass Container Fleet, Bulk and General Cargo Fleet, Others), Commercial Distributor (Major Oil Companies, Leading Independent, Small Independent) – Industry Trends and Forecast to 2029.

Bunker Fuel Market Analysis and Size

The International Maritime Organization (IMO) recently reports on the increasing regulations of sulphur content on marine fuel and the increase in offshore oil and gas exploration that is boosting the growth of the market over the forecasted period. 

Global bunker fuel market was valued at USD 114.95 billion in 2021 and is expected to reach USD 163.47 billion by 2029, registering a CAGR of 4.50% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Bunker Fuel Market Scope and Segmentation

Market Definition

The bunker fuel is the generic term for any fuel delivered to ships of all states engaged in international navigation. It is utilized by the shipping corporation to fuel their marine fleet in order to power the engines by pouring the product into shipment’s bunker.

Global Bunker Fuel Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Rising awareness regarding the energy conservation

The rising awareness regarding the energy conservation and mitigating pollution is the major factor driving the growth of the bunker fuel market during the forecasted period. Highly energy efficient fuels have been in high demands as they serve many applications such as eco-friendly framework and high-efficiency. All these factors are expected to drive the growth of the market over the forecasted period. 

• High demands of bunker fuel

The bunker fuels are extensively used across various end user industries. The expansion of the end use industries along with the increase in the urbanization and the rising population parameters will further propel the growth of the market over the forecasted. Additionally, rapid urbanization and industrialization in emerging countries, such as India, China, and Southeast Asia, will drive market value growth.

Opportunities

• Regulations boosting Demands

Moreover, the favorable initiatives by the government associated with the environmental regulations to increase the demand for green solutions, will further extend profitable opportunities to the market players in the forecast period. The European Commission and other federal government agencies have created new laws and regulations, such as the Eco-product Certification Scheme (ECS). These regulations guarantee low or no harmful emissions and a green and sustainable environment. This factor is driving the growth of the market over the forecasted period.

Restraints/Challenges

• Stringent Approval Processes

The bunker fuel transporters must enhance their supply chain sand other related processes according to the regulatory policies imposed by various governments. These stringent policies will create hindrances for the growth of the bunker fuel market.

• High Prices of bunker fuel

The bunker fuel is a mixture of crude oil and residual fuel, which will pose a major challenge to the growth rate of the bunker fuel market. The current price of the crude oil and the rising costs included in the transportation of the crude oil are also the factors that will obstruct the market’s growth.

This bunker fuel market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the bunker fuel market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Bunker Fuel Market

The coronavirus outbreak is projected to hugely impact the bunker fuel market. The bunker fuel market have been shut down due to the restrictions during the lockdown generated in the import and export activities amidst pandemic. The disruption in the supply chains have also affected the market in a negative way. The market is projected to show growth in the supply chain units during the post-pandemic era due to the upliftment of the restrictions post lockdown. Moreover, the market recovered during the third quarters of 2021 due to the rising demand for bunker fuel from the maritime transport and shipping industry.

Recent developments

• In 2022, Titan LNG won the competition to transport LNG to Corsica Linea’s new Ro-pax in order to increase the supply of the LNG’s expansion across the Mediterranean region.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Bunker Fuel Market Scope

The bunker fuel market is segmented on the basis of fuel, application and commercial distributor. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Fuel

• High Sulfur Fuel Oil
• Very Low Sulfur Fuel Oil
• Marine Diesel Oil
• Liquefied Natural Gas

Application

• Tanker Fleet
• Glass Container Fleet
• Bulk and General Cargo Fleet
• Others

Commercial Distributor

• Major Oil Companies
• Leading Independent
• Small Independent

Bunker Fuel Market Regional Analysis/Insights

The bunker fuel market is analyzed and market size insights and trends are provided by fuel, application and commercial distributor as referenced above.

The countries covered in the bunker fuel market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the market in terms of market share and market revenue. It will continue to flourish its dominance due to the increasing demands for energy along with the requirement of better transportation facilities and infrastructure within the region.

North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the rapid technological developments within the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Bunker Fuel Market Share Analysis

The bunker fuel market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to bunker fuel market.

Some of the major players operating in the bunker fuel market are

• TotalEnergies (France)
• Marathon Petroleum Corporation (U.S.)
• BP p.l.c. (U.K.)
• Gazprom International Limited (Russia)
• BP SINOPEC MARINE FUELS. (Singapore)
• World Fuel Services Corporation. (U.S.)
• BUNKER HOLDING (Denmark)
• Exxon Mobil Corporation. (U.S.)
• Chevron Phillips Chemical Company LLC. (U.S.)
• Shell plc (U.K.)
• Neste (Finland)
• CHEMOIL ENERGY (Hong Kong)
• LUKOIL (Russia)
• Bomin Bunker Holding (Germany)
• Minerva Bunkering (Switzerland)