According to the recent report by IMARC Group, titled “Bunker Fuel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” 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.
Industry Definition and Application:
Bunker fuel, or marine fuel, is a type of fuel used to power ships or maritime fleets. It is a heavy residual oil left over after the extraction of diesel, gasoline, and other light hydrocarbons from crude oil during the refining process. Bunker fuel has a characteristic odor and appears as a brown to black viscous liquid with high sulfur content. It is graded as A, B, or C, with C being the thickest and most viscous fuel that requires blending or heating to make the fluid flow easily. If 10 percent of light fuel is mixed with bunker fuel, it becomes an economical fuel substitute for shipping. At present, bunker fuel is mainly used in ships and marine vessels engaged in international navigation.
Bunker Fuel Market Trends and Drivers:
The global bunker fuel market is primarily driven by rising demand for the ship transportation industry. Moreover, the surging adoption of bunker fuel as an attractive, cost-effective option for the marine and shipping industry due to the shifting preferences of several ship operators toward fuel oil with the lowest price is positively influencing the market growth. Additionally, the escalating demand for LNG in the transportation sector, as it is a cleaner and more affordable energy source than conventional sources, has catalyzed market growth. Furthermore, several favorable initiatives by governments of numerous countries to strengthen geographical border security are contributing to the market growth. Other factors, including rising investments in research and development (R&D) activities to develop clean fuels, escalating demand for international seaborne trade, and rapid globalization, are also anticipated to drive the market further.
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Report 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
Competitive Landscape with Key Player:
- 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.
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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