Global Bunker Fuel Market is expected to foresee significant growth. Asia Pacific to lead the growth!

The global Bunker fuel market is expected to grow at a CAGR of around 5 % over the period of 2021-2027. The Bunker Fuel market demand is increasing at propelling rate over the years and is expected to witness influential growth during the forecasted period as well. Factors that are attracting the market size of the bunker fuel are a significant rise in demand for marine diesel oil and the steady adoption of low-sulfur fuel oils. In addition, the rise in offshore oil & gas exploration activities and the international maritime organization (IMO) regulations on sulfur content in marine fuel have boosted the growth of the global bunker fuel market. However, with emerging trade tensions between different countries like the United States and China, high tariffs and other trade barriers being imposed on various goods are likely to hinder the market growth during the forecast period.

Moreover, ongoing progress in the field of international trading of goods, offshore renewable energy production, and offshore E&P are expected to increase the requirement for bunker fuel in the market. Also, the rising need for different oil grades in the market is anticipated to create ample opportunities for the participants to expand their product portfolio which escalates the market size of bunker fuel.

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Based on the type, the bunker fuel market is classified into high sulfur fuel oil, low sulfur fuel oil, marine gas oil, liquefied natural gas, and others. The liquefied natural gas segment caters to extensive market share in the bunker fuel market. The rising shift to LNG for propulsion is comparatively more advantageous than the traditional methods of fueling ships with heavy fuel oil, marine gas oil, marine diesel oil, etc. It is mainly because LNG-based propulsion reduces carbon footprint significantly and increases the ship’s operational efficiency which is escalating the demand for LNG in the bunker fuel market.

Based on the commercial distributor, the bunker fuel market is segmented into oil majors, large independent distributors, and small independent distributors. The large independent segment acquired a considerable market share in the bunker fuel market. It is mainly due to the presence of blending facilities, storage terminals, financial stability, and others in these companies.

Based on application, the bunker fuel market is segmented into the container, bulk carrier, oil tanker, general cargo, the chemical tanker, fishing vessels, gas tanker, and others. The container segment is expected to account for a significant market share in the forecast period. The surge in demand for transportation of oil and oil-based products and growing trade-related agreements in the emerging economies is boosting the demand of the bunker fuel market.

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For a better understanding of the market adoption of the Bunker fuel industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, UK, Spain, Italy, France, Rest of Europe); Middle East & Africa (UAE, Saudi Arabia, Nigeria, Egypt, South Africa and Rest of MEA); Asia-Pacific (China, India, Australia, Japan, Rest of APAC); Rest of the World. The Asia Pacific is expected to hold a significant market share in the forecast period owing to the increase in presence of a huge consumer base and the rise in maritime trade activities in the region. Moreover, presence of the developing countries such as China, Japan, Singapore, South Korea, and India contribute to the growth of the bunker fuel market in Asia-Pacific.

Some of the major players operating in the bunker fuel market include BP Plc, Exxon Mobil Corporation, Royal Dutch Shell Plc, Lukoil, Sinopec Group, Gazprom Neft PJSC, Chevron Corporation, Petronas, TotalEnergies, Neste Oil.

Global Bunker fuel Market Segmentation

Market Insight, by Type

• High Sulfur Fuel Oil
• Low Sulfur Fuel Oil
• Marine Gasoil
• Liquefied Natural Gas
• Others

Market Insight, by Commercial Distributor

• Oil Majors
• Large Independent Distributor
• Small Independent Distributor

Market Insight, by Application

• Container
• Bulk Carrier
• Oil Tanker
• General Cargo
• Chemical Tanker
• Fishing Vessels
• Gas Tanker
• Others

Market Insight, by Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • Germany
  • France
  • Spain
  • Italy
  • United Kingdom
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Australia
  • Japan
  • Rest of Asia-Pacific
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Nigeria
  • Egypt
  • South Africa
  • Rest of MEA
• Rest of the World

Top Company Profiles

• BP Plc
• Exxon Mobil Corporation• Royal Dutch Shell Plc• Lukoil• Sinopec Group• Gazprom Neft PJSC• Chevron Corporation• Petronas• TotalEnergies• Neste Oil