Global Bunker Fuel Market Share Likely to Surpass At a CAGR of 4.3% By 2030

According to Custom Market Insights (CMI), The Global Bunker Fuel Market Size was valued at USD 109.6 in 2021 and is estimated to reach USD 164.9 billion by the end of 2030 at a CAGR of approximately 4.3% during the forecast period 2022-2030.

Bunker fuel is considered a heavy fuel oil mainly used in transporting containers and goods for different parts of the world. The maritime industry also makes use of bunker fuel for transportation. The other names which indicate bunker fuel are marine gas, marine fuel and heavy fuel oil. The bunker fuel is considered the heaviest component, which is obtained from crude oil. It is used in marine boats in the form of fuel. The various types of fuel available in this sector include low sulfur fuel oil, high sulfur fuel oil and diesel oil. To maintain the function of the ship’s engine, this bunker fuel is dumped.

Browse the full “Bunker Fuel Market Size, Trends and Insights By Type (Low sulfur fuel oil, High sulfur fuel oil, Marine gasoline, Others), By Commercial Distributor (Large independent distributor, Oil majors, Small independent distributor), By Application (Container, Bulk carrier, Oil container, Oil tanker, Chemical tanker, General cargo, Fishing vessels, Gas tanker, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at ReportURL

Market Dynamics

Drivers

With the increasing demand for goods and services in the international market, the need for better quality bunker fuel has also increased to a great extent. A further increase in demand for bunker fuel is expected from the global market resulting from the huge amount of goods and services produced worldwide. Bunker fuel has become a vital component worldwide, and this market is expected to grow faster in the coming years.

A high-performance fuel is required for the proper functioning of a ship. The huge ships operated by the leading market players required a great amount of bunker fuel to produce better propulsion and movement against the force of water. The huge cargo carried by these ships and many passengers demands a greater amount of bunker fuel. These multiple reasons emerged as the driving forces for the market’s growth.

Restraints

The high cost associated with shipping services has emerged as a major restraining factor for the market’s growth during the forecast period. The expense associated with carrying bunker fuel has imposed additional pressure on the key market players, which reduces the total revenue return obtained from the business. Bunker fuel is created with the help of leftover fuel and crude oil, reducing the duration required to transport the oil. With the rising cost of bunker fuel all over the world, business strategies have no longer been left profitable. An increasing need for economical options of bunker fuel emerges as a major restraining factor for the market’s growth. These multiple reasons are the restraining factors for the market’s growth during the forecast period.

Opportunities

The rapid increase in the trading activities carried out by the developing nations all over the world has emerged as a major opportunity for the growth of the bunker fuel market and is expected to continue its growth similarly in the future. The huge number of factories and manufacturing units that have been established all over the world has boosted the demand for bunker fuel to a great extent. The rising demand for high-quality bunker fuel has provided the key market players with multiple growth opportunities. These multiple reasons emerge as opportunities for market growth during the forecast period.

Challenges

The various restrictions and guidelines laid by the government have emerged as a major challenge in front of the growth phase of the market. Increasing restrictions put by the government to reduce global warming and pollution have greatly hindered the market’s growth. The key market players are facing a major challenge due to the increasing rates and taxes on fuel and crude oil. Due to the increasing prices of crude oil, it has become extremely difficult for the key market players to earn greater profits from this sector.

Report Highlights

Due to its highest share, low sulfur fuel oil has emerged as a leading segment in the global bunker fuel market. The decreasing demand for high sulfur fuel has helped this segment record tremendous market growth. Based on the commercial distributor, the segment of oil major has emerged as the largest market as far as revenue is concerned. The transportation of crude oil has helped this segment to show considerable growth. Images of application, the segment of the container has emerged as the largest market as far as revenue is concerned.

Regional Snapshots

The geographical sector of Asia Pacific has emerged as the largest market for bunker fuels owing to the rapid industrialization which has taken place in this region over some time. The huge number of manufacturing units and industries set up in this region is attributed to the massive import and export of goods and materials transported to different parts of the world through containers and ships.

The fuel used in these containers and ships is known as bunker fuel. Increasing demand for employment has given rise to several industries and factories in this sector; hence, the requirement for bunker fuel has also increased greatly. The European nations emerged as the next largest market along with the Middle Eastern countries, which demand the huge amount of bunker fuel resulting from the large-scale production of goods and services.

The region of North America has emerged as the next largest market for bunker fuel due to the huge amount of goods that are imported and exported from this region due to the presence of leading market players and industrial sectors. The extensive research and development programs carried out by the key market players boost the demand for bunker fuel to a great extent.

Report Scope

Key Players

• Marathon Petroleum Corporation
• Brightoil Petroleum (Holdings) Limited
• Total
• Neste
• BP
• Saudi Arabian Oil Co.
• BP Sinopec Marine Fuels
• Chevron U.S.A. Inc.
• Gazprom
• LUKOIL
• Exxon Mobil Corporation
• Royal Dutch Shell plc
• BUNKER HOLDING
• World Fuel Services Corporation.
• GAC

Recent Developments

• In January 2019 – ocean bunkering services was announced as the leading supplier of marine fuel during the year 2018 by maritime port of Singapore through a data.

Segments covered in the report of bunker fuel market

By Type

• Low sulfur fuel oil
• High sulfur fuel oil
• Marine gasoline
• Others

By Commercial Distributor

• Large independent distributor
• Oil majors
• Small independent distributor

By Application

• Container
• Bulk carrier
• Oil container
• Oil tanker
• Chemical tanker
• General cargo
• Fishing vessels
• Gas tanker
• Others

On the basis of Geography

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America