Bunker Fuel Market Research Report—Global Forecast till 2030

Bunker Fuel Market Research Report: Information By Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gasoil), by Commercial Distributor (Oil Majors, Large Independent Distributor, Small Independent Distributor), by Application (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing Vessels, Gas Tanker), and Region (North America, Europe, Asia Pacific, Rest of the World) — Forecast till 2030

ID: MRFR/CnM/9387-HCR | February 2023 | Region: Global | 100 Pages         

Bunker Fuel Market

Bunker Fuel market size is projected to reach approximately USD 170 Billion by 2030, at a CAGR of 5.2% from 2022 to 2030.

Segmentation
By Type High Sulfur Fuel Oil Low Sulfur Fuel Oil Marine Gasoil
By Commercial Distributor Oil Majors Large Independent Distributor Small Independent Distributor
By Application Container Bulk Carrier Oil Tanker General Cargo Chemical Tanker Fishing Vessels Gas Tanker
Key Players
Companies Profiled   BP p.l.c.   Exxon Mobil Corporation   Royal Dutch Shell PLC.   Lukoil   Sinopec Group   Gazprom Neft PJSC    Chevron Corporation   Petronas   Total SE   Neste
Drivers
Market Driving Forces   High demand for bunker fuel
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Bunker Fuel Market Overview


The global Bunker Fuel market size is projected to reach approximately USD 170  Billion by 2030, at a CAGR of 5.2% from 2022 to 2030. Bunker fuel is a type of heavy fuel oil. It is used in the marine and transportation industries. Bunker Fuel is also called marine fuel, marine gas oil (MGO), or heavy fuel oil (HFO). It is the heaviest component of crude oil and has a viscosity of around 15mm/s.


COVID-19 Impact Analysis


The impact of COVID-19 had negatively impacted the Bunker Fuel market. Lockdown imposed due to the outbreak of the COVID-19 pandemic resulted in a temporary ban on both imports and exports. The supply chain was disrupted, leading to the slow down of bunker fuel market growth in Q2, Q3, and Q4. By 2021, the demand for bunker fuel in the maritime and transport industry had increased.


Market Dynamics


The bunker fuel market is expected to grow in the coming years due to the growing amount of bunker fuel shipments that are needed globally. The amount of bunker fuel shipments will grow in the coming years due to the increase in global shipping rates.


Drivers



  • High demand for bunker fuel


The bunker fuel market is expected to grow in the coming years due to its high demand, which is used in shipping and is a major aspect of the global economy. This type of fuel is used in the shipping industry and is used in high-performance and large vessels that transport many people and are in high demand, mostly because of their speed and the amount of cargo that it can hold.  


The bunker fuel market is expected to grow in the coming years due to the high demand for this fuel. Bunker fuel is a heavy fuel oil that is used in ships and is most commonly utilized by cruise liners, oil tankers, and container ships due to the fuel's high viscosity. Bunker fuel is used for power generation on larger vessels and is also used as fuel for heating and electricity.


Restraint:



  • High costs


The factor restraining the Bunker Fuel market's growth is the high cost associated with performing bunker fuel operations. Bunker Fuel is a mixture of crude oil and residual fuel. This is the most convenient way of performing bunker fuel operations because it minimizes the time required to transport the oil to the site, making it more efficient and cost-effective. However, with the current price of crude oil and the cost of transporting it, the process of buying Bunker Fuel is becoming increasingly expensive. This is the factor restraining the growth of the market.


Opportunity:



  • Growth of alternative marine fuel


The development in the global bunker fuel market is attributed to the growing focus of maritime firms on the adoption of LNG as an alternative marine fuel. This is because LNG is considered to be one of the most environmentally friendly marine fuels. As well, the increasing demand for low-sulfur bunker fuels is also expected to bolster market growth.   


Segment Overview


By Type


Based on Type, the global Bunker Fuel market has been segmented based on High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gasoil, Others. The low sulfur fuel oil segment is the fastest growing in the global  Bunker Fuel market.


By Commercial Distributor


Based on the commercial distributor, the global Bunker Fuel market has been segmented based on Oil Majors, Large Independent Distributors, and Small Independent distributors. The oil majors segment is expected to be the fastest-growing in the global  Bunker Fuel market.


By Application


Based on the application, the global Bunker Fuel market has been segmented based on Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing Vessels, Gas Tanker, Others. The container segment is expected to be the largest in the global  Bunker Fuel market.


Regional Analysis


By region, the global  Bunker Fuel market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region holds the largest market for the Bunker Fuel business.


Asia-Pacific Market


The Asia Pacific region holds the largest market share in terms of bunker fuel consumption. The bunker fuel market in the Asia Pacific region is driven by increasing international trade, intraregional trade, and growth in the number of shipping lanes across the region. Increasing trade activities and the growth of the merchant marine fleet are other major factors driving the Asia Pacific bunker fuel market.


North America Market


North America is the fastest-growing region in the Bunker Fuel market due to the increasing demand for oil and natural gas. The North American region has seen a surge in demand for oil and natural gas due to increased production of shale gas, which is expected to continue in near future.


Competitive Landscape


The market comprises various national and international players. The market players are investing in R&D and also finding new ways to develop and improve product portfolios. Various players are entering into expansion, new product launches, joint ventures, and partnerships, to strengthen their market position and capture a large customer base.


Prominent players in the global Bunker Fuel market include BP p.l.c., Exxon Mobil Corporation, Royal Dutch Shell PLC., Lukoil, Sinopec Group, Gazprom Neft PJSC, Chevron Corporation, Petronas, Total SE, and Neste.


Scope of the Report


Global Market, by Type



  • High Sulfur Fuel Oil

  • Low Sulfur Fuel Oil

  • Marine Gasoil

  • Others


Global Market, by Commercial Distributor



  • Oil Majors

  • Large Independent Distributor

  • Small Independent Distributor


Global Market, by Application



  • Container

  • Bulk Carrier

  • Oil Tanker

  • General Cargo

  • Chemical Tanker

  • Fishing Vessels

  • Gas Tanker

  • Others


Global Market, by Region



  • North America

    • US

    • Canada

    • Mexico



  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia and New Zealand

    • Rest of Asia-Pacific



  • Rest of the World

    • South America

    • Middle East

    • Africa




Objectives of the Study


The objectives of the study are summarized in 5 stages. They are as mentioned below:



  • Market Size and Forecast:


To identify and estimate the market size for global Bunker Fuel market segmented by product type, material type, category, shape and distribution channel by value (in US dollars). Also, to understand the consumption/ demand created by consumers of Bunker Fuel during the period of 2019-2030



  • Market Landscape and Trends:


To identify and infer, the drivers, restraints, opportunities and challenges for the global Bunker Fuel market



  • Market Influencing Factors:


To find out the factors which are affecting the sales of Bunker Fuel among consumers



  • Impact of COVID-19:


To identify and understand the various factors involved in the global Bunker Fuel market affected by the pandemic



  • Company Profiling:


To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies002E


Intended Audience



  • Bunker Fuel Producers

  • Raw Material Suppliers

  • Retailers, Wholesalers, and Distributors

  • Governments, Associations, and Industrial Bodies

  • Investors and Trade Experts



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 170 Billion
  CAGR   5.2% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019, 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   â€¢ Type, Commercial Distributor, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   BP p.l.c., Exxon Mobil Corporation, Royal Dutch Shell PLC., Lukoil, Sinopec Group, Gazprom Neft PJSC, Chevron Corporation, PETRONAS, Total SE, and Neste.
  Key Market Opportunities   Growth of alternative marine fuel
  Key Market Drivers   High demand for bunker fuel


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Frequently Asked Questions (FAQ) :

The study period of global Bunker Fuel market is 2022 - 2030

The global Bunker Fuel market is growing at a CAGR of ~ 5.2% over the next 9 years

North America is expected register the highest CAGR during 2022 - 2030

Asia Pacific holds the largest share in 2021

BP p.l.c., Exxon Mobil Corporation, Royal Dutch Shell PLC., Lukoil, Sinopec Group, Gazprom Neft PJSC, Chevron Corporation, Petronas, Total SE, and Neste are the major companies operating in the global Bunker Fuel market.