Bunker Fuel Market 2023 - Industry Analysis, Size, Share, Strategies and Forecast to 2030

As per the report published by The Brainy Insights, the global bunker fuel market is expected to grow from USD 92.39 billion in 2021 to USD 136.84 billion by 2030, at a CAGR of 4.46% during the forecast period 2022-2030. Asia Pacific region emerged as the largest market for the global bunker fuel market with a 48.19% share of the market revenue in 2021. The growth in the presence of an enormous customer base and rising energy demand are propelling the market's growth during the forecast period in this region. Additionally, the rises in population and growing demand from the ship transportation enterprise in this region also support market growth. Furthermore, the growing export and import activities, mainly in emerging nations like Indonesia, Malaysia, China, and India, are also helping boost market growth in this region during the forecast period. In addition, the North American region is expected to show the fastest CAGR growth over the projection period due to the increase in urbanization & globalization.

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Bunker Fuel Market Size by Fuel Type (Liquefied Natural Gas (LNG), Very Low Sulfur Fuel Oil (VLSFO), High Sulfur Fuel Oil (HSFO), Marine Gas Oil (MGO), and Others), Application (Oil Tanker, Chemical Tanker, Gas Tanker, Container, General Cargo, Fishing Vessels, Bulk Carrier, and Others), Commercial Distributor (Large Independent Distributor, Oil Majors, and Small Independent Distributor), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Leading companies in the industry include Exxon Mobil Corporation, BP p.l.c., Lukoil, Sinopec Group, Chevron Corporation, PETRONAS, Neste, Royal Dutch Shell PLC., Gazprom Neft PJSC, Bharat Petroleum Corp. Ltd., Total SE, AP Moller Maersk AS, Eni Spa, Global Energy International Ltd., Glencore Plc, Indian Oil Corp. Ltd., Equatorial Marine Fuel Management Services Pte. Ltd., Marquard and Bahls AG, Phillips 66, PJSC LUKOIL, Hindustan Petroleum Corp. Ltd., SENTEK Marine Pte. Ltd., Marquard and Bahls AG, SK B and T Pte. Ltd., Rosneft Oil Co., Toyota Tsusho Corp., PJSC Gazprom Neft, Shell plc., and among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The fuel type segment is divided into liquefied natural gas (LNG), very low sulfur fuel oil (VLSFO), high sulfur fuel oil (HSFO), Marine Gas Oil (MGO), and others. The liquefied natural gas (LNG) segment led the market with a market share of 28.22% in 2021. This growth is attributed to the presence of well-established gas infrastructure. The application segment is divided into an oil tanker, chemical tanker, gas tanker, container, general cargo, fishing vessels, bulk carrier, and others. The container segment led the market with a market share of 27.17% in 2021. This growth is attributed to the proliferation in the number of trade-related agreements. The commercial distributor segment is divided into the large independent distributor, oil majors, and small independent distributors. The oil majors segment led the market with a market share of 41.04% in 2021. This growth is attributed to the rising number of shipping vessels.

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The rising natural gas trade and IMO rules about sulfur content permissible in the marine fuel are propelling the bunker fuel market's growth. Further, the growing preference for LNG-based vessels & the increasing LNG trade also boost the market's growth.

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