Bunker Fuel Market Industry Trends, Share, Size, Growth, Opportunities and Forecasts by 2023-2030 | Chemoil Energy Limited, Aegean Marine Petroleum Network Inc.

Global bunker fuel market was valued at US$ 26.93 Billion in 2022 in terms of revenue, exhibiting a CAGR of 7.1% during the forecast period (2023 to 2030) - as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Bunker fuel is a type of fuel oil used to power ships and vessels. It is a heavy grade oil that remains in a viscous state due to its high density and viscosity. Bunker fuels are used as ship fuel for both international shipping and domestic marine transportation.

Market Dynamics:

The bunker fuel market is expected to witness significant growth over the forecast period owing to increasing global marine trade and transportation of petroleum products across geographies by sea routes. Global marine trade has been rising steadily over the past few years, especially the transportation of crude oil, petroleum products, coal, iron ore and agricultural commodities which is fueling the demand for bunker fuel in merchant shipping. Additionally, International regulations banning the usage of high sulfur fuel oil are prompting shipping companies and vessel owners to shift toward lower sulfur compliant fuels like marine gasoil and low-sulfur heavy stock which is further expected to support the market growth during the forecast period.

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Top Companies Covered In This Report:

★ Chemoil Energy Limited
★ Aegean Marine Petroleum Network Inc.
★ World Fuel Services Corporation
★ Gulf Agency Company Ltd.
★ Gazpromneft Marine Bunker LLC
★ BP Marine Ltd.
★ Exxon Mobil Corporation
★ Royal Dutch Shell plc
★ Bunker Holding A/S
★ Lukoil-Bunker LLC

*Disclaimer: Major Players are sorted in no particular order.

Detailed Segmentation:

By Fuel Grade:

★ IPO 380
★ IPO 180
★ IPO Others
★ MDO/MGO

By Vessel type:

★ Tankers
★ Containers
★ Bulk & General Cargo
★ Others

By Seller:

★ Major Oil Companies
★ Leading Independent Distributors
★ Small Independent Distributors

Key Region/Countries are Classified as Follows:

◘ North America (United States, Canada, and Mexico)
◘ Europe (Germany, France, UK, Russia, and Italy)
◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
◘ South America (Brazil, Argentina, Colombia, etc.)
◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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Increasing demand from global marine industry is a major driver

The bunker fuel market is highly reliant on global marine shipping industry where ships require bunker fuel to power their engines. As international trade continues to grow rapidly driven by globalization, it has led to significant rise in seaborne trade volumes over the past few decades. According to United Nations Conference on Trade and Development (UNCTAD), the total world seaborne trade volumes grew from around 8 billion tons in 2010 to over 11 billion tons in 2020. This rise in cargo volumes handled on international shipping routes has proportionately increased the demand for bunker fuel from ships. Shipping lines are constantly placing new vessel orders to cater to growing trade, thereby augmenting bunker consumption. IMO estimates suggest that over 90% of world's traded goods are carried on ships which depend heavily on bunker fuel for transportation. So expanding marine trade acts as a primary demand stimulant for bunker fuel market.

Stringent emission regulations pose a challenge

One key restrain for bunker fuel market is the stringent emission regulations imposed by International Maritime Organization (IMO) to curb pollution from ships. Marine vessels powered by conventional bunker fuels like heavy fuel oil emit significant amounts of nitrogen oxides, sulphur oxides and particulate matter which are harmful air pollutants. In order to reduce emissions, IMO has introduced more restrictive limits on the sulphur content of marine fuels under MARPOL Annex VI. The global sulphur cap for bunker fuel was reduced from 3.5% to 0.5% starting 2020. This new norm forced marine operators to switch to more expensive low-sulphur compliant fuels or install exhaust gas cleaning systems, increasing overall ship operating costs. Further, IMO is exploring prospects of introducing carbon intensity regulations for international shipping by 2023. Such tightening environmental norms pose a threat as they make conventional bunker fuels less viable, potentially reducing demand in long run.

Transition to low carbon marine fuels presents opportunities

As the global maritime industry strives to meet ambitious decarbonization targets set by IMO for reducing GHG emissions, transition to cleaner alternative low carbon marine fuels provides new opportunities for bunker fuel market. Recent initiatives like getting over 50% of world merchant fleet to use zero carbon fuels by 2050 will drive demand for marine biofuels, synthetic e-fuels, hydrogen fuels and ammonia in coming decades. Major shipping companies and ports are investing in pilot programs and infrastructure development for handling and bunkering such alternative fuels. Regulatory push via market-based measures like GHG emission trading is expected to make low carbon marine fuels more competitive against fossil fuels. Bunker suppliers recognizing the need for cleaner fuels are collaborating with technology companies on production pathways for sustainable second generation biofuels and electro-fuels suitable for maritime applications. Transition towards greener marine fuels presents immense prospects for innovation and growth of bunker fuel sector in a more environmentally sustainable manner.

Shift towards low sulfur distillate fuels gaining traction

One of the notable trends observed in bunker fuel market post implementation of IMO 2020 rule is shift towards use of low sulfur distillate fuels as an interim solution to comply with sulfur limit. Though initially many analysts predicted mass switching to liquefied natural gas as a marine fuel, in reality uptake of LNG has been slow and most ships opted for low sulfur distillate fuels which could be easily blended with existing high sulfur fuel oil. Distillates like marine gasoil and marine diesel oil meeting the 0.5% sulfur cap have become widely adopted alternative bunker fuels. Major refiners have expanded capability in producing more low sulfur MGO/MDO to cater growing demand from ships. Also supply chain network for sourcing and bunkering low sulfur distillates has progressively improved across main ports globally. This shift in bunker demand towards cleaner compliant distillates is expected to continue in near future, benefiting suppliers and helping maintain compliance until long term low carbon alternatives emerge at commercial scale.

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Key Questions Answered in This Report on Bunker Fuel Market

• How much revenue will the global Bunker Fuel Market generate by the end of the forecast period?

• What regions currently contribute the maximum share to the overall global market?

• What are the indicators expected to drive the global Bunker Fuel Market?

• Which region is likely to be a lucrative market during the forecast period?

• What are the essential strategies incorporated by key stakeholders in the global Market to expand their geographical presence?

• What are the major advancements witnessed in the global Bunker Fuel Market?

• This report answers these questions and more about the global Market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Bunker Fuel Market Insights

3.1 Market fragmentation
3.2 Market landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Bunker Fuel Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

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About Us:

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This release was published on openPR.