Bunker Fuel Market to Hit $164.9 Bn by 2031, at a CAGR of 7.1% | Chemoil Energy Limited, Aegean Marine Petroleum Network

Market Overview:

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).

Market Dynamics:

The growth of the bunker fuel market is primarily driven by the implementation of stringent regulations regarding sulfur emissions by the International Maritime Organization (IMO). The IMO has capped the sulfur content in bunker fuel to 0.5% globally from January 1, 2020, down from the previous limit of 3.5%, to reduce air pollution. This is projected to fuel the demand for low-sulfur compliant fuels such as low-sulfur fuel oil and liquefied natural gas across the shipping industry. Additionally, growing maritime trade owing to burgeoning global transportation needs is also expected to increase the consumption of bunker fuels during the forecast period.

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Bunker Fuel Market Drivers:

Increased Maritime Trade Globally is Driving the Growth in Bunker Fuel Demand

The maritime trade has expanded substantially over the past few decades due to globalization and increasing trade flows between countries. Sea transport is considered as one of the most cost-effective modes for transportation of cargo and bulk commodities across oceans. As per statistics, over 80% of global trade by volume is carried out through sea routes. This rising dependence on sea freight for transportation has led to increase in demand for bunker fuels that powers commercial vessels. The growth in international seaborne trade is projected to continue in the forecast period supported by rise in imports and exports of essential goods across regions worldwide.

Bunker Fuel Market Opportunity:

Stringent Emission Norms Drive Shift towards Cleaner Marine Fuels

The IMO and several national governments are continuously enacting tougher emission standards to curb air and marine pollution. In addition to sulfur limits under the IMO 2020 regime, the marine industry also faces restrictions on nitrogen oxides and carbon dioxide emissions. This is creating opportunities for cleaner and greener fuel alternatives such as liquefied natural gas (LNG), biofuels, and future fuels like hydrogen and ammonia. LNG, in particular, has emerged as one of the most viable decarbonization options for shipping currently. The increasing regulatory push towards green solutions will drive investments and innovations in advanced marine fuel technologies during the forecast period. This shifts the bunker fuel market emphasis on developing cleaner fuels to comply with evolving sustainability norms.

Bunker Fuel Market Trends:

Rising Adoption of Hybrid Technologies to Improve Energy Efficiency

Hybrid systems that combine conventional fuel-powered engines with electric propulsion are emerging as an attractive approach to boost energy efficiency of marine vessels. Instead of bulky and inefficient auxiliary engines, hybrid bunker fuel-electric packages provide optimized power solutions. They enable recuperation and storage of braking energy while improving overall thermal efficiency through waste heat recovery. Hybrid systems help optimize bunker consumption and reduce maintenance and operating costs as well as emissions over the long run. Major ship owners are making investments in hybrid and fully electric vessels indicating growing popularity of hybrid technology trends. The expanding hybridization of marine powertrains will continue bolstering demand for optimized bunker fuels in the coming years.

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Top Companies Included 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

Market Segmentation:

Based on Product Type:

• By Fuel Grade: IFO 380, IFO 180, IFO others, MDO/ MGO
• By Vessel Type: Tankers, Containers, Bulk & General Cargo, Others

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)

» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)

» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)

» South America (Brazil, Argentina, Rest of SA)

» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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