Bunker Fuel Market Outlook 2024: Market Dynamics, Trends, and Key Players

"The Business Research Company recently released a comprehensive report on the Global Bunker Fuel Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The bunker fuel market size has grown strongly in recent years. It will grow from $143.36 billion in 2023 to $150.93 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to growing awareness and pressure to reduce greenhouse gas emissions, the modernization of ships and the introduction of new, more fuel-efficient vessels, increased use of larger vessels, and the shift towards ultra-large container ships, and the composition and age of the global shipping fleet.

The bunker fuel market size is expected to see strong growth in the next few years. It will grow to $186.28 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to stringent environmental regulations, increasing global trade and shipping activities, adoption of new technologies, investment in bunker fuel infrastructure, and the gradual adoption of alternative fuels. Major trends in the forecast period include innovations in marine fuel technology, the development of more efficient and cleaner-burning fuels, advances in fuel storage and handling technologies, advances in the production of marine fuels, and the development and expansion of bunkering infrastructure.

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Market Drivers and Trends:

The expansion in the shipping industry is expected to propel the growth of the bunker fuel market going forward. The shipping industry, also known as the maritime transport sector, is a crucial component of global trade and commerce. The expansion in the shipping industry is due to several factors, such as increased global trade volumes, advancements in shipping technology, the growth of emerging markets, improvements in port infrastructure, and the rising demand for efficient and cost-effective transportation solutions. Bunker fuel is primarily used in the shipping industry to power large vessels and cargo ships, serving as the main source of fuel for maritime transportation. For instance, in January 2024, according to the Bureau of Economic Analysis, a US-based government agency, in 2022, the marine economy contributed $476.2 billion, representing 1.8% of the U.S. gross domestic product (GDP) in current dollars, up from $424.2 billion (also 1.8%) in 2021. It also made up 1.7%, or $776.9 billion, of the nation's current-dollar gross output. Therefore, the expansion in the shipping industry is driving the growth of the bunker fuel market.

Major companies operating in the bunker fuel market are focusing on developing advanced products, such as multi-fuel solutions, to gain a competitive edge in the market. A multi-fuel solution in the bunker refers to the ability of marine vessels to use a range of different fuels for their propulsion and power needs. For instance, in June 2023, Bunker Holding, a Denmark-based company that is involved in purchasing, selling, and supplying marine fuel and lube oil, launched its first methanol-ready bunker tanker. MT NORE will serve as a multi-fuel bunkering tanker with 3,500-ton storage, which can be split with different products among her tank pairs. Bunker One is taking a major step into catering for future methanol bunkering in and around Scandinavian waters and the Northwest European region.

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Major Key Players of the Market:

PetroChina International, Shell plc, ExxonMobil Marine Fuels, BP plc, Chevron Corporation, TotalEnergies Marine Fuels, Gunvor Group, Petrobras, Marubeni Corporation, World Fuel Services, Bunker Holding, Enoc, Noble Group, OceanConnect Marine, Vitol Group, Panocean, Smit Lamnalco, Aegean Marine Petroleum Network Inc., Bomin Bunker Oil Corp., KP Marine, Unipec, Fujairah Oil Terminal, MOL Group

Bunker Fuel Market 2024 Key Insights:

• The bunker fuel market size is expected to see strong growth in the next few years. It will grow to $186.28 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• The Expansion In The Shipping Industry Propelling The Growth Of The Bunker Fuel Market
• Bunker Fuel Companies Embrace Multi-Fuel Solutions To Enhance Market Competitiveness
• Asia-Pacific was the largest region in the bunker fuel market in 2023

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