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Bunker Fuel Market to Reach USD 177.26 Billion by 2030, Driven by LNG Adoption and Regulatory Compliance | Mordor Intelligence
Bunker Fuel Market Size & Share | Mordor Intelligence
The global bunker fuel market is projected to grow from USD 153.65 billion in 2025 to USD 177.26 billion by 2030, registering a CAGR of 2.9% during the forecast period.
Unlock detailed segmentation, trends, and competitor analysis-click to learn more: https://www.mordorintelligence.com/industry-reports/bunker-fuel-market?utm_source=openpr
Bunker fuel, the essential energy source for marine vessels, remains at the heart of global trade. With Asia-Pacific leading demand and the Middle East & Africa emerging as the fastest-growing region, the market is witnessing a shift in fuel preferences and supply chain strategies. The adoption of very low sulfur fuel oil (VLSFO) and liquefied natural gas (LNG) is reshaping bunkering practices, while traditional fuels like high sulfur fuel oil (HSFO) continue to serve vessels equipped with scrubbers.
Upcoming Trends in the Bunker Fuel Industry
Rising LNG-Fueled Fleet
The maritime industry is increasingly turning to LNG-powered vessels. By 2028, the global fleet is expected to include more than 860 LNG-fueled ships. LNG offers significant environmental benefits, including a 23% reduction in greenhouse gas emissions compared to conventional heavy fuel oil. Ports worldwide are expanding LNG bunkering facilities, with over 141 LNG ports already operational and another 170 expected by the end of 2024.
Shift Toward Low-Sulfur Fuels
The IMO 2020 regulation, which limits sulfur content in marine fuels to 0.5%, has accelerated the adoption of VLSFO. This fuel type now accounts for more than half of the global bunker fuel market share. Its widespread availability and compatibility with existing ship engines make it the preferred choice for compliance.
Expanding Port Infrastructure
Major ports are investing heavily in bunkering capacity. For instance, ADNOC has expanded storage in Fujairah with underground caverns capable of holding 42 million barrels of oil. Similarly, Singapore and Rotterdam continue to strengthen their positions as global bunkering hubs, offering diverse fuel options and advanced logistics.
Alternative Fuels and Bio-Bunkering
The industry is experimenting with biofuels and ammonia-based bunkering solutions. TotalEnergies delivered its first marine bio-VLSFO in Singapore in 2022, while Yara International is working on carbon-free ammonia fuel networks in Scandinavia. These initiatives highlight the sector's gradual diversification beyond conventional fuels.
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Bunker Fuel Segmentation:
By Fuel Type
Very Low Sulfur Fuel Oil (VLSFO): Dominates with ~53% market share in 2024, driven by IMO 2020 compliance.
Liquefied Natural Gas (LNG): Fastest-growing segment, supported by infrastructure expansion and environmental benefits.
High Sulfur Fuel Oil (HSFO): Still used by vessels with scrubbers, maintaining relevance in certain fleets.
Marine Gas Oil (MGO): Popular among smaller vessels and regions with stricter emission controls.
Other Fuels (Methanol, Biodiesel): Emerging niche options for future sustainability.
By Vessel Type
Bulk Carriers: Account for ~47% of market share, reflecting their dominance in global commodity trade.
Tankers: Growing segment due to rising oil and gas transport demand.
Containers: Steady demand driven by global supply chains.
General Cargo & Others: Includes ferries, cruise ships, and offshore support vessels, adding diversity to fuel demand.
By Geography
Asia-Pacific: Largest market, led by China, Singapore, and South Korea.
Middle East & Africa: Fastest-growing region, with Fujairah and Yanbu emerging as key hubs.
Europe: Strong adoption of LNG and alternative fuels, supported by strict emission regulations.
North America: Significant market share with advanced bunkering infrastructure.
South America: Brazil leads regional demand, supported by low-sulfur crude availability.
Explore Energy & Power Research Details: https://www.mordorintelligence.com/market-analysis/energy-power?utm_source=openpr
Top Key Players
Exxon Mobil Corporation
BP Plc
Royal Dutch Shell Plc
Gazpromneft Marine Bunker LLC
TotalEnergies SE
Conclusion:
As global trade continues to expand, bunker fuel will remain indispensable to maritime logistics. Companies that adapt to regulatory requirements, diversify fuel offerings, and strengthen supply chain transparency will secure long-term competitiveness in this evolving market.
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Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals. With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, and logistics.
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