Press Release

Bunker Fuel Market is expected to grow at an impressive CAGR

The global bunker fuel market is expected to grow due to the rising number of LNG-fueled fleet and increasing natural gas trade during the forecast period.


According to TechSci Research report, Bunker Fuel Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2028, the global bunker fuel market is anticipated to register robust growth during the forecast period. The two main reasons influencing the growth of the global bunker fuel market are the International Maritime Organization's (IMO) rule on the sulfur level in marine fuel and the rise in offshore oil & gas exploration operations. The global market for bunker fuel is predicted to benefit from increased attention being paid to LNG as an alternative marine fuel.

The LNG bunkering business has recorded considerable expenditure in infrastructure construction. As a result, LNG-based vessels are now preferred over conventional vessels by ship owners, especially those who operate in the European or American Sea. Additionally, LNG-fueled ships have not significantly penetrated the bulk carrier market due to the fact that bulk carriers are designed to transport large cargoes and that LNG technology for this class of boats is still in its infancy. The beef transporters make up most of the boats that are presently in assistance.


Browse over XX market data Figures spread through 110 Pages and an in-depth TOC on "Global bunker fuel market.”


The global bunker fuel market is segmented based on type, commercial distributor, application, and region. Based on type, the market is divided into high sulfur fuel oil, low sulfur fuel oil, marine gasoil, and others. Based on commercial distributor, the market is divided into oil majors, large independent, and small independent. Based on application, the market is divided into container, bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessels, gas tankers, and others. Based on region, the market is further bifurcated into North America, Asia-Pacific, Europe, South America, and Middle East & Africa.

Based on type, the low sulfur fuel oil segment is projected as the most lucrative segment. The demand for high sulfur fuel oil (HSFO) has declined as a result of the implementation of IMO-2020, which is predicted to spur the demand for low sulfur fuel oil during the forecast period.

Based on commercial distributor, the oil majors’ segment is projected as the most lucrative segment. With the largest revenue share in the global bunker fuel market, the oil majors’ segment is anticipated to continue to rule during the forecast period. The global dominance of the oil majors’ segment in the crude oil tanker chartering industry is credited with this expansion.

Based on application, the container segment holds the largest share due to the rise in trade-related agreements and the demand for cargo transportation via ships. Additionally, the expansion of industries and manufacturing facilities in regions such as LAMEA and Asia-Pacific is predicted to fuel the expansion of the global bunker fuel market during the forecast period.

Based on region, Asia Pacific is the dominating region. As a result of the enormous marine commerce potential of nations such as India, China, Singapore, and Japan, Asia-Pacific is anticipated to dominate the bunker fuel industry. China is the top exporter of products and the second-largest importer of goods as of 2021. Mechanical and electrical machinery and equipment, automotive goods, including car parts, chemicals and polymers, iron and steel products, and furniture are among China's top exports. Additionally, the nation's fleet is showing a severe oversupply scenario. The People's Republic of China's Ministry of Transport reports that in 2021, Shanghai port reached a record high for container throughput, surpassing 47.03 million TEU (Twenty-foot Equivalent Unit), an increase of 8.1% from levels in 2020.

Additionally, the Indian government announced an investment of USD 22 billion by 2035 to modernize the current ports and create new ports to boost the proportion of the marine sector in both domestic and international trade. During the projection period, it is anticipated that the port infrastructure expansion will raise demand from the Asia-Pacific maritime industry and marine fuel suppliers. Therefore, Asia-Pacific is anticipated to rule the global bunker fuel market during the forecast period.


Key market players in the global bunker fuel market are:

  • Exxon Mobil Corporation
  • Gazprom Neft PJSC
  • Lukoil Oil Company
  • Total Energies SE
  • Chevron Corporation
  • Gulf Agency Company Ltd (GAC)
  • Bomin Bunker Holding GmbH & Co. KG
  • Bunker Holding A/S
  • Fratelli Cosulich S.p.A.
  • Adani Bunkering Private Limited (part of Adani Group)


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“The demand for bunker fuel is being affected by significant changes in sulfur emission rules, an increase in maritime activity, and rising investments in the oil and gas sector. Market participants are recommended to make investments in R&D initiatives and increase the supply of marine bunker fuel to fulfil the expanding demand and maintain their competitive edge. Additionally, the oil and gas industry's quick technological advancement is anticipated to speed up offshore exploration, which, in turn, will drive the growth of the global bunker fuel market by 2028,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Bunker Fuel Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028F - By Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gasoil, and Others), By Commercial Distributor (Oil Majors, Large Independent, and Small Independent), By Application (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing Vessels, Gas Tankers, and Others), and By Region, Competition” has evaluated the future growth potential of the global bunker fuel market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global bunker fuel market.


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