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Bunker Fuel Market

Global Bunker Fuel Market Size, Share, Trends, Forecast: By Type: Distillate Fuel, Residual Fuel; By Fuel Grade: High Sulphur Fuel Oil (HSFO), Very Low Sulphur Fuel Oil (VLSFO), Marine Diesel Oil (MDO), Liquefied Natural Gas (LNG), Others; By Commercial Distributors; By End Use; Regional Analysis; Competitive Landscape; 2024-2032

Global Bunker Fuel Market Outlook

The global bunker fuel market attained a volume of 4.54 million b/d in 2023. The market is expected to grow at a CAGR of 1.8% in the forecast period of 2024-2032 to reach 5.36 million b/d by 2032.

 

Global Bunker Fuel Market

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Rising Activities Associated with Hydrogen Resource Development to Aid the Market Growth of Bunker Fuel

The market for bunker fuel is being driven by the rising activities associated with hydrogen resource development in offshore areas. The market is further aided by the rapidly growing bunker requirements in product tankers and crude oil. In addition, the rise in marine trade is also supporting the market growth of bunker fuel due to the increase in import-export activities. The rising oil and gas exploration activities in the emerging oil-producing regions, especially in the Asia Pacific region is expected to aid the market growth of bunker fuel over the forecast period. Moreover, the presence of oil-producing regions, which have unexplored reserves, are sufficient to meet the growing energy demand. As a result, the exploration of these untapped resources is anticipated to positively influence the demand for shipping vessels. This is expected to create lucrative growth opportunities, which will aid the market growth over the forecast period.

 

Bunker Fuel: Market Segmentation

Bunker fuel refers to the fuel oil that is delivered to ships of all states engaged in international navigation. The international navigation can be done through various modes, like sea, in coastal waters, on inland lakes and waterways.

 

Global Bunker Fuel Market By Type

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On the basis of type, the market is divided into:

  • Distillate Fuel
  • Residual Fuel

Based on fuel grade, the industry can be segmented into:

  • High Sulphur Fuel Oil (HSFO)
  • Very Low Sulphur Fuel Oil (VLSFO)
  • Marine Diesel Oil (MDO)
  • Liquefied Natural Gas (LNG)
  • Others

By commercial distributors, the industry is categorised into:

  • Oil Majors
  • Large Independent
  • Small Independent

On the basis of end use, the industry is divided into:

  • Containers
  • Bulk Carriers
  • General Cargo
  • Tankers
  • Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Bunker Fuel Market By Region

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Rising Demand for Marine Diesel Oil to Aid the Market Growth of Bunker Fuel

The market of bunker fuel is being driven by the rising demand for marine diesel oil. It is expected to retain its dominance over the forecast period as well. This can be attributed to the low sulphur contents in comparison to residual fuel oil, which consists of a high volume of contaminants, such as sulphur. However, factors like the emergence of LNG fuel technology as an alternative to bunker fuel and initiatives taken by the global shipping industry to reduce fuel consumption are expected to hinder the market growth of bunker fuel over the forecast period.

 

Key Industry Players in the Global Bunker Fuel Market

The report gives a detailed analysis of the following key players in the global bunker fuel market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • ExxonMobil Corporation
  • Royal Dutch Shell plc.
  • BP Plc
  • Total SA
  • Chevron Corporation
  • Neste Oyj
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Fuel Grade
  • Commercial Distributors
  • End Use
  • Region
Breakup by Type
  • Distillate Fuel
  • Residual Fuel
Breakup by Fuel Grade
  • High Sulphur Fuel Oil (HSFO)
  • Very Low Sulphur Fuel Oil (VLSFO)
  • Marine Diesel Oil (MDO)
  • Liquefied Natural Gas (LNG)
  • Other
Breakup by Commercial Distributors
  • Oil Majors
  • Large Independent
  • Small Independent
Breakup by End Use
  • Containers
  • Bulk Carriers
  • General Cargo
  • Tankers
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • ExxonMobil Corporation
  • Royal Dutch Shell plc.
  • BP Plc
  • Total SA
  • Chevron Corporation
  • Neste Oyj
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Bunker Fuel Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Bunker Fuel Historical Market (2018-2023) 
    8.3    Global Bunker Fuel Market Forecast (2024-2032)
    8.4    Global Bunker Fuel Market by Type
        8.4.1    Distillate Fuel
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Residual Fuel
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
    8.5    Global Bunker Fuel Market by Fuel Grade
        8.5.1    High Sulphur Fuel Oil (HSFO)
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Very Low Sulphur Fuel Oil (VLSFO)
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Marine Diesel Oil (MDO)
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    Liquefied Natural Gas (LNG)
            8.5.4.1    Historical Trend (2018-2023)
            8.5.4.2    Forecast Trend (2024-2032)
        8.5.5    Others
    8.6    Global Bunker Fuel Market by Commercial Distributors
        8.6.1    Oil Majors
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Large Independent
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Small Independent
            8.6.3.1    Historical Trend (2018-2023)
            8.6.3.2    Forecast Trend (2024-2032)
    8.7    Global Bunker Fuel Market by End Use
        8.7.1    Containers
            8.7.1.1    Historical Trend (2018-2023)
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Bulk Carriers
            8.7.2.1    Historical Trend (2018-2023)
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    General Cargo
            8.7.3.1    Historical Trend (2018-2023)
            8.7.3.2    Forecast Trend (2024-2032)
        8.7.4    Tankers
            8.7.4.1    Historical Trend (2018-2023)
            8.7.4.2    Forecast Trend (2024-2032)
        8.7.5    Others   
    8.8    Global Bunker Fuel Market by Region
        8.8.1    North America
            8.8.1.1    Historical Trend (2018-2023)
            8.8.1.2    Forecast Trend (2024-2032)
        8.8.2    Europe
            8.8.2.1    Historical Trend (2018-2023)
            8.8.2.2    Forecast Trend (2024-2032)
        8.8.3    Asia Pacific
            8.8.3.1    Historical Trend (2018-2023)
            8.8.3.2    Forecast Trend (2024-2032)
        8.8.4    Latin America
            8.8.4.1    Historical Trend (2018-2023)
            8.8.4.2    Forecast Trend (2024-2032)
        8.8.5    Middle East and Africa
            8.8.5.1    Historical Trend (2018-2023)
            8.8.5.2    Forecast Trend (2024-2032)
9    North America Bunker Fuel Market Analysis
    9.1    United States of America
        9.1.1    Historical Trend (2018-2023)
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023)
        9.2.2    Forecast Trend (2024-2032)
10    Europe Bunker Fuel Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023)
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023)
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023)
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023)
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Bunker Fuel Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023)
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023)
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023)
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023)
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023)
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Bunker Fuel Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023)
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023)
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023)
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Bunker Fuel Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023)
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023)
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023)
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023)
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Trade Data Analysis

    16.1    Major Importing Countries
        16.1.1    By Volume
        16.1.2    By Value
    16.2    Major Exporting Countries
        16.2.1    By Volume
        16.2.2    By Value
17    Price Analysis
    17.1    North America Historical Price Trends (2018-2023) and Forecast (2024-2032)
    17.2    Europe Historical Price Trends (2018-2023) and Forecast (2024-2032)
    17.3    Asia Pacific Historical Price Trends (2018-2023) and Forecast (2024-2032)
    17.4    Latin America Historical Price Trends (2018-2023) and Forecast (2024-2032)
    17.5    Middle East and Africa Historical Price Trends (2018-2023) and Forecast (2024-2032)
18    Competitive Landscape
    18.1    Market Structure
    18.2    Company Profiles
        18.2.1    ExxonMobil Corporation
            18.2.1.1    Company Overview
            18.2.1.2    Product Portfolio
            18.2.1.3    Demographic Reach and Achievements
            18.2.1.4    Certifications
        18.2.2    Royal Dutch Shell plc.
            18.2.2.1    Company Overview
            18.2.2.2    Product Portfolio
            18.2.2.3    Demographic Reach and Achievements
            18.2.2.4    Certifications
        18.2.3    BP Plc
            18.2.3.1    Company Overview
            18.2.3.2    Product Portfolio
            18.2.3.3    Demographic Reach and Achievements
            18.2.3.4    Certifications
        18.2.4    Total SA
            18.2.4.1    Company Overview
            18.2.4.2    Product Portfolio
            18.2.4.3    Demographic Reach and Achievements
            18.2.4.4    Certifications
        18.2.5    Chevron Corporation
            18.2.5.1    Company Overview
            18.2.5.2    Product Portfolio
            18.2.5.3    Demographic Reach and Achievements
            18.2.5.4    Certifications
        18.2.6    Neste Oyj
            18.2.6.1    Company Overview
            18.2.6.2    Product Portfolio
            18.2.6.3    Demographic Reach and Achievements
            18.2.6.4    Certifications
        18.2.7    Others
19    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Bunker Fuel Market: Key Industry Highlights, 2018 and 2032
2.    Global Bunker Fuel Historical Market: Breakup by Type (USD Billion), 2018-2023
3.    Global Bunker Fuel Market Forecast: Breakup by Type (USD Billion), 2024-2032
4.    Global Bunker Fuel Historical Market: Breakup by Fuel Grade (USD Billion), 2018-2023
5.    Global Bunker Fuel Market Forecast: Breakup by Fuel Grade (USD Billion), 2024-2032
6.    Global Bunker Fuel Historical Market: Breakup by Commercial Distributors (USD Billion), 2018-2023
7.    Global Bunker Fuel Market Forecast: Breakup by Commercial Distributors (USD Billion), 2024-2032
8.    Global Bunker Fuel Historical Market: Breakup by End Use (USD Billion), 2018-2023
9.    Global Bunker Fuel Market Forecast: Breakup by End Use (USD Billion), 2024-2032
10.    Global Bunker Fuel Historical Market: Breakup by Region (USD Billion), 2018-2023
11.    Global Bunker Fuel Market Forecast: Breakup by Region (USD Billion), 2024-2032
12.    North America Bunker Fuel Historical Market: Breakup by Country (USD Billion), 2018-2023
13.    North America Bunker Fuel Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.    Europe Bunker Fuel Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    Europe Bunker Fuel Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.    Asia Pacific Bunker Fuel Historical Market: Breakup by Country (USD Billion), 2018-2023
17.    Asia Pacific Bunker Fuel Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.    Latin America Bunker Fuel Historical Market: Breakup by Country (USD Billion), 2018-2023
19.    Latin America Bunker Fuel Market Forecast: Breakup by Country (USD Billion), 2024-2032
20.    Middle East and Africa Bunker Fuel Historical Market: Breakup by Country (USD Billion), 2018-2023
21.    Middle East and Africa Bunker Fuel Market Forecast: Breakup by Country (USD Billion), 2024-2032
22.    Major Importing Countries by Volume 
23.    Major Exporting Countries by Volume 
24.    Major Importing Countries by Value 
25.    Major Exporting Countries by Value 
26.    North America Historical Price Trends and Forecast 2018-2032
27.    Europe Historical Price Trends and Forecast 2018-2032
28.    Asia Pacific Historical Price Trends and Forecast 2018-2032
29.    Latin America Historical Price Trends and Forecast 2018-2032
30.    Middle East and Africa Historical Price Trends and Forecast 2018-2032
31.    Global Bunker Fuel Market Structure

Key Questions Answered in the Report

In 2023, the global bunker fuel act market attained a volume of 4.54 million b/d. 

The market is projected to grow at a CAGR of 1.8% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about 5.36 million b/d by 2032.

The major drivers of the industry, such as the rising marine trade, growing oil and gas exploration activities, rising demand from the developing regions, and increasing demand for MDO, are expected to aid the market growth.

The key market trend guiding the growth of the bunker fuel market includes the exploration of these untapped reserves to meet the growing energy demand.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The leading types of bunker fuel in the market are distillate fuel and residual fuel.

The significant fuel grades in the industry are high sulphur fuel oil (HSFO), very low sulphur fuel oil (VLSFO), marine diesel oil (MDO), and liquefied natural gas (LNG), among others.

The major commercial distributers of bunker fuel in the market are oil majors, large independent, and small independent.

The leading end use sectors in the industry are oil majors, large independent, and small independent.

The major players in the industry are ExxonMobil Corporation, Royal Dutch Shell plc., BP Plc, Total SA, Chevron Corporation, and Neste Oyj, among others.

Analyst Review

The global bunker fuel market attained a volume of 4.54 million b/d in 2023, driven by the growing marine trade. Aided by the rising oil and gas exploration activities, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 1.8%. The market is projected to reach 5.36 million b/d by 2032.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on type, the market is bifurcated into distillate fuel and residual fuel. On the basis of fuel grade, the industry is divided into high sulphur fuel oil (HSFO), very low sulphur fuel oil (VLSFO), marine diesel oil (MDO), and liquefied natural gas (LNG), among others. By commercial distributors, the market is segmented into oil majors, large independent, and small independent. Based on end use, the industry is categorised into containers, bulk carriers, general cargo, and tankers, among others. The major regional markets for bunker fuel are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include ExxonMobil Corporation, Royal Dutch Shell plc., BP Plc, Total SA, Chevron Corporation, and Neste Oyj, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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