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United Kingdom Bunker Fuel Market Size, Price, Demand, Trends, Forecast: By Fuel Type: High Sulphur Fuel Oil (HSFO), Very Low Sulphur Fuel Oil (VLSFO), Marine Gas Oil (MGO), Liquefied Natural Gas (LNG), Others; By Vessel Type: Containers, Tankers, General Cargo, Bulk Container, Others; Market Dynamics; Competitive Landscape; 2023-2028
United Kingdom Bunker Fuel Market Outlook
The United Kingdom bunker fuel market size reached nearly USD 7.42 billion in 2022. The market is projected to grow at a CAGR of 5.90% between 2023 and 2028 to reach a value of around USD 10.38 billion by 2028.
Key Trends in the Market
Bunker fuel, also known as residual fuel oil (RFO), refers to a type of fuel which is used to power and propel a ship forward. Bunker fuel is a heavy fuel which is derived from crude oil. It is heated by a special heating system and typically contains high amounts of pollutants, like sulphur.
- The United Kingdom bunker fuel market growth is being driven by the growing efforts to boost trade and investments in the maritime sector of the United Kingdom. Moreover, the increasing popularity of cruising is further anticipated to fuel the demand for bunker fuels in the coming years.
- An increase in the use of liquefied natural gas (LNG) as an alternative to traditional bunker fuels, owing to its environmentally friendly properties, is a crucial United Kingdom bunker fuel market trend.
- Stringent regulations by international bodies such as the International Maritime Organisation (IMO) aimed at reducing sulphur content in marine fuels are likely to drive the demand for low-sulphur bunker fuels such as marine gas oil in the forecast period.
Market Analysis
Based on fuel type, the United Kingdom bunker fuel market segmentations include high sulphur fuel oil (HSFO), very low sulphur fuel oil (VLSFO), marine gas oil (MGO), and liquefied natural gas (LNG), among others. On the basis of vessel type, the market is classified into containers, tankers, general cargo, and bulk container, among 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. The report gives a detailed analysis of the key players in the United Kingdom bunker fuel market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- Exxon Mobil Corporation
- TotalEnergies SE
- Crown Oil Limited
- Greenergy International Ltd.
- Rosneft Marine UK Ltd.
- Gulf Agency Company Limited
- Prax Group (Harvest Energy)
- Others
Market Share by Fuel Type
Very low sulphur fuel oil (VLSFO) accounts for a significant portion of the United Kingdom bunker fuel market share. This can be attributed to the high operational efficiency and economic stability offered by this type of fuel. In addition, it is an eco-friendly option as it reduces environmental damage caused due to sulphur emissions. Hence, increasing concerns pertaining to the emission of greenhouse gases are further fuelling the segment’s growth.
Market Share by Vessel Types
As per the United Kingdom bunker fuel market analysis, containers are expected to attain rapid growth in the forecast period. This can be attributed to the growing use of containers for bulk cargo transportation. In addition, containers can be used to transport a wide range of products, offer easy storage, and provide optimal safety, thereby boosting the segment’s growth.
Competitive Landscape
Exxon Mobil Corporation is a leading publicly traded international oil and gas company which provides gasoline, diesel fuel and jet fuel to the military, commercial, and industrial sectors, among others. It was established in 1999 and is headquartered in Texas, the United States.
Crown Oil Limited is a company which supplies red diesel, biodiesel, white diesel, kerosene, carbon offset fuels, heating oil, and lubricants, among others. The company was founded in 1947 and is headquartered in Greater Manchester, England.
Greenergy International Ltd. is one of the leading suppliers of renewables derived from waste as well as transportation fuels. It is also one of the largest distributors of petrol and diesel for motor vehicles.
Other United Kingdom bunker fuel market players include TotalEnergies SE, Rosneft Marine UK Ltd., Gulf Agency Company Limited, and Prax Group (Harvest Energy), among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Fuel Type |
|
| Breakup by Vessel Type |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
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 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Bunker Fuel Market Overview
8.1 Key Industry Highlights
8.2 Global Bunker Fuel Historical Market (2018-2022)
8.3 Global Bunker Fuel Market Forecast (2023-2028)
8.4 Global Bunker Fuel Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 United Kingdom Bunker Fuel Market Overview
9.1 Key Industry Highlights
9.2 United Kingdom Bunker Fuel Historical Market (2018-2022)
9.3 United Kingdom Bunker Fuel Market Forecast (2023-2028)
10 United Kingdom Bunker Fuel Market by Fuel Type
10.1 High Sulphur Fuel Oil (HSFO)
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Very Low Sulphur Fuel Oil (VLSFO)
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 Marine Gas Oil (MGO)
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Liquefied Natural Gas (LNG)
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 United Kingdom Bunker Fuel Market by Vessel Type
11.1 Containers
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Tankers
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 General Cargo
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 Bulk Container
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Others
12 Market Dynamics
12.1 SWOT Analysis
12.1.1 Strengths
12.1.2 Weaknesses
12.1.3 Opportunities
12.1.4 Threats
12.2 Porter’s Five Forces Analysis
12.2.1 Supplier’s Power
12.2.2 Buyer’s Power
12.2.3 Threat of New Entrants
12.2.4 Degree of Rivalry
12.2.5 Threat of Substitutes
12.3 Key Indicators for Demand
12.4 Key Indicators for Price
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 Exxon Mobil Corporation
13.2.1.1 Company Overview
13.2.1.2 Product Portfolio
13.2.1.3 Demographic Reach and Achievements
13.2.1.4 Certifications
13.2.2 TotalEnergies SE
13.2.2.1 Company Overview
13.2.2.2 Product Portfolio
13.2.2.3 Demographic Reach and Achievements
13.2.2.4 Certifications
13.2.3 Crown Oil Limited
13.2.3.1 Company Overview
13.2.3.2 Product Portfolio
13.2.3.3 Demographic Reach and Achievements
13.2.3.4 Certifications
13.2.4 Greenergy International Ltd.
13.2.4.1 Company Overview
13.2.4.2 Product Portfolio
13.2.4.3 Demographic Reach and Achievements
13.2.4.4 Certifications
13.2.5 Rosneft Marine UK Ltd.
13.2.5.1 Company Overview
13.2.5.2 Product Portfolio
13.2.5.3 Demographic Reach and Achievements
13.2.5.4 Certifications
13.2.6 Gulf Agency Company Limited
13.2.6.1 Company Overview
13.2.6.2 Product Portfolio
13.2.6.3 Demographic Reach and Achievements
13.2.6.4 Certifications
13.2.7 Prax Group (Harvest Energy)
13.2.7.1 Company Overview
13.2.7.2 Product Portfolio
13.2.7.3 Demographic Reach and Achievements
13.2.7.4 Certifications
13.2.8 Others
14 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Bunker Fuel Market: Key Industry Highlights, 2018 and 2028
2. United Kingdom Bunker Fuel Market: Key Industry Highlights, 2018 and 2028
3. United Kingdom Bunker Fuel Historical Market: Breakup by Fuel Type (USD Billion), 2018-2022
4. United Kingdom Bunker Fuel Market Forecast: Breakup by Fuel Type (USD Billion), 2023-2028
5. United Kingdom Bunker Fuel Historical Market: Breakup by Vessel Type (USD Billion), 2018-2022
6. United Kingdom Bunker Fuel Market Forecast: Breakup by Vessel Type (USD Billion), 2023-2028
7. United Kingdom Bunker Fuel Market Structure
Key Questions Answered in the Report
The market reached a value of nearly USD 7.42 billion in 2022.
The market is estimated to grow at a CAGR of 5.90% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach a value of around USD 10.38 billion by 2028.
The growing efforts to boost trade and investments in the maritime sector and the increasing demand for bunker fuels such as LNG and VLSFO are the major drivers of the market.
The key trends in the market include the increasing concerns pertaining to the emission of greenhouse gases and the growing demand for bunker fuels with low sulphur content.
High sulphur fuel oil (HSFO), very low sulphur fuel oil (VLSFO), marine gas oil (MGO), and liquefied natural gas (LNG), among others, are the different fuel types included in the market report.
Containers, tankers, general cargo, and bulk container, among others, are the major vessel types considered in the market report.
Exxon Mobil Corporation, TotalEnergies SE, Crown Oil Limited, Greenergy International Ltd., Rosneft Marine UK Ltd., Gulf Agency Company Limited, and Prax Group (Harvest Energy), among others, are the key market players.
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