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Global Bunker Fuel Market Analysis and Forecast 2020-2030

Report ID:1457Chemicals & Materials254 pages

Bunker Fuel Market Statistics

The global bunker fuel market is projected to witness a growth of 4.4% CAGR and reach the projected value of USD 164.9 bn in 2030 as against its previous valuation of USD 109.6bn in 2020

Global Oil production has hit a wall in recent years. A number of factors have contributed to this, but the most salient are economic and political. Bunker fuel is one of the most important commodities in the world. Every day, a million barrels of oil are consumed across the globe, thus driving the global bunker fuel market during the forecast period.  The emissions from bunker fuels will be reduced from 3.5% to 0.5%. This is a significant decrease in the allowed percentage of sulfur emissions in bunker fuels which might positively impact global consumption patterns for the bunker fuel demand.

Global Bunker Fuel Market Share By Region Type

Self-Driving Vehicles to Drive Bunker Fuel Market

The rising trend of demand for self-driving vehicles is anticipated to drive the demand for bunker fuel. The self-driving car is not just a figment of our imagination. In fact, with companies like Lyft and Uber investing in the technology and Volvo promising to sell 100% self-driving cars is anticipated to drive the global bunker fuel market in the coming years. There were 31.4 million autonomous cars in 2019 as per estimation and is expected to grow up to 54.2 million.

However, there are currently no standards on reducing greenhouse gas emissions from bunker fuel combustion as there are with fossil fuels like diesel and gasoline.

The demand for bunker fuel is closely linked to the growth in seaborne trade which is anticipated to add to the growth potential for the bunker fuel market in the coming years.

Demand for Liquified Natural Gas to Boost Sales of Bunker Fuel Market

The global bunker fuel market has seen a sea of changes over the years, and the rising demand for Liquified Natural Gas (LNG) is estimated to boost the sales of bunker fuels in the coming years. With the ability to minimize greenhouse emissions, an LNG-based vessel’s operational cost is less when compared with all other fuel alternatives as per the new emission regulation mandated by International Maritime Organization (IMO). Using liquified natural gas or methane propulsion can significantly reduce the carbon footprint while also improving the efficiency in the operational ships, which further is anticipated to boost the market for bunker fuel over the next few years. Further, in many parts of the globe, the shipowners now prefer LNG based vessels as compared to other traditional vessels, paving the way for market expansion in the coming years.

However, natural disasters and oil spills may impede the market over the forecast years. Further, the demand for bunker fuel will continue to outstrip supply, posing a challenge in the global bunker fuel market during the forecast period.

Nonetheless, most the Asian trade is transported by sea, thus paving the way for the bunker fuel market to grow in the coming years. The IMO’s 2020 regulation on reducing sulfur emissions will further boost the global bunker fuel market over the forecast period.

Cost Efficiency to Strengthen Liquified Natural Gas Segment

The global bunker fuel market is divided on the basis of fuel type- High Sulfur Fuel Oil (HSFO), Marine Gas Oil (MGO), Liquefied Natural Gas (LNG), Very Low Sulfur Fuel Oil (VLSFO), and Other Fuel Types. However, LNG is projected to lead the bunker fuel market, owing to its operational cost efficiency and minimizing carbon footprints.

Alternatively, the Very Low Sulfur Oil is anticipated to witness significant demand during the forecast years. The growth of this segment can be attributed to rising concerns over sulfur content in the oil and efforts to restrain its use.

On the basis of vessel type, the global bunkers market is divided into – Containers, General Cargo, Tankers, Bulk Carriers, and Other Vessel Types. However, the container vessel type is expected to lead the vessel segment. The world’s oceans carry a huge amount of traffic, and this is only expected to increase as the demand for industrial shipping grows. The market will also experience the fastest growth during the forecast period. This is due to increasing globalization and rising export-import activities. Tanker vessels are second highest in number because they transport liquid materials and may result in significant growth prospects during the forecast period.

Regional Overview:

Based on regional growth, Asia Pacific is expected to hold the highest share in the global bunker fuel market. The growth of this region could be due to rising imports and exports. The electric vehicle market is growing very quickly, with more and more countries announcing plans to phase out fossil fuel-driven vehicles China, for example, has seen rapid growth in electric vehicle ownership, with sales nearly doubling. There are strong trade possibilities for countries like China, India, Singapore, etc. Offshore expansion while North America is expected to be stagnant during the forecast period.

Competitive Landscape

The global bunker fuel market is highly competitive and fragmented due to the presence of large, medium, and small players in the market.

Recent Developments

  • The Marathon Petroleum Corp. (MPC) has earned its Partner of the Year – Sustained Excellence Award from EPA for the third consecutive year.
  • In November 2019, Neste announced that the low-sulfur marine fuel adhering to IMO2020 standards is now available in Germany. The Neste MarineTM 0.5 partnership with BMT Bunker und Mineralöltransport GmbH concerning distribution and sales is now in effect in Bremerhaven, Germany

The major players in the global bunker fuel market are –

  • Exxon Mobil Corporation
  • Royal Dutch Shell plc
  • BP Sinopec Marine Fuels
  • Chevron U.S.A. Inc.
  • GAC
  • BUNKER HOLDING
  • Total Energies
  • Neste
  • Marathon Petroleum Corporation
  • Brightoil Petroleum (Holdings) Limited
  • Saudi Arabian Oil Co.
  • Gazprom
  • LUKOIL
  • BP

By Fuel Type

  • High Sulfur Fuel Oil (HSFO)
  • Very Low Sulfur Fuel Oil (VLSFO)
  • Marine Gas Oil (MGO)
  • Liquefied Natural Gas (LNG
  • Other Fuel Types

Vessel Type

  • Containers
  • Tankers
  • General Cargo
  • Bulk Carriers
  • Other Vessel Type

Regional Outlook

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Greece
  • The Netherlands

Asia Pacific

  • Japan
  • China
  • India

Latin America

  • Mexico
  • Brazil
  • Argentina

Middle East & Africa

  • South Africa
  • Saudi Arabia
  • UAE

Frequently Asked Questions 

What is the size of the global bunker fuel market?

The global bunker fuel market is expected to witness a growth of 4.4% CAGR and reach the projected value of USD 164.9 bn 2030

What will be the growth drivers in the global bunker fuel market?

The emissions from bunker fuels will be reduced from 3.5% to 0.5% which will drive the global bunker fuel market in the coming years.

What are the restraints of the global bunker fuel market?

More demand and less supply of these alternative oil will impede the bunker fuel market in the coming years

Which segment will lead in the bunker fuel?

Based on fuel types, Liquified Natural Gas Segment will lead the global bunker fuel market during the forecast period.

Table Of Content

1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations

2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations

3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics

4. Global Bunker Fuel Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) & Volume (Units) Projections, 2022-2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis

5. Global Bunker Fuel Market Analysis 2017-2021 and Forecast 2022-2032, By By Fuel Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis By By Fuel Type, 2017-2021
5.3. Current and Future Market Size Value (US$ Mn) & Volume (Units) Analysis and Forecast By By Fuel Type, 2022-2032
5.3.1. High Sulfur Fuel Oil (HSFO)
5.3.2. Very Low Sulfur Fuel Oil (VLSFO)
5.3.3. Marine Gas Oil (MGO)
5.3.4. Liquefied Natural Gas (LNG
5.3.5. Other Fuel Types
5.4. Y-o-Y Growth Trend Analysis By By Fuel Type, 2017-2021
5.5. Absolute $ Opportunity Analysis By By Fuel Type, 2022-2032

6. Global Bunker Fuel Market Analysis 2017-2021 and Forecast 2022-2032, By Vessel Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis By Vessel Type, 2017-2021
6.3. Current and Future Market Size Value (US$ Mn) & Volume (Units) Analysis and Forecast By Vessel Type, 2022-2032
6.3.1. Containers
6.3.2. Tankers
6.3.3. General Cargo
6.3.4. Bulk Carriers
6.3.5. Other Vessel Type
6.4. Y-o-Y Growth Trend Analysis By Vessel Type, 2017-2021
6.5. Absolute $ Opportunity Analysis By Vessel Type, 2022-2032

7. Global Bunker Fuel Market Analysis 2017-2021 and Forecast 2022-2032, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis By Region, 2017-2021
7.3. Current Market Size Value (US$ Mn) & Volume (Units) Analysis and Forecast By Region, 2022-2032
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. East Asia
7.3.5. South Asia
7.3.6. Oceania
7.3.7. MEA
7.4. Market Attractiveness Analysis By Region

8. North America Bunker Fuel Market Analysis 2017-2021 and Forecast 2022-2032, By Country
8.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
8.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
8.2.1. By Country
8.2.1.1. U.S.
8.2.1.2. Canada
8.2.2. By By Fuel Type
8.2.3. By Vessel Type
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By By Fuel Type
8.3.3. By Vessel Type
8.4. Key Takeaways

9. Latin America Bunker Fuel Market Analysis 2017-2021 and Forecast 2022-2032, By Country
9.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
9.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Argentina
9.2.1.4. Chile
9.2.1.5. Peru
9.2.1.6. Rest of Latin America
9.2.2. By By Fuel Type
9.2.3. By Vessel Type
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By By Fuel Type
9.3.3. By Vessel Type
9.4. Key Takeaways

10. Europe Bunker Fuel Market Analysis 2017-2021 and Forecast 2022-2032, By Country
10.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
10.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. Italy
10.2.1.3. France
10.2.1.4. U.K.
10.2.1.5. Spain
10.2.1.6. Russia
10.2.1.7. BENELUX
10.2.1.8. Rest of Europe
10.2.2. By By Fuel Type
10.2.3. By Vessel Type
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By By Fuel Type
10.3.3. By Vessel Type
10.4. Key Takeaways

11. East Asia Bunker Fuel Market Analysis 2017-2021 and Forecast 2022-2032, By Country
11.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
11.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
11.2.1. By Country
11.2.1.1. China
11.2.1.2. Japan
11.2.1.3. South Korea
11.2.2. By By Fuel Type
11.2.3. By Vessel Type
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By By Fuel Type
11.3.3. By Vessel Type
11.4. Key Takeaways

12. South Asia Bunker Fuel Market Analysis 2017-2021 and Forecast 2022-2032, By Country
12.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
12.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
12.2.1. By Country
12.2.1.1. India
12.2.1.2. Thailand
12.2.1.3. Malaysia
12.2.1.4. Indonesia
12.2.1.5. Rest of South Asia
12.2.2. By By Fuel Type
12.2.3. By Vessel Type
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By By Fuel Type
12.3.3. By Vessel Type
12.4. Key Takeaways

13. Oceania Bunker Fuel Market Analysis 2017-2021 and Forecast 2022-2032, By Country
13.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
13.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
13.2.1. By Country
13.2.1.1. Australia
13.2.1.2. New Zealand
13.2.2. By By Fuel Type
13.2.3. By Vessel Type
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By By Fuel Type
13.3.3. By Vessel Type
13.4. Key Takeaways

14. MEA Bunker Fuel Market Analysis 2017-2021 and Forecast 2022-2032, By Country
14.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
14.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
14.2.1. By Country
14.2.1.1. GCC
14.2.1.2. Rest of MEA
14.2.2. By By Fuel Type
14.2.3. By Vessel Type
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By By Fuel Type
14.3.3. By Vessel Type
14.4. Key Takeaways

15. Key Countries Bunker Fuel Market Analysis
15.1. U.S.
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2021
15.1.2.1. By By Fuel Type
15.1.2.2. By Vessel Type
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2021
15.2.2.1. By By Fuel Type
15.2.2.2. By Vessel Type
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2021
15.3.2.1. By By Fuel Type
15.3.2.2. By Vessel Type
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2021
15.4.2.1. By By Fuel Type
15.4.2.2. By Vessel Type
15.5. Argentina
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2021
15.5.2.1. By By Fuel Type
15.5.2.2. By Vessel Type

16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1.  By Regional
16.3.2.  By By Fuel Type
16.3.3.  By Vessel Type

17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. Exxon Mobil Corporation
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.1.5.2. Product Strategy
17.1.1.5.3. Channel Strategy
17.1.2. Royal Dutch Shell plc
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.2.5.2. Product Strategy
17.1.2.5.3. Channel Strategy
17.1.3. BP Sinopec Marine Fuels
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.3.5.2. Product Strategy
17.1.3.5.3. Channel Strategy
17.1.4. Chevron U.S.A. Inc.
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.4.5.2. Product Strategy
17.1.4.5.3. Channel Strategy
17.1.5. GAC
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.5.5.2. Product Strategy
17.1.5.5.3. Channel Strategy
17.1.6. BUNKER HOLDING
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.6.5.2. Product Strategy
17.1.6.5.3. Channel Strategy
17.1.7. Total Energies
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.7.5.2. Product Strategy
17.1.7.5.3. Channel Strategy
17.1.8. Neste
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.8.5.2. Product Strategy
17.1.8.5.3. Channel Strategy
17.1.9. Marathon Petroleum Corporation
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.9.5.2. Product Strategy
17.1.9.5.3. Channel Strategy
17.1.10. Brightoil Petroleum (Holdings) Limited
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
17.1.10.5.2. Product Strategy
17.1.10.5.3. Channel Strategy
17.1.11. Saudi Arabian Oil Co.
17.1.11.1. Overview
17.1.11.2. Product Portfolio
17.1.11.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.11.4. Sales Footprint
17.1.11.5. Strategy Overview
17.1.11.5.1. Marketing Strategy
17.1.11.5.2. Product Strategy
17.1.11.5.3. Channel Strategy
17.1.12. Gazprom
17.1.12.1. Overview
17.1.12.2. Product Portfolio
17.1.12.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.12.4. Sales Footprint
17.1.12.5. Strategy Overview
17.1.12.5.1. Marketing Strategy
17.1.12.5.2. Product Strategy
17.1.12.5.3. Channel Strategy
17.1.13. LUKOIL
17.1.13.1. Overview
17.1.13.2. Product Portfolio
17.1.13.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.13.4. Sales Footprint
17.1.13.5. Strategy Overview
17.1.13.5.1. Marketing Strategy
17.1.13.5.2. Product Strategy
17.1.13.5.3. Channel Strategy
17.1.14. BP
17.1.14.1. Overview
17.1.14.2. Product Portfolio
17.1.14.3. Profitability by Market Segments (Product/Age /Sales Channel/Region)
17.1.14.4. Sales Footprint
17.1.14.5. Strategy Overview
17.1.14.5.1. Marketing Strategy
17.1.14.5.2. Product Strategy
17.1.14.5.3. Channel Strategy

18. Assumptions & Acronyms Used

19. Research Methodology

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