Bunker Fuel Market Share, Growth, Size, Analysis, Forecast 2032

The global Bunker Fuel market size accrued earnings worth approximately USD 203.64 Million in 2023 and is predicted to gain revenue of about USD 256.56 Million by 2032, is set to record a CAGR of nearly 2.60% over the period from 2024 to 2032.

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Bunker Fuel Market Overview

Bunker fuel is referred to the fuel that is poured in ship’s bunkers to operate its engines. Industry material safety sheet for marine fuel oil categorizes it as very toxic and hazardous to aquatic life having long-lasting effects. Bunker fuel is divided into various types such as bunker A, B, and C. Bunker C type is the most vicious and thickest that require blending or heating to make it flow. It is mixed with 10% of lighter fuel, such as diesel, to make it affordable to be used in shipping. It is characterized as persistent oil and can spread at large distances, as it does not evaporate easily. It has a characteristic odor and is available in black to brown color liquid.

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Development of blue economy coupled with increasing globalization in world trade in emerging markets has enhanced marine industry in past few years. Further, global investment in commercial fishing fleets and marine fisheries is boosting marine fuel demand in the fishing vessels industry. As per the estimates of “World Trade Organization”, merchandise trade volume will remain constant and will grow at the same rate as that in 2023. Growth in global seaborne trade shipment is projected to increase marginally in 2023, as compared to the historical trends. However, 80% of seaborne trade contributes to carbon emissions, polluting the atmosphere, this can act as a restraining factor for global bunker fuel market.

Bunker Fuel Market Growth Analysis

Increasing consumption in oil & gas sector for extraction activities and offshore exploration, increasing government support, and raise in the ocean-borne field are preliminary driving factors for bunker fuel demand. However, policies pertaining to adoption of LNG along with fuel usage reduction can restrain the market growth over the forecast timeframe.

This report offers comprehensive analysis on global bunker fuel market along with, market trends, drivers, and restraints of the bunker fuel market. This report includes a detailed competitive scenario and product portfolio of key vendors. To understand the competitive landscape of the market, an analysis of Porter’s five forces model for the market has also been included. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness. This report is prepared using data sourced from in-house databases, secondary, and the primary research team of industry experts.

Bunker Fuel Market: Report Scope

Bunker Fuel Market Segmentation Analysis

The study provides a decisive view of the bunker fuel market by segmenting the market based on type, fuel grade, commercial distributors, end-use, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Based on the type, the segmentation of bunker fuel market includes bunker A, bunker B, and bunker C. Based on fuel grade, the segmentation of bunker fuel market includes marine diesel oil, IFO 180, IFO 380, IFO 500, IFO 700, LS 380, and LS 180.

Based on commercial distributors, the segmentation of bunker fuel market includes major oil companies, small independent, and large independent.

Based on end-use, the segmentation of bunker fuel market includes tanker fleet, container fleet, bulk and general cargo fleet, and other.

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Each region has been further segmented into countries such as the U.S., UK, France, Germany, China, India, Japan, Brazil, Saudi Arabia, and others.

The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global bunker fuel market such as

• World Fuel Services Corporation
• Lukoil-Bunker LLC
• Aegean Marine Petroleum Network, Inc.
• Bomin Bunker Oil Corp.
• BP Plc
• Bunker Holding A/S
• Chemoil Energy Limited
• Exxon Mobil Corporation
• GAC Bunker Fuels Ltd.
• Gazpromneft Marine Bunker LLC
• KPI Bridge Oil A/S
• and Royal Dutch Shell Plc.

The report segments global bunker fuel market as follows:

By Type Segments

• Bunker A
• Bunker B 
• Bunker C

By Fuel Grade Segments

• Marine diesel oil
• IFO 180
• IFO 380 
• IFO 500 
• IFO 700 
• LS 380
• LS 180

By Commercial Distributors Segments

• Major oil companies
• Small Independent 
• Large Independent

By End-use Segments

• Tanker fleet
• Container fleet
• Bulk and general cargo fleet
• Others

Bunker Fuel Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa