Marine Diesel Market Size, Share, Trends, Growth 2032

Marine Diesel Industry Prospective:

The global marine diesel market size was worth around USD 11.43 billion in 2023 and is predicted to grow to around USD 17.20 billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.65% between 2024 and 2032.

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The study includes drivers and restraints for the marine diesel oil market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the marine diesel market on a global as well as regional level.

Marine Diesel Market: Growth Drivers

Marine diesel is a type of fuel that is a blend of heavy-duty oil and gas oil. It is used in medium-speed and high-speed diesel engines and also in large low-speed propulsion engines.

The lower price of marine diesel is expected to be a major driving factor for the growth of this market as the players in the shipping industry favor marine diesel over highly refined fuel. Moreover, the growth of the market can also be attributed to the growth in trade through waterways and the increasing penetration of logistics companies in the market.

In order to facilitate global trade and develop their economy, many developing nations have been investing heavily in improving the trade infrastructure of their countries by investing in the maritime sector. According to the UN, global maritime trade increased by over 4% in 2017.

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Many players involved in the maritime industry have completed expansion activities into several other countries. The UNCTAD noted a considerable increase in the average number of companies offering services in maritime trade across the globe. Moreover, the growth of Asia, predominantly China, as a global trade partner for the African region, overtaking Europe and the U.S. are expected to create new avenues of opportunities for the players in the maritime industry, thereby spurring the demand for marine diesel.

However, the implication posed by the International Maritime Organization (IMO) on the sulfur content in marine fuels is expected to restrain the growth of the market during the coming years. The International Maritime Organization (IMO) has mandated all ship operators to limit the sulfur in fuel oil to 0.5% m/m and this is expected to curb the demand for marine diesel. The growing protectionism and inward-looking policies of major countries are expected to affect global trade, thereby affecting the demand for marine diesel oil.

Marine Diesel Market: Segmentation

The global marine diesel oil market is segmented on the basis of distribution channel, application, and end-user.

The distribution channel segment includes oil majors, largely independent, and small independent. The oil majors segment dominated the market in 2018 and is expected to maintain its dominance over the forecast period. However, the small independent segment is expected to register the highest CAGR during the forecast period and provide tough competition to the established players in the oil majors segment.

Based on application, the market is segmented into fuel consumption, efficiency level, fleet management, and viscosity control.

Based End-User, segmentation includes container, bulk carrier, an oil tanker, general cargo, chemical tanker, fishing, and gas tanker. General cargo accounted for the largest market share in 2018 and is expected to register significant growth during the forecast period.

Marine Diesel Market : Report Scope

Marine Diesel Market: Regional Analysis

Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific is expected to be the fastest-growing region and is expected to witness significant gains in the general cargo segment. 

Marine Diesel Market: Competitive Analysis

The global marine diesel market is dominated by players like:

• Bomin Bunker Oil Corp
• Indian Oil Corporation
• Chemoil Energy Ltd.
• KPI Bridge Oil A/S
• Harvey Gulf International Marine LLC
• Aegean Marine Petroleum Network Inc
• BP PLC
• Gazprom Neft PJSC
• Exxon Mobil
• Royal Dutch Shell PLC

The Global Marine Diesel market is segmented as follows:

Global Marine Diesel Market: By Distribution Channel

• Oil Majors
• Large Independent
• Small Independent

Global Marine Diesel Market: By Application

• Fuel Consumption
• Efficiency Level
• Fleet Management
• Viscosity Control

Global Marine Diesel Market: By End User

• Container
• Bulk Carrier
• Oil Tanker
• General Cargo
• Chemical Tanker
• Fishing
• Gas Tanker

Global Marine Diesel Market: By Region

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