Bunker Fuel Market Report by Fuel Type (High Sulfur Fuel Oil (HSFO), Very Low Sulfur Fuel Oil (VLSFO), Marine Diesel Oil (MDO), Liquefied Natural Gas (LNG)), Vessel Type (Containers, Tankers, General Cargo, Bulk Carrier, and Others), Seller (Major Oil Companies, Leading Independent Sellers, Small Independent Sellers), and Region 2023-2028
The global bunker fuel market size reached US$ 150.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 216.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.1% during 2023-2028.
Bunker fuel, also known as a marine fuel, is a heavy, residual oil used to power the motors or engines of the marine fleet. It is obtained after extracting gasoline, diesel and other light hydrocarbons from crude oil during the fractional distillation in refineries. It is a viscous liquid with a characteristic odor that contains high sulfur content and can be reduced using different processes. The small quantity of lighter fuel, such as diesel, is also mixed to make it less thick.
Rapid globalization, along with the escalating demand for international seaborne trade, has increased export and import activities worldwide. This represents one of the major factors bolstering the market growth. Apart from this, the rising oil and gas exploration activities in deep offshore areas are acting as another major growth-inducing factor. Furthermore, as vessels have a large load-bearing capacity compared to other transportation modes, there is an increase in the demand for bunker oil to refuel vessels during sailing. Moreover, governments of several countries are focusing on strengthening geographical border security, which is increasing the number of naval fleets and contributing to the market growth. Besides this, with the growing environmental concerns, market players are investing in research and development (R&D) projects to develop clean, eco-friendly fuels. However, the market has been adversely impacted due to the outbreak of the coronavirus disease (COVID-19) and consequent lockdowns imposed by governments of several countries, which has restricted sea trade activities across the globe. The market is expected to regain growth as normaly is regained.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global bunker fuel market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on fuel type, vessel type and seller.
Breakup by Fuel Type:
High Sulfur Fuel Oil (HSFO)
Very Low Sulfur Fuel Oil (VLSFO)
Marine Diesel Oil (MDO)
Liquefied Natural Gas (LNG)
Breakup by Vessel Type:
Breakup by Seller:
Major Oil Companies
Leading Independent Sellers
Small Independent Sellers
Breakup by Region:
Middle East and Africa
The report has also analysed the competitive landscape of the market with some of the key players being Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG), BP Plc, Chevron Corporation, Exxon Mobil Corporation, Gazprom Neft PJSC (Gazprom), LUKOIL, Neste Oyj, Petroliam Nasional Berhad (PETRONAS), Royal Dutch Shell Plc and TOTAL S.A.
Base Year of the Analysis
Fuel Type, Vessel Type, Seller, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG), BP Plc, Chevron Corporation, Exxon Mobil Corporation, Gazprom Neft PJSC (Gazprom), LUKOIL, Neste Oyj, Petroliam Nasional Berhad (PETRONAS), Royal Dutch Shell Plc and TOTAL S.A.
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Key Questions Answered in This Report
The global bunker fuel market was valued at US$ 150.7 Billion in 2022.
We expect the global bunker fuel market to exhibit a CAGR of 6.1% during 2023-2028.
The increasing number of seaborne trade practices, along with the expanding offshore oil and gas exploration and processing activities, are currently driving the global bunker fuel market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent
lockdown regulations across several nations resulting in temporary restrictions on sea trade
activities, thereby negatively impacting the bunker fuel market.
Based on the fuel type, the global bunker fuel market can be bifurcated into High Sulfur Fuel Oil
(HSFO), Very Low Sulfur Fuel Oil (VLSFO), Marine Diesel Oil (MDO), and Liquefied Natural Gas (LNG).
Among these, Very Low Sulfur Fuel Oil (VLSFO) currently represents the largest market share.
Based on the vessel type, the global bunker fuel market has been segmented into containers,
tankers, general cargo, bulk carrier, and others. Currently, containers exhibit a clear dominance in
Based on the seller, the global bunker fuel market can be categorized into major oil companies,
leading independent sellers, and small independent sellers. Among these, major oil companies
account for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle
East and Africa, and Latin America, where Asia Pacific currently dominates the global market.
Some of the major players in the global bunker fuel market include Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG), BP Plc, Chevron Corporation, Exxon Mobil Corporation, Gazprom Neft PJSC (Gazprom), LUKOIL, Neste Oyj, Petroliam Nasional Berhad (PETRONAS), Royal Dutch Shell Plc, and TOTAL S.A.
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