The global bunker fuel market grew at a CAGR of around 5% during 2014-2019. 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 is currently experiencing negative growth 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. Looking forward, IMARC Group expects the global bunker fuel market to continue its moderate growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global bunker fuel market report, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on region, fuel type, vessel type and seller.
Breakup by Fuel Type:
Breakup by Vessel Type:
Breakup by Seller:
Breakup by Region:
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.
The global bunker fuel market was worth around US$ 120.1 Billion in 2019.
According to the estimates by IMARC Group, the global bunker fuel market will exhibit stable growth during the next five years.
The increasing number of seaborne trade activities due to elevating levels of globalization represents one of the key drivers for the global bunker fuel market.
The growing environmental concerns have led to the emergence of cleaner and eco-friendly fuels, which represents one of the key trends in the global bunker fuel market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in restricted sea trade activities, thereby hampering the global bunker fuel market.
On the basis of the fuel type, the market has been classified into High Sulfur Fuel Oil (HSFO), Very Low Sulfur Fuel Oil (VLSFO), Marine Diesel Oil (MDO), and Liquefied Natural Gas (LNG). Among these, High Sulfur Fuel Oil (HSFO) holds the largest market share.
On the basis of the vessel type, the market has been classified into containers, tankers, general cargo, bulk carrier, and others. At present, container exhibits a clear dominance in the market.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
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