(MENAFN- GlobeNewsWire - Nasdaq) The rising natural gas trade and IMO rules about sulfur content permissible in the marine fuel are propelling the bunker fuel market's growth.Newark, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The bunker fuel market , which refers to the fuel used by the marine industry, is critical for global shipping and logistics. This market is expected to witness steady growth, driven by the increasing demand for marine transportation and international trade. The global bunker fuel market is projected to reach USD 155.98 billion by 2033, growing at a CAGR of 4.46% from 2024 to 2033. The market is currently influenced by stringent environmental regulations, such as the International Maritime Organization's (IMO) 2020 Sulfur Cap, which mandates lower sulfur content in marine fuels. The growth in the presence of an enormous customer base and rising energy demand are propelling the market's growth during the forecast period in this region.
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Additionally, the rises in population and growing demand from the ship transportation enterprise in this region also support market growth. Furthermore, the growing export and import activities, mainly in emerging nations like Indonesia, Malaysia, China, and India, are also helping boost market growth in this region during the forecast period. In addition, the North American region is expected to show the fastest CAGR growth over the projection period due to the increase in urbanization & globalization.
Recent Developments:
Recent trends in the bunker fuel market include a significant shift towards cleaner fuels like Very Low Sulfur Fuel Oil (VLSFO) and Liquefied Natural Gas (LNG). Additionally, digital technologies such as blockchain and IoT are being integrated into the supply chain to enhance transparency and efficiency in bunkering operations. Key players in the market, such as Royal Dutch Shell, Chevron, and BP, are increasingly investing in research and development to innovate and comply with environmental regulations.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 4.46% |
| 2023 Value Projection | USD 100.82 billion |
| Market Size in 2033 | USD 155.98 billion |
| Historical Data | 2020-2022 |
| No. of Pages | 225 |
| Segments Covered | by Fuel Type, Application, Commercial Distributor |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East Africa. Furthermore, the regions are further analyzed at the country level. |
The fuel type segment is divided into liquefied natural gas (LNG), very low sulfur fuel oil (VLSFO), high sulfur fuel oil (HSFO), Marine Gas Oil (MGO), and others. The liquefied natural gas (LNG) segment led the market with a market share of 28.13% in 2023. This growth is attributed to the presence of well-established gas infrastructure. The application segment is divided into an oil tanker, chemical tanker, gas tanker, container, general cargo, fishing vessels, bulk carrier, and others. The container segment led the market with a market share of 27.10% in 2023. This growth is attributed to the proliferation in the number of trade-related agreements. The commercial distributor segment is divided into the large independent distributor, oil majors, and small independent distributors. The oil majors segment led the market with a market share of 40.88% in 2023 due to the ever-increasing fuel demand worldwide. This growth is attributed to the rising number of shipping vessels.
Further, the growing preference for LNG-based vessels & the increasing LNG trade also boost the market's growth.
Market Drivers:
The primary drivers for the bunker fuel market include the growing demand for international seaborne trade and the expansion of maritime tourism, particularly in the cruise sector. The ongoing globalization and need for efficient logistics continue to sustain the demand for bunker fuel.
Market Restraints:
Challenges in the market stem from the volatility of oil prices and the high cost associated with transitioning to lower sulfur fuels. The environmental regulations also pose significant compliance costs for shipping companies, which could potentially restrain market growth.
Opportunities:
The transition to cleaner fuels presents substantial opportunities for innovation in the bunker fuel market. Companies that invest in developing alternative fuels and digital solutions are likely to gain a competitive edge. Additionally, the increasing adoption of LNG as a marine fuel presents a lucrative growth area.
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Key Players:
. Exxon Mobil Corporation
. BP p.l.c.
. Lukoil
. Sinopec Group
. Chevron Corporation
. PETRONAS
. Neste
. Royal Dutch Shell PLC.
. Gazprom Neft PJSC
. Bharat Petroleum Corp. Ltd.
. Total SE
. AP Moller Maersk AS
. Eni Spa
. Global Energy International Ltd.
. Glencore Plc
. Indian Oil Corp. Ltd.
. Equatorial Marine Fuel Management Services Pte. Ltd.
. Marquard and Bahls AG
. Phillips 66
. PJSC LUKOIL
. Hindustan Petroleum Corp. Ltd.
. SENTEK Marine Pte. Ltd.
. Marquard and Bahls AG
. SK B and T Pte. Ltd.
. Rosneft Oil Co.
. Toyota Tsusho Corp.
. PJSC Gazprom Neft
. Shell plc.
Regional Segmentation Analysis:
The Asia-Pacific region is expected to dominate the bunker fuel market due to its large customer base and significant marine commerce activity. Europe and North America are also key markets, driven by robust maritime industries and stringent environmental policies.
For further detailed insights and competitive analysis of the bunker fuel market, including market segmentation by fuel type, commercial distributors, and region, refer to the reports available from market research companies like The Brainy Insights, Lucintel, and Expert Market Research. These reports provide comprehensive coverage of market trends, forecasts, and competitive dynamics
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