Global Bunker Fuel Market Overview 2024: Size, Growth Rate, and Segments

The bunker fuel global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Bunker Fuel Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -
The bunker fuel market size has grown strongly in recent years. It will grow from $143.36 billion in 2023 to $150.93 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%.  The growth in the historic period can be attributed to growing awareness and pressure to reduce greenhouse gas emissions, the modernization of ships and the introduction of new, more fuel-efficient vessels, increased use of larger vessels, and the shift towards ultra-large container ships, and the composition and age of the global shipping fleet.

The bunker fuel market size is expected to see strong growth in the next few years. It will grow to $186.28 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.  The growth in the forecast period can be attributed to stringent environmental regulations, increasing global trade and shipping activities, adoption of new technologies, investment in bunker fuel infrastructure, and the gradual adoption of alternative fuels. Major trends in the forecast period include innovations in marine fuel technology, the development of more efficient and cleaner-burning fuels, advances in fuel storage and handling technologies, advances in the production of marine fuels, and the development and expansion of bunkering infrastructure.

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Scope Of Bunker Fuel Market
The Business Research Company's reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Bunker Fuel Market Overview

Market Drivers -
The expansion in the shipping industry is expected to propel the growth of the bunker fuel market going forward. The shipping industry, also known as the maritime transport sector, is a crucial component of global trade and commerce. The expansion in the shipping industry is due to several factors, such as increased global trade volumes, advancements in shipping technology, the growth of emerging markets, improvements in port infrastructure, and the rising demand for efficient and cost-effective transportation solutions. Bunker fuel is primarily used in the shipping industry to power large vessels and cargo ships, serving as the main source of fuel for maritime transportation. For instance, in January 2024, according to the Bureau of Economic Analysis, a US-based government agency, in 2022, the marine economy contributed $476.2 billion, representing 1.8% of the U.S. gross domestic product (GDP) in current dollars, up from $424.2 billion (also 1.8%) in 2021. It also made up 1.7%, or $776.9 billion, of the nation's current-dollar gross output. Therefore, the expansion in the shipping industry is driving the growth of the bunker fuel market.

Market Trends -
Major companies operating in the bunker fuel market are focusing on developing advanced products, such as multi-fuel solutions, to gain a competitive edge in the market. A multi-fuel solution in the bunker refers to the ability of marine vessels to use a range of different fuels for their propulsion and power needs. For instance, in June 2023, Bunker Holding, a Denmark-based company that is involved in purchasing, selling, and supplying marine fuel and lube oil, launched its first methanol-ready bunker tanker. MT NORE will serve as a multi-fuel bunkering tanker with 3,500-ton storage, which can be split with different products among her tank pairs. Bunker One is taking a major step into catering for future methanol bunkering in and around Scandinavian waters and the Northwest European region.

The bunker fuel market covered in this report is segmented –

1) By Fuel Type: High Sulfur Fuel Oil (HSFO), Very Low Sulfur Fuel Oil (VLSFO), Marine Gas Oil (MGO), Liquefied Natural Gas (LNG), Other Fuel Types
2) By Vessel Type: Containers, Tankers, General Cargo, Bulk Carriers, Other Vessel Types
3) By Seller Type: Major Oil Company, Large Independent Distributors, Small Independent Distributors

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Regional Insights -
Asia-Pacific was the largest region in the bunker fuel market in 2023. The regions covered in the bunker fuel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies -
Major companies operating in the bunker fuel market are  PetroChina International, Shell plc, ExxonMobil Marine Fuels, BP plc, Chevron Corporation, TotalEnergies Marine Fuels, Gunvor Group, Petrobras, Marubeni Corporation, World Fuel Services, Bunker Holding, Enoc, Noble Group, OceanConnect Marine, Vitol Group, Panocean, Smit Lamnalco, Aegean Marine Petroleum Network Inc., Bomin Bunker Oil Corp., KP Marine, Unipec, Fujairah Oil Terminal, MOL Group

Table of Contents
1. Executive Summary
2. Bunker Fuel Market Report Structure
3. Bunker Fuel Market Trends And Strategies
4. Bunker Fuel Market – Macro Economic Scenario
5. Bunker Fuel Market Size And Growth
…..
27. Bunker Fuel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix