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Bunker Fuel Market Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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    Report

  • 187 Pages
  • April 2024
  • Region: Global
  • Fairfield Market Research
  • ID: 5960277
Global bunker fuel market is experiencing a period of steady growth and transformation, driven by various factors influencing the maritime industry. This article explores the current trends, challenges, and opportunities shaping the market landscape.

Driving Forces

Increased hydrogen resource development activities in offshore areas and rising demands from crude oil and product tankers are among the primary drivers fueling the growth of the Global bunker fuel market. However, challenges such as fuel reduction initiatives and the emergence of LNG fuel technology are altering the course of the industry.

Dominant Segment: Other IFO

The "Other IFO" segment, comprising intermediate fuel oils other than IFO 380 and IFO 180, emerges as a dominant force in the market. With escalating demand, this segment is projected to achieve the highest value compound annual growth rate (CAGR) among all segments. Its growth trajectory underscores the evolving dynamics of the industry, emphasizing the importance of adaptability and innovation.

Challenges for IFO 180

Conversely, the IFO 180 segment faces challenges ahead. Once leading the market, this segment is now navigating choppy waters, with a decline in market value looming on the horizon. Tightening emission regulations, particularly regarding sulfur emissions, pose a significant challenge for this segment as shipping companies seek greener alternatives with lower sulfur content.

Key Players

Leading companies in the industry, such as ExxonMobil Corporation, Total S.A., and Royal Dutch Shell plc., are navigating the currents with strategic foresight and agility. Their commitment to research and development, coupled with a focus on sustainability, positions them as leaders in an ever-evolving landscape.

Market Segmentation

Market segmentation serves as a compass, guiding stakeholders through the diverse currents of the bunker fuel market. From type categorizations like IFO 380, IFO 180, Other IFO, and MGO/MDO to end-use classifications encompassing containers, bulk carriers, tankers, and more, segmentation provides clarity in navigating the complex seas of demand and supply.

Regional Dynamics

Geographically, the market spans the globe, with regions like North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa each contributing to the market's intricate ecosystem. Understanding regional nuances and dynamics is crucial for companies seeking to chart a course for success in this interconnected marketplace.


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Table of Contents

1. Executive Summary
1.1. Global Bunker Fuel Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2024
1.5. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. COVID-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.7.1. World Economic Projections
2.8. PESTLE Analysis
3. Global Bunker Fuel Market Outlook, 2018 - 2031
3.1. Global Bunker Fuel Market Outlook, by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
3.1.1. Key Highlights
3.1.1.1. High Sulfur Fuel Oil
3.1.1.2. Low Sulfur Fuel Oil
3.1.1.3. Marine Gasoil
3.1.1.4. Others
3.2. Global Bunker Fuel Market Outlook, by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
3.2.1. Key Highlights
3.2.1.1. Container
3.2.1.2. Bulk Carrier
3.2.1.3. Oil Tanker
3.2.1.4. General Cargo
3.2.1.5. Chemical Tanker
3.2.1.6. Fishing Vessels
3.2.1.7. Gas Tanker
3.2.1.8. Others
3.3. Global Bunker Fuel Market Outlook, by Region, Value (US$ Bn) and Volume (Tons), 2018 - 2031
3.3.1. Key Highlights
3.3.1.1. North America
3.3.1.2. Europe
3.3.1.3. Asia Pacific
3.3.1.4. Latin America
3.3.1.5. Middle East & Africa
4. North America Bunker Fuel Market Outlook, 2018 - 2031
4.1. North America Bunker Fuel Market Outlook, by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
4.1.1. Key Highlights
4.1.1.1. High Sulfur Fuel Oil
4.1.1.2. Low Sulfur Fuel Oil
4.1.1.3. Marine Gasoil
4.1.1.4. Others
4.2. North America Bunker Fuel Market Outlook, by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
4.2.1. Key Highlights
4.2.1.1. Bulk Carrier
4.2.1.2. Oil Tanker
4.2.1.3. General Cargo
4.2.1.4. Chemical Tanker
4.2.1.5. Fishing Vessels
4.2.1.6. Gas Tanker
4.2.1.7. Others
4.2.2. BPS Analysis/Market Attractiveness Analysis
4.3. North America Bunker Fuel Market Outlook, by Country, Value (US$ Bn) and Volume (Tons), 2018 - 2031
4.3.1. Key Highlights
4.3.1.1. U.S. Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
4.3.1.2. U.S. Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
4.3.1.3. Canada Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
4.3.1.4. Canada Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
4.3.2. BPS Analysis/Market Attractiveness Analysis
5. Europe Bunker Fuel Market Outlook, 2018 - 2031
5.1. Europe Bunker Fuel Market Outlook, by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
5.1.1. Key Highlights
5.1.1.1. High Sulfur Fuel Oil
5.1.1.2. Low Sulfur Fuel Oil
5.1.1.3. Marine Gasoil
5.1.1.4. Others
5.2. Europe Bunker Fuel Market Outlook, by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
5.2.1. Key Highlights
5.2.1.1. Bulk Carrier
5.2.1.2. Oil Tanker
5.2.1.3. General Cargo
5.2.1.4. Chemical Tanker
5.2.1.5. Fishing Vessels
5.2.1.6. Gas Tanker
5.2.1.7. Others
5.2.2. BPS Analysis/Market Attractiveness Analysis
5.3. Europe Bunker Fuel Market Outlook, by Country, Value (US$ Bn) and Volume (Tons), 2018 - 2031
5.3.1. Key Highlights
5.3.1.1. Germany Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
5.3.1.2. Germany Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
5.3.1.3. U.K. Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
5.3.1.4. U.K. Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
5.3.1.5. France Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
5.3.1.6. France Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
5.3.1.7. Italy Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
5.3.1.8. Italy Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
5.3.1.9. Turkey Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
5.3.1.10. Turkey Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
5.3.1.11. Russia Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
5.3.1.12. Russia Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
5.3.1.13. Rest of Europe Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
5.3.1.14. Rest of Europe Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
5.3.2. BPS Analysis/Market Attractiveness Analysis
6. Asia Pacific Bunker Fuel Market Outlook, 2018 - 2031
6.1. Asia Pacific Bunker Fuel Market Outlook, by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
6.1.1. Key Highlights
6.1.1.1. High Sulfur Fuel Oil
6.1.1.2. Low Sulfur Fuel Oil
6.1.1.3. Marine Gasoil
6.1.1.4. Others
6.2. Asia Pacific Bunker Fuel Market Outlook, by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
6.2.1. Key Highlights
6.2.1.1. Bulk Carrier
6.2.1.2. Oil Tanker
6.2.1.3. General Cargo
6.2.1.4. Chemical Tanker
6.2.1.5. Fishing Vessels
6.2.1.6. Gas Tanker
6.2.1.7. Others
6.2.2. Others BPS Analysis/Market Attractiveness Analysis
6.3. Asia Pacific Bunker Fuel Market Outlook, by Country, Value (US$ Bn) and Volume (Tons), 2018 - 2031
6.3.1. Key Highlights
6.3.1.1. China Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
6.3.1.2. China Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
6.3.1.3. Japan Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
6.3.1.4. Japan Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
6.3.1.5. South Korea Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
6.3.1.6. South Korea Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
6.3.1.7. India Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
6.3.1.8. India Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
6.3.1.9. Southeast Asia Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
6.3.1.10. Southeast Asia Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
6.3.1.11. Rest of Asia Pacific Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
6.3.1.12. Rest of Asia Pacific Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
6.3.2. BPS Analysis/Market Attractiveness Analysis
7. Latin America Bunker Fuel Market Outlook, 2018 - 2031
7.1. Latin America Bunker Fuel Market Outlook, by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
7.1.1. Key Highlights
7.1.1.1. High Sulfur Fuel Oil
7.1.1.2. Low Sulfur Fuel Oil
7.1.1.3. Marine Gasoil
7.1.1.4. Others
7.2. Latin America Bunker Fuel Market Outlook, by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
7.2.1.1. Bulk Carrier
7.2.1.2. Oil Tanker
7.2.1.3. General Cargo
7.2.1.4. Chemical Tanker
7.2.1.5. Fishing Vessels
7.2.1.6. Gas Tanker
7.2.1.7. Others
7.2.2. BPS Analysis/Market Attractiveness Analysis
7.3. Latin America Bunker Fuel Market Outlook, by Country, Value (US$ Bn) and Volume (Tons), 2018 - 2031
7.3.1. Key Highlights
7.3.1.1. Brazil Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
7.3.1.2. Brazil Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
7.3.1.3. Mexico Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
7.3.1.4. Mexico Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
7.3.1.5. Argentina Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
7.3.1.6. Argentina Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
7.3.1.7. Rest of Latin America Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
7.3.1.8. Rest of Latin America Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
7.3.2. BPS Analysis/Market Attractiveness Analysis
8. Middle East & Africa Bunker Fuel Market Outlook, 2018 - 2031
8.1. Middle East & Africa Bunker Fuel Market Outlook, by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
8.1.1. Key Highlights
8.1.1.1. High Sulfur Fuel Oil
8.1.1.2. Low Sulfur Fuel Oil
8.1.1.3. Marine Gasoil
8.1.1.4. Others
8.2. Middle East & Africa Bunker Fuel Market Outlook, by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
8.2.1. Key Highlights
8.2.1.1. Bulk Carrier
8.2.1.2. Oil Tanker
8.2.1.3. General Cargo
8.2.1.4. Chemical Tanker
8.2.1.5. Fishing Vessels
8.2.1.6. Gas Tanker
8.2.1.7. Others
8.2.2. BPS Analysis/Market Attractiveness Analysis
8.3. Middle East & Africa Bunker Fuel Market Outlook, by Country, Value (US$ Bn) and Volume (Tons), 2018 - 2031
8.3.1. Key Highlights
8.3.1.1. GCC Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
8.3.1.2. GCC Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
8.3.1.3. South Africa Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
8.3.1.4. South Africa Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
8.3.1.5. Egypt Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
8.3.1.6. Egypt Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
8.3.1.7. Nigeria Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
8.3.1.8. Nigeria Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
8.3.1.9. Rest of Middle East & Africa Bunker Fuel Market by Product Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
8.3.1.10. Rest of Middle East & Africa Bunker Fuel Market by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
8.3.2. BPS Analysis/Market Attractiveness Analysis
9. Competitive Landscape
9.1. Manufacturer vs by Application Heatmap
9.2. Company Market Share Analysis, 2023
9.3. Competitive Dashboard
9.4. Company Profiles
9.4.1. Chemoil Energy Limited
9.4.1.1.Company Overview
9.4.1.2. Product Portfolio
9.4.1.3. Financial Overview
9.4.1.4. Business Strategies and Development
9.4.2. Aegean Marine Petroleum Network, Inc.
9.4.3. World Fuel Services Corporation
9.4.4. Gulf Agency Company Ltd.
9.4.5. Gazpromneft Marine Bunker LLC
9.4.6. BP Marine Ltd.
9.4.7. Exxon Mobil Corporation
9.4.8. Shell plc.
9.4.9. Bunker HBning A/S
10. Appendix
10.1.Research Methodology
10.2.Report Assumptions
10.3.Acronyms and Abbreviations
List of Region/Countries
  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Turkey
  • Russia
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Southeast Asia
  • Rest of Asia Pacific
  • Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
  • Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • ExxonMobil Corporation
  • Total S.A.
  • Royal Dutch Shell plc.
  • Neste Oyj
  • Saudi Arabian Oil Company
  • Marathon Petroleum Corporation
  • Valero Energy Corporation
  • Pemex
  • OAO Gazprom
  • China Petroleum & Chemical Corp (Sinopec Corporation)

Methodology

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