The Global Bunker Fuel market size is expected to reach USD 200.14 billion by 2030 and exhibit a CAGR of 2.51% in the forecast period (2022−2030), according to Skyquest latest research report. The fuel market refers to the fuel used by ships and boats and is driven by various factors, such as global seaborne trade that has been increasing steadily over the past decade.
Westford USA, April 26, 2023 (GLOBE NEWSWIRE) — Stringent Regulations and Blockchain Adoption is Aiding in the Market Growth
The increasing stringency of environmental regulations from various governments is also promoting the use of bunker fuel. The shipping industry across the globe is one of the primary emitters of greenhouse gases and other pollutants, and as a result, there is a growing pressure to reduce emissions from ships and boats. In addition, the regulations have also resulted in the drastic change that mandates the use of low Sulphur fuels, which increasingly promotes the LNG and biofuels.
Along the way with tightening environmental regulation, there is an increasing use of digital technology, such as blockchain to enhance transparency and traceability in the supply chain of the fuel market.
The International Marine Time Organization has set a target to reduce greenhouse gas emissions from ships by at least 50% by 2050 as compared with emission levels in 2008. IMO implements the Sulphur cap and the development of energy-efficient guidelines for ships to achieve this goal.
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Container Ships Type Globally Dominated the market demand
Container ships dominated the global market owing to the growth of international trade and increasing demand for goods transported by container ships. The United Nations Conference on Trade and Development (UNCTAD) has stated in its report that global container port throughput is projected to reach 951.8 million TEUs by 2023. In addition, the growing economy and investment in the Asia Pacific region in containers have also driven the demand for fuel.
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IOMs Stringent Regulations helped LSFO to lead the Market
In terms of the type of fuel, the Low Sulphur fuel oil (LSFO) segment is the leading segment due to stringent regulations. In 2020, the International Marine Time organization came with a mandate to use fuels with Sulphur content less than 0.5%, for ships operating outside the designated emission control areas. Dysregulation led to the drastic shift of demand for bunker fuel towards LSFO from HFO.
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Asia Pacific to lead the market due to Government norms
Region-wise, Asia-Pacific is one of the largest growing markets due to the presence of major seaports in the region, such as Singapore and Shanghai Vichare, major hubs for International Maritime trade. Emerging economies like China, India and Indonesia are also driving the market in the region due to the growing demand of bunker fuel. Moreover, several government initiatives in the region, such as Greenport Programme from Singapore, Marine Time and Port Authority and green development guidance from the Chinese government have led to the growth of bunker fuel in the region.
Middle East and Africa are one of the second leading markets owing to the Increasing demand for energy in the region that is leading to the development of new ports and shipping routes. Several government initiatives are also driving the market, such as Saudi Vision 2030, which aims to diversify economy and promote sustainable development.
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Bunker Fuel Market Report Suggests:
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The global market size is projected to grow by 200.14 billion by 2030 owing to global seaborne trade and stringent regulations
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In terms of fuel type, the low Sulphur fuel oil (LSFO) segment dominates due to Stringent regulations from IMO.
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In terms of type, the container ships segment is projected to gain more popularity due to the growth of global trade and increasing demand for goods transported
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Middle East and Africa and Asia Pacific are leading markets and will continue to exhibit dominance in the global market mainly due to the shift from traditional gas to the alternative fuel segment
Bunker Fuel Market Segmentation:
The global Bunker Fuel market report is segmented based on type, application, and region.
By fuel grade
By seller type
By End-user
By Region
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China
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India
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Japan
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South Korea
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Rest of Asia-Pacific
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South Africa
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GCC Countries
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Rest of MEA
Bunker Fuel Market Major Company Profiles:
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ExxonMobil
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BP
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Shell
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Chevron Corporation
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Total SE
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Petrobras
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Gazprom Neft
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Valero Energy Corporation
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Sinopec
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Repsol S.A.
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Phillips 66
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ENOC
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Puma Energy
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Vitol Group
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Trafigura Group
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Bomin Group
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Aegean Marine Petroleum Network Inc.
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Chemoil Energy Limited
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World Fuel Services Corporation
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Lukoil
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