Bunker Fuel Oil Market Report 2024 (Global Edition)

Global Bunker Fuel Oil Market Report 2024 Market Size Split by Fuel (High Sulfur Fuel Oil (HSFO), Very Low Sulfur Fuel Oil (VLSFO), Marine Diesel Oil (MDO), Liquefied Natural Gas (LNG)), by Applicatio...

Bunker Fuel Oil Market Report Description

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Bunker Fuel Oil Market Insights Video

Competitive Landscape of the Bunker Fuel Oil Market

Bunker fuel oil market is competitive in nature, with major players such as oil companies, independent distributors, and fuel suppliers. Major corporations like Exxon Mobil Corporation, BP plc, Royal Dutch Shell plc occupy a leading position in the market. They rely on an extensive distribution network, diversified product line and partnerships that are strategic to leading the industry as well as to serve changing needs of marine customers around the world.

In Nov 2022, Nimofast partners with Kanfer Shipping to offer LNG solutions in Brazil by 2025. The deal provides small to medium-scale LNG shipping, FSU, and bunkering. Nimofast also gets LNG supply contracts with GNLink and Migratio Gas to commence operations by 2025. Kanfer Shipping seeks to increase LNG access to clients in emerging markets such as Brazil. Maius GmbH serves as Nimofast’s advisor for project financing and strategic partnerships.

(Source: https://www.hydrocarbonengineering.com/gas-processing/24112022/nimofast-signs-lng-partnership-with-kanfer-shipping/)

Top Companies Market Share in Bunker Fuel Oil Industry: (In no particular order of Rank)

• Exxon Mobil Corporation
• BP Plc
• Royal Dutch Shell Plc
• Gazpromneft Marine Bunker LLC
• Total Energies SE
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Bunker Fuel Oil Market

Which Region Dominates the Bunker fuel oil market in 2024?

According to Cognitive Market Research, the bunker fuel oil market recorded North America as the dominant region in 2024. Such supremacy can be attributed to the region's sturdy maritime trade drives combined with a multitude of ports, and advanced infrastructure for shipping business. North America's strong presence of oil majors and large independent distributors likewise bolster its position in the bunker fuel oil market. With the huge number of ships using its ports and coastal areas as nodes for feeding stream traffic, North America remains a major market driving force.

Which Region is Expanding at the Fastest CAGR?

During 2024 the Asia Pacific region emerged as the fastest-growing sector, with an rapid (CAGR).This expansion was driven by a number of factors, including the region's thriving maritime trade, its growing demand for energy and expansion fleet sizes. It can be expected that with the Asia Pacific area acting as an important hub for international shipping routes and trading arteries, demand for bunker fuel oil will rise just in consequence of regional economic growth and gradual industrialization. In addition, continual investment in harbor facilities and sea transport logistics (both for setting up new businesses as well as for expanding current ones) will only serve to hasten Asia Pacific's market growth further.

The current report Scope analyzes Bunker Fuel Oil Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Bunker Fuel Oil

According to Cognitive Market Research, the global Bunker fuel oil market size was estimated at USD 115954.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 46381.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.5% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Bunker fuel oil market with a market size of USD 678.92 million in 2024 and is projected to grow at a CAGR of 2.0% during the forecast period. Market growth in the US is attributed to the strong maritime trade activities in the country and continued investments in infrastructure.
• The Canada Bunker fuel oil market had a market share of USD 103.26 million in 2024 and is projected to grow at a CAGR of 3.0% during the forecast period. Factors driving the growth of Canada’s bunker fuel oil market include the increasing demand from the shipping industry and related government support for sustainable energy sources.
• The Mexico bunker fuel oil market is projected to witness growth at a CAGR of 3.0% during the forecast period with a market size of USD 4220.73 million in 2024.

Europe Bunker Fuel Oil

According to Cognitive Market Research, the global Bunker fuel oil market size was estimated at USD 115954.2 Million out of which Europe held the market of more than 30% of the global revenue with a market size of USD 34786.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.8% from 2024 to 2031.

• The United Kingdom bunker fuel oil market had a market share of USD 5844.09 million in 2024 and is projected to grow at a CAGR of 3.6% during the forecast period. The growth of UK’s bunker fuel oil market results from the increased fuel efficiency through technology and stringent measures put in place to curb the emission of environmental pollutants.
• The France bunker fuel oil market is projected to witness growth at a CAGR of 2.0% during the forecast period with a market size of USD 3200.34 million in 2024.
• According to Cognitive Market Research, the German bunker fuel oil market size was valued at USD 6887.68 million in 2024 and is projected to grow at a CAGR of 3.0% during the forecast period. Growth of Germany’s bunker fuel oil industry links with the country’s central position in the European shipping and government promotion to cleaner energy sources.
• The Italy Smart insole market is projected to witness growth at a CAGR of 8.1% during the forecast period with a market size of USD 5.04 million in 2024.
• The Russia Smart insole market is projected to witness growth at a CAGR of 7.7% during the forecast period with a market size of USD 9.08 million in 2024.
• The Spain Smart insole market is projected to witness growth at a CAGR of 7.8% during the forecast period with a market size of USD 4.80 million in 2024.
• The Luxembourg Smart insole market is projected to witness growth at a CAGR of 8.8% during the forecast period with a market size of USD 1.82 million in 2024.
• The Portugal Smart insole market is projected to witness growth at a CAGR of 8.5% during the forecast period with a market size of USD 1.23 million in 2024.
• The Greece Smart insole market is projected to witness growth at a CAGR of 9.0% during the forecast period with a market size of USD 0.70 million in 2024.
• The Rest of Europe Smart insole market is projected to witness growth at a CAGR of 7.4% during the forecast period with a market size of USD 9.08 million in 2024.

Asia Pacific Bunker Fuel Oil

According to Cognitive Market Research, the global Bunker fuel oil market size was estimated at USD 115954.2 Million out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 26669.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.

• According to Cognitive Market Research, the China Bunker fuel oil market size was valued at USD 12001.26 million in 2024 and is projected to grow at a CAGR of 5.8% during the forecast period. The key drivers to China’s bunker fuel oil market include the position of the country as a global trade partner, and the government promotes the use of the maritime industry.
• The Japan bunker fuel oil market is projected to witness growth at a CAGR of 4.8% during the forecast period with a market size of USD 3680.39 million in 2024.
• The India Bunker fuel oil market had a market share of USD 3200.34 million in 2024 and is projected to grow at a CAGR of 8.1% during the forecast period. The rapid growth in India’s maritime trade boosts the country’s bunker fuel oil industry from port modernization efforts and increasing maritime trade activities.
• The South Korea bunker fuel oil market is projected to witness growth at a CAGR of 5.4% during the forecast period with a market size of USD 2666.95 million in 2024.
• The Australia bunker fuel oil market is projected to witness growth at a CAGR of 6.0% during the forecast period with a market size of USD 1386.81 million in 2024.
• The South East Asia bunker fuel oil market is projected to witness growth at a CAGR of 7.3% during the forecast period with a market size of USD 1840.19 million in 2024.
• The Rest of Asia Pacific bunker fuel oil market is projected to witness growth at a CAGR of 6.1% during the forecast period with a market size of USD 1893.53 million in 2024.

South America Bunker Fuel Oil

According to Cognitive Market Research, the global Bunker fuel oil market size was estimated at USD 115954.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 5797.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Bunker fuel oil market size was valued at USD 2481.42 million in 2024 and is projected to grow at a CAGR of 4.3% during the forecast period. The Brazilian bunker fuel oil market sprouts from the strong maritime trade demand due to economic growth and the establishment of multiple trade routes develop the sector.
• The Argentina Bunker fuel oil market had a market share of USD 974.02 million in 2024 and is projected to grow at a CAGR of 4.6% during the forecast period. The bunker fuel oil industry in Argentina is rapidly growing from increasing port infrastructure and the growing demand from economic shipping sectors.
• The Colombia bunker fuel oil market is projected to witness growth at a CAGR of 3.5% during the forecast period with a market size of USD 516.00 million in 2024.
• The Peru bunker fuel oil market is projected to witness growth at a CAGR of 3.9% during the forecast period with a market size of USD 475.41 million in 2024.
• The Chile bunker fuel oil market is projected to witness growth at a CAGR of 4.0% during the forecast period with a market size of USD 417.44 million in 2024.
• The Rest of Latin America bunker fuel oil market is projected to witness growth at a CAGR of 2.8% during the forecast period with a market size of USD 933.43 million in 2024.

Middle East and Africa Bunker Fuel Oil

According to Cognitive Market Research, the global Bunker fuel oil market size was estimated at USD 115954.2 Million out of which Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 2319.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.0% from 2024 to 2031.

• The GCC Countries Bunker fuel oil market is projected to witness growth at a CAGR of 4.8% during the forecast period with a market size of USD 992.57 million in 2024. The GCC port markets grow from the strategic market position for international trade and from government investments in port construction.
• The Egypt bunker fuel oil market is projected to witness growth at a CAGR of 4.3% during the forecast period with a market size of USD 243.50 million in 2024.
• The South African bunker fuel oil market is projected to witness growth at a CAGR of 5.0% during the forecast period with a market size of USD 366.42 million in 2024. A strong market in South Africa results from the importance of the country as a shipping gateway into Africa. The market benefits from government efforts to promote clean and sustainable shipping options.
• The Turkey bunker fuel oil market is projected to witness growth at a CAGR of 3.5% during the forecast period with a market size of USD 199.44 million in 2024.
• The Nigeria bunker fuel oil market is projected to witness growth at a CAGR of 3.1% during the forecast period with a market size of USD 243.50 million in 2024.
• The Rest of MEA bunker fuel oil market is projected to witness growth at a CAGR of 3.0% during the forecast period with a market size of USD 273.65 million in 2024.

Bunker Fuel Oil Market Analysis

Bunker Fuel Oil Market Fuel Segment Analysis

According to Cognitive Market Research, Among the types of bunker fuel oil, the segment of Very Low Sulfur Fuel Oil (VLSFO) is most prominent. This dominance is due to rigorous environmental regulations stipulating that low-sulfur fuels must be used in maritime transport. With VLSFO's sulphur content significantly trimmed as against traditional High Sulfur Fuel Oil (HSFO), it has become the preferred choice for ship S&P officers concerned over emission standards compliance and operational efficiency with operating economies. fine-tunes existing technology has trained VLSFO into almost the perfect vessel for combating climate change and steward of environmental protection. In keeping with market demand for cleaner and environmentally-friendly options, the VLSFO segment commands a large market share.

On the Liquefied Natural Gas (LNG) segment, it is the fastest growing category of all three types of bunker fuel oil. For its part, the rapid expansion of LNG as a marine fuel owes to its environmental advantages like lower emissions of sulphur oxides (SOx), nitrogen oxides (NOx), and particulate matter compared with conventional bunker fuel. yet increasing regulatory pressures to combat greenhouse gas emissions and manage the climate change affected risks are prompting shipping companies to work with LNG-powered vessels--even build infrastructure for them. The LNG segment accordingly has been seeing significant expansion, backed by investments in the development of LNG bunkering infrastructure and growing adoption of LNG as a marine fuel to meet emission reduction targets by new constraints.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Bunker Fuel Oil Industry. Request a Free Sample PDF!

Bunker Fuel Oil Market Application Segment Analysis

According to Cognitive Market Research, being the major segment, Tanker Fleet dominates the bunker fuel oil market, driven by huge demand from global traffic in such products as crude oil, petroleum, and liquefied natural gas. Bunkering to all who serve these vital roles in international trade and energy movement for the forces that are Tanker vessels are bunker fuel oil consumption giants. There is no question that with the relentless rise in energy consumption, especially in developing countries, Tanker Fleet has a firm base and will continue to consume huge amounts of bunker fuel oil to control this market.

The Bulk & General Cargo Fleet segment has stridden out as another promising sector in the bunker fuel oil market. The growth of this sector is due to greater global trade activities, development of logistics networks, and demand for raw materials or consumer goods in what are still relatively poor countries. Bunker to support the operations of great quantities of steel, grain and other items that tarry on board as cargo battens this is the lot for providers on board bulk carriers and general cargo vessels. With international trade expanding around the world, particularly in Asia-Pacific countries and emerging economies, the Bulk & General Cargo Fleet segment enjoys a bright future. It generates more demand for bunker fuel oil and so continues to be an important force in the market.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Bunker Fuel Oil Commercial Distributors Segment Analysis

According to Cognitive Market Research, to commercial distributors who are in the butkerl fuel oil market, it is the Oil Majors who dominate their view of this industry. These major oil companies, such as ExxonMobil, BP, and Shell, have extensive refining and distribution networks which allow them to deliver large volumes of bunker fuel oil for shipping customers all over the world. Their strong market presence and financial resources, as well as established relationships with marine transportation companies define which way the bunker fuel oil market will move: they dominate distribution systems and its pricing mechanisms.

The fastest growing segment in the commercial distributors outlook is now Large Independent Distributors. These companies, while not as big as the oil majors, have emerged very quickly in the bunker fuel oil market. With a focus on customer service, flexibility and competitive pricing, large independent distributors are grabbing market share because they can meet the demands of small shipping companies and niche market segments. Their capacity to provide tailored solutions and adapt rapidly to changing market conditions has made them a welcomed choice for shipping customers in search of reliable bunker fuel oil suppliers.

• Oil Majors
• Large Independent Distributor
• Small Independent Distributor

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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