According to the recent report by IMARC Group, titled “Bunker Fuel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The global bunker fuel market size reached US$ 150.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 216.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.1% during 2023-2028.
Bunker fuel is stored inside the bunkers of ships and used to generate power for running engines. It comprises heavy fuel oil (HFO), marine gas oil (MGO), marine diesel oil (MDO), and marine fuel oil (MFO) that are utilized for operating large ocean vessels. It relies on a heating system to liquefy and a purifier to remove water and sludge for maintaining the quality. It is produced by refining kerosene, light diesel, and heavy diesel with catalysts and contains various elements, such as vanadium, nickel, sodium, silicon, and aluminum. It is a rich source of sulfur with high viscosity and mixed with various additives, such as demulsifiers, dispersants, combustion improvers, and ash modifiers, to enhance work efficiency.
Besides this, it is employed as a replacement for coal in operating ships and generating power in industrial boilers and gas turbines. It is also widely utilized by thermal power plants to produce steam, which drives steam turbines effectively. Apart from this, it lubricates parts of the fuel pumps and injectors to reduce friction and enhance protection from corrosion. As it is used to operate smaller yachts, ferries, and recreational boats, the demand for bunker fuel is rising across the globe.
Bunker Fuel Market Trends and Drivers:
The increasing demand for bunker fuel due to the expanding shipping industry worldwide represents one of the key factors driving the market. Besides this, the rising hydrogen resource development activities in offshore areas around the world are propelling the growth of the market. In addition, the wide availability of bunker fuel with reduced sulfur content on account of the rising environmental awareness among the masses across the globe is offering a favorable market outlook. Apart from this, the increasing development of advanced engines to generate power from thick fuels for running large ocean vessels is contributing to the growth of the market.
Additionally, there is a rise in the demand for bunker fuel in various industries as it is affordable and can effectively generate power. This, along with the increasing utilization of bunker fuel in aircraft, is strengthening the growth of the market. Moreover, the growing cargo shipping activities to import and export goods are positively influencing the market. Furthermore, key market players are extensively investing in research and development (R&D) activities to introduce enhanced quality and sustainable bunker fuels. They are currently also focusing on mergers and acquisitions (M&A) to boost sales and expand their consumer base.
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Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Fuel Type:
- High Sulfur Fuel Oil (HSFO)
- Very Low Sulfur Fuel Oil (VLSFO)
- Marine Diesel Oil (MDO)
- Liquefied Natural Gas (LNG)
Breakup by Vessel Type:
- Containers
- Tankers
- General Cargo
- Bulk Carrier
- Others
Breakup by Seller:
- Major Oil Companies
- Leading Independent Sellers
- Small Independent Sellers
Competitive Landscape with Key Player:
- Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG),
- BP Plc,
- Chevron Corporation
- Exxon Mobil Corporation
- Gazprom Neft PJSC (Gazprom)
- LUKOIL,
- Neste Oyj
- Petroliam Nasional Berhad (PETRONAS)
- Royal Dutch Shell Plc
- TOTAL S.A.
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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