The Global Bunker Fuel Market will exhibit a growth rate of 4.4% CAGR and a value of USD 164.9 by 2030

The Bunker Fuel Market has evolved with the shipping industry. Over the past decades, global demand for bunker fuel has increased in tandem with global trade and the volume of vessels. The International Maritime Organization (IMO) is a special agency of the United Nations promoting safe, accessible, and sustainable shipping. It sets standards for safety, environmental performance, and operational practices for international ships. Reduced sulfur emissions from bunker fuels (from 3.5% to 0.5%) came into force as part of new regulations by the IMO to reduce greenhouse gas emissions as well as air pollution from shipping operations which are driving the market.

ResearchMoz provides a comprehensive report on the bunker fuel market. It presents key statistics on supply and demand, trends in this sector along with the latest news on regulations, technology developments, and competition analysis among operators.

Recent Developments in Technology Drive the Bunker Fuel Market

One of the most recent developments in bunker fuels is the use of biodiesel. Biodiesel has many benefits, such as high lubricity, low emissions, and a higher cetane number than diesel fuel. With these benefits, it provides better wear resistance and engine performance. Another recent development in bunker fuels is the use of biofuel blends to reduce carbon dioxide emissions from shipping vessels will drive the global bunker fuel market in the coming years.

The International Maritime Organization’s (IMO) 2020 regulations have set a limit for sulfur content in fuels at 0.5%. This lower sulfur content makes it possible for biofuels to be blended into marine fuel without any difficulty or efficiency loss. The IMO has also mandated that all ships above 150 gross tonnages should switch to using low-sulfur providing growth opportunities for the bunker fuel market for future development.

Self-Driving Boosts Sales of Bunker Fuel

The global bunker fuel market will be driven by self-driving cars in the future. Companies such as Lyft, Uber, etc are in the process to sell 100% self-driving cars that will boost the demand for the bunker fuel market as this fuel will be used as an alternative fuel to reduce carbon emission.

The current players in the bunker fuel market include-

  • Marathon Petroleum Corporation
  • Brightoil Petroleum (Holdings) Limited
  • Saudi Arabian Oil Co.
  • Gazprom
  • LUKOIL
  • BP
  • Royal Dutch Shell plc
  • BP Sinopec Marine Fuels
  • Chevron U.S.A. Inc.
  • BUNKER HOLDING
  • Total
  • Neste
  • Exxon Mobil Corporation
  • Royal Dutch Shell plc

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

Vessel Type

  • Containers
  • Tankers
  • General Cargo
  • Bulk Carriers
  • Other Vessel Type

Regional Outlook

·         North America (United States, Canada, Mexico)

·         Europe (Germany, UK, France, Italy, Spain, Others)

·         Asia-Pacific (China, Japan, India, South Korea, Southeast Asia, Others)

·         The Middle East and Africa (Saudi Arabia, UAE, South Africa, Others)

·         South America (Brazil, Others)

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