Latest News- Bunker Fuel Market: MGO is expected to lead the Type segment during 2025-2029

The Bunker Fuel Market is being driven by Increasing naval expenditure

The Bunker Fuel Market is expected to grow at a CAGR of 4.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 33.8 billion. The maritime industry is witnessing a notable shift towards the use of liquefied natural gas (LNG) as an alternative fuel for ocean-going vessels. LNG offers several advantages, including its ability to reduce greenhouse gas (GHG) emissions, as it is odorless, non-toxic, and non-corrosive. Moreover, LNG evaporates quickly upon exposure to air, leaving no residue behind. Despite oil-based fuels being the primary choice for marine transportation, LNG is gaining prominence due to the escalating number of LNG projects in execution and planning. Compliance with current emission norms is a significant factor driving the adoption of LNG as a fuel, as it can substantially decrease sulfur oxides (SOx), nitrogen oxides (NOx), and carbon dioxide (CO2) emissions. 

Get more information on Bunker Fuel Market by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • MGO
  • HSFO
  • VLSFO
• Application
  • Container
  • Bulk carrier
  • Oil tanker
  • General cargo
  • Chemical tanker
• Distribution Channel
  • IOC/NOC
  • Large independent distributor
  • Small independent distributor
• Geography
  • APAC
    • China
    • India
    • Japan
    • Singapore
  • Europe
    • Germany
    • UK
    • France
  • Middle East and Africa
  • North America
    • US
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing naval expenditure
• Increase in global seaborne trade
• Growth of shipping industry

However, the market also witnesses some limitations, which are as follows:

• Fluctuations in oil and gas prices
• Stringent MARPOL regulations
• Increased demand for slow steaming

Benefits of Buying Global Bunker Fuel Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Bunker Fuel Market Research Report

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The Bunker Fuel Market encompasses the production, distribution, trading, and consumption of heavy fuel oils used for maritime transportation. Key specifications include cetane number, flash point, pour point, water content, sulfur content, and calorific value, which are assessed through fuel oil analysis and adherence to fuel oil specifications and standards. Certification, bunker delivery notes, and quantity measurement are crucial aspects of bunkering contracts and agreements, which may lead to disputes. Fuel oil prices, trends, and supply-demand dynamics influence the market, with alternative fuels like renewable fuels, fuel cell vehicles, and battery electric vehicles emerging as potential competitors. The industry involves fuel oil refineries, production, distribution through pipelines and tankers, and supply from various fuel oil suppliers.

Market Research Overview

The global oil and gas refining and marketing industry encompasses businesses involved in the refining and distribution of crude oil, natural gas, heavy fuel oil, marine gasoil, liquefied natural gas, liquefied petroleum gas, fuel oil blending, and fuel additives. This sector represents a significant portion of the oil and gas value chain. According to Technavio's market analysis, the expansion of this market is attributed to the escalating demand for cleaner fuels due to population growth and industrialization in emerging economies like China and India. Additionally, advancements in fuel stabilization technologies and the integration of fuel additives to enhance fuel efficiency and reduce emissions are expected to bolster market growth. Companies in this industry generate revenue through the production and sale of refined petroleum products and related services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/