Product Code: GVR-4-68040-611-9
Bunker Fuel Market Growth & Trends:
The global bunker fuel market size is anticipated to reach USD 160.94 billion by 2030 and is projected to grow at a CAGR of 4.35% from 2025 to 2030, according to a new report by Grand View Research, Inc. The market's growth is primarily driven by increasing international seaborne trade and the expanding global shipping fleet. As maritime transport continues to underpin global trade, demand for marine fuels such as Very Low Sulfur Fuel Oil (VLSFO), Marine Gas Oil (MGO), and Liquefied Natural Gas (LNG) is rising steadily. Implementing IMO 2020 sulfur regulations has accelerated the shift toward cleaner bunker fuels, with VLSFO emerging as the dominant fuel type due to its compliance and cost-efficiency.
Supportive maritime regulations and investment in fuel refining technologies are further propelling market expansion. Regulatory frameworks like the International Maritime Organization's (IMO) decarbonization roadmap and regional sulfur emission control areas (ECAs) are prompting refiners and shipping companies to innovate and adapt. Blending technologies, desulfurization processes, and alternative marine fuel development are gaining traction, enabling companies to meet compliance requirements while maintaining operational efficiency.
Technological developments in onboard fuel monitoring systems, fuel treatment technologies, and digital bunkering platforms improve fuel efficiency and traceability. Meanwhile, alternative fuels, such as bio-bunker fuels and ammonia-based marine fuels, are expected to create new opportunities. While capital-intensive transitions and volatile fuel prices remain challenging, increasing trade volumes and strategic port expansions worldwide support market growth. Asia-Pacific and Europe are leading in bunker fuel consumption, while regions such as the Middle East and Africa present high growth potential due to expanding port infrastructure and fleet activity.
Bunker Fuel Market Report Highlights:
- Based on fuel type, Very Low Sulfur Fuel Oil (VLSFO) dominated the bunker fuel market with a revenue share of 54.43% in 2024 due to its compliance with the IMO 2020 sulfur emission regulations and widespread availability across major ports. VLSFO has become the preferred choice for ship operators seeking to meet environmental standards without investing in costly scrubber systems. Its cleaner-burning properties help reduce sulfur oxide emissions while offering compatibility with existing marine engines, making it a cost-effective and regulatory-compliant solution for the global shipping industry.
- Based on applications, chemical tankers are expected to register the fastest CAGR of 8.77% over the forecast period due to the increasing demand for the safe and efficient transport of liquid chemicals across global trade routes. These specialized vessels often operate under strict regulatory standards, making adopting compliant marine fuels such as Very Low Sulfur Fuel Oil (VLSFO) and Marine Gas Oil (MGO) critical. As environmental compliance becomes more stringent, chemical tanker operators prioritize cleaner fuels to ensure regulatory adherence and operational reliability, driving strong growth in bunker fuel consumption within this segment.
- Based on region, Asia Pacific emerged as the dominant region in the bunker fuel market with a revenue share of over 39.56% in 2024, driven by the region's expanding maritime trade, increasing seaborne cargo volumes, and the presence of some of the world's busiest ports such as Shanghai, Singapore, and Hong Kong. The region's strong shipbuilding industry and strategic initiatives to comply with IMO 2020 regulations are further fueling the demand for cleaner marine fuels like Very Low Sulfur Fuel Oil (VLSFO).
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Information Analysis
- 1.3.2. Data Analysis Models
- 1.3.3. Market Formulation & Data Visualization
- 1.3.4. Data Validation & Publishing
- 1.4. Research Scope and Assumptions
- 1.4.1. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Outlook
Chapter 3. Market Variables, Trends, and Scope
- 3.1. Global Bunker Fuel Market Outlook
- 3.2. Industry Value Chain Analysis
- 3.2.1. Sales Channel Analysis
- 3.3. Technology Overview
- 3.4. Regulatory Framework
- 3.5. Market Dynamics
- 3.5.1. Market Driver Analysis
- 3.5.2. Market Restraint Analysis
- 3.5.3. Market Opportunity Analysis
- 3.5.4. Market Challenges
- 3.6. Porter's Five Forces Analysis
- 3.6.1. Bargaining Power of Suppliers
- 3.6.2. Bargaining Power of Buyers
- 3.6.3. Threat of Substitution
- 3.6.4. Threat of New Entrants
- 3.6.5. Competitive Rivalry
- 3.7. PESTLE Analysis
- 3.7.1. Political
- 3.7.2. Economic
- 3.7.3. Social Landscape
- 3.7.4. Technology
- 3.7.5. Environmental
- 3.7.6. Legal
Chapter 4. Bunker Fuel Market: Type Estimates & Trend Analysis
- 4.1. Bunker Fuel Market: Type Movement Analysis, 2024 & 2030
- 4.2. Very Low Sulfur Fuel Oil (VLSFO)
- 4.2.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 4.3. High Sulfur Fuel Oil (HSFO)
- 4.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 4.4. Marine Gas Oil (MGO)
- 4.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 4.5. Others
- 4.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 5. Bunker Fuel Market: Application Estimates & Trend Analysis
- 5.1. Bunker Fuel Market: Application Movement Analysis, 2024 & 2030
- 5.2. Bulk Carrier
- 5.2.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.3. Oil Tanker
- 5.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.4. Container
- 5.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.5. General Cargo
- 5.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.6. Chemical Tanker
- 5.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.7. Fishing Vessels
- 5.7.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.8. Gas Tanker
- 5.8.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.9. Others
- 5.9.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 6. Bunker Fuel Market: Regional Estimates & Trend Analysis
- 6.1. Regional Analysis, 2024 & 2030
- 6.2. North America
- 6.2.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.2.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.2.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.2.4. U.S.
- 6.2.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.2.4.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.2.4.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.2.5. Canada
- 6.2.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.2.5.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.2.5.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.2.6. Mexico
- 6.2.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.2.6.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.2.6.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.3. Europe
- 6.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.3.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.3.4. Germany
- 6.3.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3.4.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.3.4.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.3.5. Spain
- 6.3.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3.5.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.3.5.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.3.6. UK
- 6.3.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3.6.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.3.6.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.3.7. France
- 6.3.7.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3.7.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.3.7.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.3.8. Russia
- 6.3.8.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3.8.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.3.8.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.3.9. Italy
- 6.3.9.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3.9.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.3.9.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.4. Asia Pacific
- 6.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.4.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.4.4. China
- 6.4.4.1. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.4.4.2. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.4.5. India
- 6.4.5.1. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.4.5.2. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.4.6. Japan
- 6.4.6.1. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.4.6.2. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.4.7. Australia
- 6.4.7.1. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.4.7.2. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.4.8. South Korea
- 6.4.8.1. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.4.8.2. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.5. Latin America
- 6.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.5.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.5.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.5.4. Brazil
- 6.5.4.1. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.5.4.2. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.5.5. Argentina
- 6.5.5.1. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.5.5.2. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.6. Middle East & Africa
- 6.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.6.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.6.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.6.4. Saudi Arabia
- 6.6.4.1. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.6.4.2. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.6.5. South Africa
- 6.6.5.1. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.6.5.2. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.6.6. UAE
- 6.6.6.1. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.6.6.2. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
Chapter 7. Competitive Landscape
- 7.1. Recent Developments & Impact Analysis, By Key Market Participants
- 7.2. Company Categorization
- 7.3. Heat Map Analysis
- 7.4. Vendor Landscape
- 7.4.1. List of equipment suppliers
- 7.4.2. List of distributors
- 7.5. List of prospective end-users
- 7.6. Strategy Initiatives by Typers
- 7.7. Company Profiles/Listing
- 7.7.1. BP p.l.c.
- 7.7.1.1. Company Overview
- 7.7.1.2. Financial Performance
- 7.7.1.3. Product Benchmarking
- 7.7.2. Exxon Mobil Corporation
- 7.7.2.1. Company Overview
- 7.7.2.2. Financial Performance
- 7.7.2.3. Product Benchmarking
- 7.7.3. Royal Dutch Shell PLC
- 7.7.3.1. Company Overview
- 7.7.3.2. Financial Performance
- 7.7.3.3. Product Benchmarking
- 7.7.4. Lukoil
- 7.7.4.1. Company Overview
- 7.7.4.2. Financial Performance
- 7.7.4.3. Product Benchmarking
- 7.7.5. Sinopec Group
- 7.7.5.1. Company Overview
- 7.7.5.2. Financial Performance
- 7.7.5.3. Product Benchmarking
- 7.7.6. Gazprom Neft PJSC
- 7.7.6.1. Company Overview
- 7.7.6.2. Financial Performance
- 7.7.6.3. Product Benchmarking
- 7.7.7. Chevron Corporation
- 7.7.7.1. Company Overview
- 7.7.7.2. Financial Performance
- 7.7.7.3. Product Benchmarking
- 7.7.8. PETRONAS
- 7.7.8.1. Company Overview
- 7.7.8.2. Financial Performance
- 7.7.8.3. Product Benchmarking
- 7.7.9. Total SE
- 7.7.9.1. Company Overview
- 7.7.9.2. Financial Performance
- 7.7.9.3. Product Benchmarking
- 7.7.10. Neste
- 7.7.10.1. Company Overview
- 7.7.10.2. Financial Performance
- 7.7.10.3. Product Benchmarking