2018 – 2028

GLOBAL BUNKER FUEL MARKET

FORECAST & OPPORTUNITIES

MARKET INTELLIGENCE . CONSULTING www.techsciresearch.com

Table of Contents
S. No. Contents Page No.

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Baseline Methodology

2.2. Key Industry Partners

2.3. Major Association and Secondary Sources

2.4. Forecasting Methodology

2.5. Data Triangulation & Validation

2.6. Assumptions and Limitations

© TechSci Research 2
Table of Contents
S. No. Contents Page No.

3. Executive Summary

4. Voice of Customer

5. Global Bunker Fuel Market Outlook, 2018-2028F

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gasoil, and Others)

5.2.2. By Commercial Distributor (Oil Majors, Large Independent, and Small Independent)

By Application (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker,
5.2.3.
Fishing Vessels, Gas Tankers, and Others)

5.2.4. By Region

5.3. By Company (2022)

5.4. Market Map

© TechSci Research 3
Table of Contents
S. No. Contents Page No.

6. North America Bunker Fuel Market Outlook

6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Type
6.2.2. By Commercial Distributor
6.2.3. By Application
6.2.4. By Country
6.3. North America: Country Analysis
6.3.1. United States Bunker Fuel Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Type
6.3.1.2.2. By Commercial Distributor
6.3.1.2.3. By Application
6.3.2. Mexico Bunker Fuel Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Type
6.3.2.2.2. By Commercial Distributor
6.3.2.2.3. By Application

© TechSci Research 4
Table of Contents
S. No. Contents Page No.

6.3.3. Canada Bunker Fuel Market Outlook

6.3.3.1. Market Size & Forecast
6.3.3.1.1. By Value
6.3.3.2. Market Share & Forecast
6.3.3.2.1. By Type
6.3.3.2.2. By Commercial Distributor
6.3.3.2.3. By Application
7. Europe Bunker Fuel Market Outlook
7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Type
7.2.2. By Commercial Distributor
7.2.3. By Application
7.2.4. By Country
7.3. Europe: Country Analysis
7.3.1. France Bunker Fuel Market Outlook
7.3.1.1. Market Size & Forecast
7.3.1.1.1. By Value
7.3.1.2. Market Share & Forecast
7.3.1.2.1. By Type
7.3.1.2.2. By Commercial Distributor
7.3.1.2.3. By Application

© TechSci Research 5
Table of Contents
S. No. Contents Page No.

7.3.2. Germany Bunker Fuel Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Type

7.3.2.2.2. By Commercial Distributor

7.3.2.2.3. By Application

7.3.3. United Kingdom Bunker Fuel Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Type

7.3.3.2.2. By Commercial Distributor

7.3.3.2.3. By Application

7.3.4. Italy Bunker Fuel Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Type

7.3.4.2.2. By Commercial Distributor

7.3.4.2.3. By Application

© TechSci Research 6
Table of Contents
S. No. Contents Page No.
7.3.5. Spain Bunker Fuel Market Outlook
7.3.5.1. Market Size & Forecast
7.3.5.1.1. By Value
7.3.5.2. Market Share & Forecast
7.3.5.2.1. By Type
7.3.5.2.2. By Commercial Distributor
7.3.5.2.3. By Application
8. Asia-Pacific Bunker Fuel Market Outlook
8.1. Market Size & Forecast

8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Type
8.2.2. By Commercial Distributor
8.2.3. By Application
8.2.4. By Country Market Share Analysis
8.3. Asia-Pacific: Country Analysis
8.3.1. China Bunker Fuel Market Outlook
8.3.1.1. Market Size & Forecast
8.3.1.1.1. By Value
8.3.1.2. Market Share & Forecast
8.3.1.2.1. By Type
8.3.1.2.2. By Commercial Distributor
8.3.1.2.3. By Application

© TechSci Research 7
Table of Contents
S. No. Contents Page No.

8.3.2. India Bunker Fuel Market Outlook

8.3.2.1. Market Size & Forecast
8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Type
8.3.2.2.2. By Commercial Distributor
8.3.2.2.3. By Application
8.3.3. Japan Bunker Fuel Market Outlook
8.3.3.1. Market Size & Forecast
8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Type
8.3.3.2.2. By Commercial Distributor
8.3.3.2.3. By Application
8.3.4. South Korea Bunker Fuel Market Outlook
8.3.4.1. Market Size & Forecast
8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Type
8.3.4.2.2. By Commercial Distributor
8.3.4.2.3. By Application

© TechSci Research 8
Table of Contents
S. No. Contents Page No.
8.3.5. Australia Bunker Fuel Market Outlook
8.3.5.1. Market Size & Forecast
8.3.5.1.1. By Value
8.3.5.2. Market Share & Forecast
8.3.5.2.1. By Type
8.3.5.2.2. By Commercial Distributor
8.3.5.2.3. By Application
9. South America Bunker Fuel Market Outlook
9.1. Market Size & Forecast

9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Type
9.2.2. By Commercial Distributor
9.2.3. By Application
9.2.4. By Country
9.3. South America: Country Analysis
9.3.1. Brazil Bunker Fuel Market Outlook
9.3.1.1. Market Size & Forecast
9.3.1.1.1 By Value
9.3.1.2. Market Share & Forecast
9.3.1.2.1. By Type
9.3.1.2.2. By Commercial Distributor
9.3.1.2.3. By Application

© TechSci Research 9
Table of Contents
S. No. Contents Page No.
9.3.2. Argentina Bunker Fuel Market Outlook
9.3.2.1. Market Size & Forecast
9.3.2.1.1 By Value
9.3.2.2. Market Share & Forecast
9.3.2.2.1. By Type
9.3.2.2.2. By Commercial Distributor
9.3.2.2.3. By Application
9.3.3. Colombia Bunker Fuel Market Outlook
9.3.3.1. Market Size & Forecast
9.3.3.1.1 By Value
9.3.3.2. Market Share & Forecast
9.3.3.2.1. By Type
9.3.3.2.2. By Commercial Distributor
9.3.3.2.3. By Application
10. Middle East & Africa Bunker Fuel Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Type
10.2.2. By Commercial Distributor
10.2.3. By Application
10.2.4. By Country
10.3. Middle East & Africa: Country Analysis

© TechSci Research 10
Table of Contents
S. No. Contents Page No.

10.3.1. South Africa Bunker Fuel Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Type

10.3.1.2.2. By Commercial Distributor

10.3.1.2.3. By Application

10.3.2. UAE Bunker Fuel Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Type

10.3.2.2.2. By Commercial Distributor

10.3.2.2.3. By Application

10.3.3. Saudi Arabia Bunker Fuel Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Type

10.3.3.2.2. By Commercial Distributor

10.3.3.2.3. By Application

© TechSci Research 11
Table of Contents
S. No. Contents Page No.

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

13. Company Profiles (Top 10 Companies)

13.1. Business Overview

13.2. Key Revenue and Financials

13.3. Recent Developments

13.4. Key Personnel

13.5. Key Product/Services

14. Strategic Recommendations

15. About Us & Disclaimer

© TechSci Research 12
Market Overview
Scope of Report
Product of Interest (POI): Bunker Fuel

Bunker fuel is commonly referred as the fuel used in the ship bunkers to power
the engines of the ship. It is poured into the ship bunkers to keep the engines
running.

Market Segmentation
Year Range
TYPE REGION

• High Sulfur Fuel Oil • Asia-Pacific

Review Period
• Low Sulfur Fuel Oil • Europe
• Marine Gasoil • North America 2018 – 2021
• Others • South America Base Year
• Middle East & Africa
APPLICATION 2022
• Container Estimated Year
• Bulk Carrier COMMERCIAL DISTRIBUTOR
2023
• Oil Tanker • Oil Majors
• General Cargo • Large Independent Forecast Period

• Chemical Tanker • Small Independent 2024 – 2028

• Fishing Vessels
• Gas Tankers
• Others

© TechSci Research 14
Research Methodology
Research Methodology

Market Formulating Developing List Data Data Data

Profiling Questionnaire of Respondents Collection Validation Analysis

In-depth secondary TechSci conducted Data obtained as a The data was scrutinized
research was conducted to In order to conduct List of industry
interviews with result of primary using MS-Excel, statistical
determine top players in industry experts’ players and industry
industry experts and and secondary tools and internal
the global bunker fuel interviews, TechSci specialists was
industry players for research was proprietary database to
market, overall market size formulated a detailed developed.
data collection and validated through obtain qualitative and
and segmental market size. discussion guide.
verification. rigorous quantitative insights about
triangulation. the global bunker fuel
market.

Primary Research Desk Research Company Analysis

 Recent Developments  Market Participants
Actionable  Identifying Key Opinion
Data Data Filter Research & Business  Market Changing  Key Strengths
Insights Leaders
Collection & Analysis Intelligence Solution Aspects/Dynamics
 Questionnaire Design
 Government Policies
 In-depth Interviews
 Conclusion

Primary Research Secondary Paid Sources

Research

 LinkedIn  Company Websites  Factiva

 TechSci Internal  Company Annual  Hoovers
Database Reports
 White Paper Study
 Financial Reports
 Investor
Presentations
 Regulatory Body
 Associations, etc.

© TechSci Research 16
Research Methodology

Baseline Methodology

Our dedicated team of industry experts has monitored and analyzed various aspects of the global bunker fuel market. The team has

analyzed the outlook of various segments of this market, while considering the major influencing factors such as demand for cleaner

bunker fuels has increased due to the implementation of stricter environmental regulations, an increase in the use of marine vessels for

offshore oil and gas and wind farm developments, and the rising marine transportation of essential commodities. The study includes

market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in the

global bunker fuel market.

Methodology Followed for Calculation of Market Size:

• Market Size by Value: Market size, in terms of Value, for the year 2022 was calculated based on information collected through

exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as bunker fuel companies,

end-users, industry experts, and other industry participants.

• The team interviewed more than 10 bunker fuel companies, 100 end-users, and 5 industry experts and other value chain stakeholders

in the global bunker fuel market to obtain the overall market size from 2018 to 2022, which was validated by the Delphi technique.

Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data during 2018-2022.

© TechSci Research 17
Research Methodology

• Respondents were asked about the current and future market growth rates, market shares by type, by commercial distributor, by

application, by company and by region. Removing the outlier responses, the geometric mean of growth estimates and provider wise
revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated

across various segments were further triangulated from other stakeholders.

Methodology Followed for Calculation of Market Shares:

• Market share by type, by commercial distributor, by application, by company and by region were calculated based on the responses

received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue
generated from various segments of bunker fuel markets. The final shares were calculated by taking the geometric mean of the

responses gathered from key opinion leaders after eliminating the outliers.

Methodology Followed for Forecasting:

• TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results

in SPSS/Tableau Software.

• Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast global

bunker fuel market, TechSci Research used various forecast techniques such as:

 Moving Average

 Time Series Analysis

 Regression Analysis

 Econometric and Judgmental Analysis

© TechSci Research 18
Research Methodology

TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research
also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market numbers. It
should be noted that the figures compiled are only for the organized market including market share data. The currency used in the report is the
United States Dollar (USD), with the market size indicated in USD million.

Partial List of Companies Interviewed Key Secondary Sources

• Exxon Mobil Corporation  World Bank

• Gazprom Neft PJSC  TechSci Research Proprietary Database & Knowledge

• Lukoil Oil Company Repository

• Total Energies SE  Company Annual Reports

• Chevron Corporation  Industry Magazines

• Gulf Agency Company Ltd (GAC)  Industry Reports

• Bomin Bunker Holding GmbH & Co. KG  News Dailies

• Bunker Holding A/S  Credible Paid Databases

• Fratelli Cosulich S.p.A.

• Adani Bunkering Private Limited (part of Adani

Group)

© TechSci Research 19
Market Overview

• The Global Bunker Fuel Market has witnessed remarkable growth driven by the increasing demand of bunker fuel in the shipping

industry, growing offshore exploration & production activities, rising international sea born trade activities among others.

• Increase in demand for resources such as crude oil, coal, steel and iron, is expected to augment offshore exploration &

production activities, thereby positively contributing to the growth of global bunker fuel market. Bunker oil-supplying companies

are strategically investing in new bunkering divisions in ports that are close to major offshore hydrocarbon basins in order to

enhance their market share.

• Based on distributors, the bunker fuel market is categorized into oil majors, large independent distributors, and small

independent distributors. Large independent distributors held a significant share in the bunker fuel industry in the historical

period. These distributors have multiple physical assets, such as blending facilities, and storage terminals in major bunkering

ports. This given them a competitive advantage over small independent distributors.

• In terms of region, Asia-Pacific held the largest share in global bunker fuel market in 2022 and is anticipated to maintain its

dominance in the forecast period. This is attributed to various factors such as rise in maritime trade activities in the region,

presence of developing countries such as China, India, Japan, Singapore, South Korea etc., huge consumer base and growth in

exploration & production activities.

© TechSci Research 20
Recent Developments

• On 8th August 2023, ScanOcean and Neste unveils a new marine fuel in Sweden that reduces GHG emissions up to 80%. ScanOcean

AB and Neste Oyj are strengthening their existing partnership by launching a new lower-emission DMA Gasoil for the Swedish

market. Neste Marine 0.1 Co-processed reduces greenhouse gas (GHG) emissions up to 80%, compared to fossil DMA Gasoil. DMA

co-processed with renewable raw materials will be available as bunker fuel on the Swedish east coast.

• On 3rd August 2023, Independent bulk carrier firm Himalaya Shipping announced that two of its dual-fuel bulk carriers, Mount

Norefjell and Mount Matterhorn, have bunkered with LNG in Singapore.

• On March 2023, Maresk has signed a Memorandum of Understanding (MOU) with Shanghai International Port Group (SIPG) on

strategic cooperation for Shanghai Port methanol marine fuel project. The two parties are expected to join hands to explore green

methanol fuel vessel-to-vessel bunkering operation after Maersk’s green methanol container vessels being delivered in 2024.

• The International Bunker Industry Association (IBIA) and BIMCO started an online survey in February 2022 to determine if mass

flow metering (MFM) and bunker licencing systems are required to improve market conditions in the global maritime sector. The

survey's goal was to find out how much the maritime sector thought mass flow metering (MFM) systems and bunker licensing

schemes should be adopted more widely in order to improve market conditions.

© TechSci Research 21
Sample Data- Snapshot

Global Bunker Fuel Market Size, By Value (USD Million), 2018-2028F

15.00
14.00
13.00
12.00
11.00
10.00
9.00
8.00
7.00
6.00
5.00

2018 2022 2023E 2028F

CAGR By Value CAGR By Value

XX% YY%

Global Bunker Fuel Market Share, By Type, By Value, 2018–2028F

High Sulfur Fuel Oil Low Sulfur Fuel Oil Marine Gasoil Others

2 028 F 25% 25% 25% 25%

2 027 F 25% 25% 25% 25%

2 026 F 25% 25% 25% 25%

2 025 F 25% 25% 25% 25%

2 024 F 25% 25% 25% 25%

2023E 25% 25% 25% 25%

20 22 25% 25% 25% 25%

20 21 25% 25% 25% 25%

20 20 25% 25% 25% 25%

20 19 25% 25% 25% 25%

20 18 25% 25% 25% 25%

© TechSci Research 22
Report Ordering

Report Name: Global Bunker Fuel Market

FORECAST AND OPPORTUNITIES
2018 – 2028F

License Type Price

Single User License $4900
Multi-User License $5900
Custom Research License $8900

To View Sample OR Purchase Report

 

© TechSci Research 23
TechSci Research- Awards & Recognition

Business-to-Business Organic India Excellence Business-to-Business Quality Management

Best Application of Best Application of
Research Award at Research Award at World Awards by ASSOCHAM Research Award at Brand System by ISO Research Award at
National Feathers India Excellence Awards World Marketing
Marketing Congress
Awards Congress

Best Market Research & Leadership Award from Leadership Award from
Award for Best Place to Recognition from Silicon Recognition & World Marketing World Marketing
India Magazine Appreciation from Management Consulting
Work in Research at Service by Wafisilpa Congress Congress
World Marketing WQIA
Entertainments
Congress

© TechSci Research 24
Our Prestigious Clients Who Bought Reports in Oil & Gas Industry

© TechSci Research 25
 About Us & Disclaimer

TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in
number of areas to organizations. The company uses innovative business models that focus on improving By Productivity, while ensuring creation of high-quality reports.
The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’
model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich
evaluation of the opportunities available in the market.

Related Reports

• Tar Sands Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2028 Segmented By Extraction Method (Mining, In-
Situ), By Technology (Cyclic Steam Stimulation, Steam Assisted Gravity Drainage), and By Region

• United States Oil Shale Market By Type (>10%, 7-10% and <7%), By Product Type (Oil, Gas, Coke and Others), By Technology (Ex-situ and In-
situ), By Application (Electricity, Chemicals, Cement, Fuel and Others), Region, Competition Forecast & Opportunities, 2017-2028

TechSci Research – North America TechSci Research – Asia-Pacific TechSci Research – Asia-Pacific
3040 Post Oak, 18th Floor, B – 44, Sector – 57, Noida, 501-A, Pinnacle Corporate Park
Houston, Texas 77506 National Capital Region,      Bandra Kurla Complex, Bandra-East,
United States U.P. - India      Mumbai 400052, India
Tel:+1 3322586602 Tel: +91-120-4523900 Tel: +91-120-4523900
Email: sales@techsciresearch.com Email: sales@techsciresearch.com Email: sales@techsciresearch.com
www.techsciresearch.com www.techsciresearch.com www.techsciresearch.com

Disclaimer

The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely,
accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers
reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or
omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this
report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market
size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.