Bunker Fuel Market Set to Skyrocket to $207.3 Billion by 2032!

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Credit: Johannes Havn/Pexels

The bunker fuel market is projected to reach US$ 207.3 billion by 2032 due to its wide range of applications, including power generation, industrial heating, asphalt production, and cement production, as reported by Global News Wire.

Alternate fuels 

Despite being one of the most polluting fuels in the world, it is popular due to its low cost and well-established infrastructure. However, concerns about its environmental impact and the development of alternative fuels are limiting its growth. The implementation of regulations such as the IMO’s sulfur cap is expected to significantly impact the market in the coming years.

Analyst View:

The main driver of target market expansion is the rising demand from the maritime transportation and shipping sectors. Exploration for gas and oil offshore has become more prevalent, which has helped the target market expand. Bunker fuel demand is anticipated to increase in the future years as interest in LNG (Liquefied Natural Gas) as a substitute fuel for marine industries grows.

Key Highlights:

  • In February 2023, PRIO launched a new “ECO Bunkers B30” biofuel in partnership with World Fuel Services and Norwegian Cruise Line Holdings. Newly launched biofuel is a 30% blend of waste feedstock produced at the company’s biodiesel plant and bent at the company’s tank terminal in Aveiro.
  • In January 2023, Argus launched the new world’s first biofuel blended ship bunker price that includes biofuel components. New launched “B24” daily assessment will able to reflect the market value of bunkers as ship fuel made with 74% low sulphur fuel oil and 24% of cooking oil methyl ester.
  • In April 2022, SGS launched a new Global Bunker Fuel Testing Program “BunkerPro” for monitoring the quality, capability and sustainability of delivered bunker fuels during and after a bunkering period.

Key Market Insights from the Report:

Bunker Fuel Market accounted for US$ 159.12 billion in 2022 and is estimated to be US$ 207.3 billion by 2032 and is anticipated to register a CAGR of 2.5%. Bunker Fuel Market is segmented based on Type, Application and Region.

  • Based on Type, Bunker Fuel Market is segmented into Distillate Fuel Oil, Residual Fuel Oil, and LNG.
  • Based on Application, Bunker Fuel Market is segmented into Tanker Vessels, Container Vessels, Bulk Vessels, and General Cargo Vessels.
  • By Region, the Bunker Fuel Market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa.

Competitive Landscape:

The key players operating in the Global Bunker Fuel Market include:-

  • Exxon Mobil
  • World Fuel
  • Services
  • BP
  • Shell
  • China Marine Bunker
  • Bunker Holding
  • Total Marine Fuel
  • Chemoil
  • Bright Oil and Sinopec.

 

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Source: Global News Wire