| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2020 - 2023 |
| CAGR | 16.00% |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Asia-Pacific Bunker Fuel Market Analysis by Mordor Intelligence
The Asia-Pacific Bunker Fuel Market is expected to register a CAGR of greater than 16% during the forecast period.
- With the intervention of IMO, the share of very low sulfur fuel oil (VLSFO) is expected to increase, replacing high sulfur fuel oil in the forecast period.
- Low sulfur fuel oil and LNG are expected to create ample opportunities for the market players. Due to the increasing environmental concern, the demand for cleaner fuel is increasing.
- China is one of the largest exporters globally and is leading the market of bunker fuel market in the region. With the expected growth in trade, the nation is likely to continue its dominance during the forecast period.
Asia-Pacific Bunker Fuel Market Trends and Insights
VLSFO to Witness Significant Growth
- Marine fuel containing less than 0.5% of sulfur is generally termed as very-low sulfur fuel oil. From January 1, 2020, HSFO can only be used in ships having scrubbers installed to reduce the emissions, which will drive the demand of VLSFO.
- Most of the high-sulfur fuel oil (HSFO) bunker fuel market is expected to be shortly replaced by low-sulfur alternatives. Most of the VLSFO available in the market is blended from residual and distillate components, which are blended with various cutters of varying sulfur and viscosity to create an on-specification product.
- India is one of the major trading markets is witnessing continuous growth in the volume of goods being handled at ports. In 2019, the nation reported 1281 million metric tons of products through different ports. Post pandemic, the market is likely to boost the demand for VLSFO.
- In India, to meet the demand for VLSFO, Indian Oil Corp. stated its ambition to produce one million metric ton of IMO-complaint very low sulfur fuel oil in 2020.
- The demand for VLSFO declined after January 2020 due to global supply chain disruptions, a decrease in demand for general goods and products, lockdown implementation in most of the countries, and a global economic slowdown.
- The need for VLSFO is likely to recover significantly after mid-2021. Post-2020, the demand is expected to rise on account of the opening of all the trade routes and relative price rise.
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China to Dominate the Market
- China is the biggest exporter and the second-largest importer of the goods by value. China's major exports are mechanical and electric machinery and equipment, automotive products including vehicle parts, chemicals and plastics, iron and steel articles, and furniture, among others.
- From 2016-2018, the Chinses exports increased from USD 2.12 trillion to USD 2.5 trillion, driven primarily by an increase in imports from the US and Japan. Chinese exports to the United States and Japan increased by 23.6% and 13.74%, respectively, during 2016-2018.
- With the increasing demand for energy, especially in nations like China and India, trading for crude oil and natural gas is likely to get an increase over the forecast period, which in turn is expected to increase the demand for tankers.
- Despite a slight decline in the volume of goods handled by the river and coastal ports in 2019, China managed more than 13.5 billion metric tons of products. With large export and
- However, the fleet in the country is registering a situation of drastic slowdown and oversupply. During Q1 2020, the container volume at the major Chinese ports has declined by 8.9% compared to 2019. The most significant drop in the traffic was registered by the China-US route and China-Japan/South Korea route.
- Additionally, the trade tension began between the United States and China in 2018 due to the setting of high tariffs and other trade barriers, which is expected to restrain the market. Moreover, the COVID-19 is pushing the market downwards further, restraining the market growth.
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Competitive Landscape
The Asia-Pacific bunker fuel market is moderately fragmented. Some of the major companies include China COSCO Holdings Company Limited, Ocean Network Express Pte Ltd, Indian Oil Corporation Limited, Chimbusco Pan Nation Petro-Chemical Co., Ltd , BP Sinopec Marine Fuels Pte Ltd.
Asia-Pacific Bunker Fuel Industry Leaders
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China COSCO Holdings Company Limited
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Ocean Network Express PTE Ltd
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Indian Oil Corporation Limited
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Chimbusco Pan Nation Petro-Chemical Co.,Ltd
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BP Sinopec Marine Fuels Pte Ltd
- *Disclaimer: Major Players sorted in no particular order
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Asia-Pacific Bunker Fuel Market Report Scope
The Asia-Pacific bunker fuel market report includes:
Fuel Type
| High Sulfur Fuel Oil (HSFO) |
| Very-Low Sulfur Fuel Oil (VLSFO) |
| Marine Gas Oil (MGO) |
| Liquefied Natural Gas (MGO) |
| Others |
Vessel Type
| Containers |
| Tankers |
| General Cargo |
| Bulk Carrier |
| Others |
Geography
| China |
| India |
| Singapore |
| Rest of Asia-Pacific |
| Fuel Type | High Sulfur Fuel Oil (HSFO) |
| Very-Low Sulfur Fuel Oil (VLSFO) | |
| Marine Gas Oil (MGO) | |
| Liquefied Natural Gas (MGO) | |
| Others | |
| Vessel Type | Containers |
| Tankers | |
| General Cargo | |
| Bulk Carrier | |
| Others | |
| Geography | China |
| India | |
| Singapore | |
| Rest of Asia-Pacific |
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Key Questions Answered in the Report
What is the current Asia-Pacific Bunker Fuel Market size?
The Asia-Pacific Bunker Fuel Market is projected to register a CAGR of greater than 16% during the forecast period (2025-2030)
Who are the key players in Asia-Pacific Bunker Fuel Market?
China COSCO Holdings Company Limited, Ocean Network Express PTE Ltd, Indian Oil Corporation Limited, Chimbusco Pan Nation Petro-Chemical Co.,Ltd and BP Sinopec Marine Fuels Pte Ltd are the major companies operating in the Asia-Pacific Bunker Fuel Market.
What years does this Asia-Pacific Bunker Fuel Market cover?
The report covers the Asia-Pacific Bunker Fuel Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Asia-Pacific Bunker Fuel Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Asia-Pacific Bunker Fuel Market Report
Statistics for the 2025 Asia-Pacific Bunker Fuel market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Bunker Fuel analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
