Market Size of Asia-Pacific Bunker Fuel Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 16.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Bunker Fuel Market Analysis
The bunker fuel market in Asia-Pacific is expected to grow at CAGR of more than 16% during the forecast period of 2020-2025. The increasing preference of LNG-based vessels and growing LNG trade are among the significant factors driving the demand for bunker fuels in Asia-Pacific during the forecast period. Moreover, with the imposed restriction on HSFO, post-2020, VLSFO is expected to create significant market demand. However, the recent outbreak of COVID-19 has significantly affected the consumption of bunker fuel. With the closure of international and domestic trade movements to curb the spread of the virus, the demand for bunker fuel is expected to decline during the pandemic.
- 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.
