Market Size of Bunker Fuel Industry
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 198.07 Billion |
| Market Size (2029) | USD 226.52 Billion |
| CAGR (2024 - 2029) | 2.72 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Bunker Fuel Market Analysis
The Bunker Fuel Market size is estimated at USD 198.07 billion in 2024, and is expected to reach USD 226.52 billion by 2029, growing at a CAGR of 2.72% during the forecast period (2024-2029).
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, Increasing LNG trade is expected to increase the demand for bunker fuel. LNG is majorly traded for the power sector in industrial, commercial and residential segments. The countries with high coal dependencies, such as China and India, are gradually moving toward cleaner energy by increasing the import volume of natural gas from the Middle-east nations and few other nations, like the Russian Federation, Australia, Nigeria.
- On the other hand, the environmental concerns and the strict regulations related to emissions from maritime industry are anticipated to limit the usage of the heavy bunker fuels, especially the high Sulfur fuel oil, during the forecast period.
- Nevertheless, with the improved economic performance of developing countries in regions, such as the Asia-Pacific and the Middle-East and Africa, the demand for marine transportation and the number of ships in operation are expected to increase, offering significant growth opportunity for the bunker fuel market players in the coming years.
- Asia-Pacific is expected to dominate the market during the forecast period, with the majority of the demand coming from countries like China, India, etc.
