| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2020 - 2023 |
| CAGR | 7.00% |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Bunker Fuel Market Analysis by Mordor Intelligence
The Europe Bunker Fuel Market is expected to register a CAGR of greater than 7% during the forecast period.
- With the implementation of IMO regulations, the share of very low sulfur fuel oil (VLSFO) is expected to increase, replacing high sulfur fuel oil during the forecast period.
- Increasing international marine trades and the developing sea routes are expected to increase the number of marine vessels in the coming years, thus creating immense opportunities for the European bunker fuel market soon.
- Germany, one of the biggest nations in the container shipping sector globally, is leading the bunker fuel market, and it is likely to continue its dominance during the forecast period.
Europe Bunker Fuel Market Trends and Insights
Very Low Sulfur Fuel Oil (VLSFO) to Witness Significant Growth
- Marine fuel containing less than 0.5% of sulfur is generally termed very low sulfur fuel oil. From January 1, 2020, HSFO could only be used in ships having scrubbers installed to reduce the emissions, which will drive the demand for 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.
- VLSFO has become extremely popular in Rotterdam, Europe's largest bunker port. In Q4 2021, the Rotterdam port witnessed a Y-o-Y increase of 3.9% in VLSFO sales. However, 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 countries, and a global economic slowdown.
- Some of the significant bunker fuel suppliers have been expanding their presence for suppling low sulfur bunker fuel following the imposition of IMO 2020. For instance, the Spanish energy producer, Repsol, has expanded the locations in Spain where it can offer very low sulfur fuel oil (VLSFO).
- The demand for VLSFO is recovering at a significant rate. The demand for VLSFO is expected to rise on account of the opening of all the trade routes and relative price rise, thus witnessing a significant growth during the forecast period.
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Germany to Dominate the Market
- Germany has always been a vital shipping nation and is one of the largest shipping countries in the European Union. Germany had more than 360 shipping companies operating as of 2021. Also, in terms of twenty-foot equivalent units (TEUs), Germany is one of the biggest nations in the container shipping sector globally.
- About 90% of all merchandise from Germany is transported by ship. The implication of IMO 2020, from January 2020, led to the shift to low sulfur content fuel or installing scrubbers to reduce emissions. The conversion to LNG fueled ships is restricted to newly made ships owing to the higher modification costs for an engine replacement.
- There were over 70 ports in total in Germany as of 2021. These include major all-purpose ports, such as the Port of Hamburg, Emden, Kiel, Bremen, Rostock, Wismar, etc.
- The Port of Hamburg is an internationally well-known and important seaport in Germany. According to ranking statistics 2019, with respect to container capacity, the port is placed first in Germany, second in the whole of Europe, and 11th amongst the other ports of the world. Some of the bunker fuel suppliers to this port are Addax Bunkering Services Germany GmbH, Baluco, Broring Oil Trading GmbH, Deutsche Calpam GmbH, North Sea Bunker GmbH, Shell Marine Products Ltd, Total Marine Fuels, Maxcom Bunker SpA, etc.
- Therefore, owing to the above points, Germany is expected to dominate the market during the forecast period.
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Competitive Landscape
The European bunker fuel market is moderately fragmented. Some of the major companies include Gazprom Neft PJSC, BP PLC, Shell PLC, TotalEnergies SE, and AP Moeller Maersk AS.
Europe Bunker Fuel Industry Leaders
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Gazprom Neft PJSC
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AP Moeller Maersk A/S
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BP PLC
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Shell PLC
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TotalEnergies SE
- *Disclaimer: Major Players sorted in no particular order
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Recent Industry Developments
- In July 2021, Norwegian natural gas supplier Gasnor signed an LNG supply deal with German oil and gas company Wintershall Dea. Gasnor will supply LNG to the offshore supply ship Viking Princess that serves on the Norwegian Continental Shelf. The vessel was owned by Eidesvik Offshore and contracted to serve Wintershall Dea as of September 2020. The LNG will come from the bunkering terminal at Mongstad Base, Norway.
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Europe Bunker Fuel Market Report Scope
The Europe bunker fuel market report includes:
Fuel Type
| High Sulfur Fuel Oil (HSFO) |
| Very-Low Sulfur Fuel Oil (VLSFO) |
| Marine Gas Oil (MGO) |
| Other Fuel Types |
Vessel Type
| General Cargo |
| Containers |
| Tankers |
| Bulk Carrier |
| Other Vessel Types |
Geography
| The United Kingdom |
| Germany |
| Norway |
| Spain |
| Rest of Europe |
| Fuel Type | High Sulfur Fuel Oil (HSFO) |
| Very-Low Sulfur Fuel Oil (VLSFO) | |
| Marine Gas Oil (MGO) | |
| Other Fuel Types | |
| Vessel Type | General Cargo |
| Containers | |
| Tankers | |
| Bulk Carrier | |
| Other Vessel Types | |
| Geography | The United Kingdom |
| Germany | |
| Norway | |
| Spain | |
| Rest of Europe |
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Key Questions Answered in the Report
What is the current Europe Bunker Fuel Market size?
The Europe Bunker Fuel Market is projected to register a CAGR of greater than 7% during the forecast period (2025-2030)
Who are the key players in Europe Bunker Fuel Market?
Gazprom Neft PJSC, AP Moeller Maersk A/S, BP PLC, Shell PLC and TotalEnergies SE are the major companies operating in the Europe Bunker Fuel Market.
What years does this Europe Bunker Fuel Market cover?
The report covers the Europe Bunker Fuel Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Europe Bunker Fuel Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Europe Bunker Fuel Market Report
The Europe Bunker Fuel market report provides a comprehensive industry analysis, offering insights into the market forecast and market overview. The report highlights industry trends, industry outlook, and market segmentation across various fuel types and vessel types. It also includes a detailed market review, examining market data and market predictions for regions such as the United Kingdom, Norway, Germany, Spain, and the rest of Europe.
This industry report delves into the market value, market growth, and market size, providing an in-depth market analysis. The report example is available as a free report PDF download, which includes industry information and industry statistics. Key aspects such as market share, market leaders, and market outlook are thoroughly covered, ensuring a comprehensive understanding of the Europe Bunker Fuel market.
The market report also addresses price trends and market trends, offering valuable insights into the industry's growth rate and market research. The industry research includes industry sales and industry size, supported by market data and market forecast. This research is crucial for understanding the market segmentation and market value, providing a holistic view of the market landscape.
Overall, the report provides a detailed industry analysis and market review, supported by industry reports and research companies. It serves as a valuable resource for understanding the market growth, market outlook, and industry trends within the Europe Bunker Fuel market.
