Market Size of Europe Bunker Fuel Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Bunker Fuel Market Analysis
The bunker fuel market in Europe is expected to register a CAGR of more than 7% during the forecast period, 2022-2027. The outbreak of COVID-19 has significantly affected the consumption of bunker fuel. The closure of international and domestic trade movements to curb the spread of the virus reduced the demand for bunker fuel in 2020. The increasing preference for LNG-based vessels and growing LNG trade are significant factors driving the demand for bunker fuels in Europe during the forecast period. With increasing maritime export and import in countries like Germany and the United Kingdom, considerable growth is anticipated in the coming years. However, increasing trade tensions between countries such as the United States, China, Russia, etc., are expected to restrain the market 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.
