Market Size of North America Bunker Fuel Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Bunker Fuel Market Analysis
The bunker fuel market in North America is expected to register a CAGR of more than 6.5% during the forecast period (2022-2027), reaching USD 22.21 billion in 2027 from USD 10.77 billion in 2020. In 2020, the COVID-19 outbreak disrupted the logistics and supply chain industry, resulting in major losses to the transportation sector, including the shipping industry. The increasing natural gas production and LNG trade are the major factors that may drive the demand for bunker fuels in North America during the forecast period. However, the increasing trade tensions and tariff escalations between the United States and China are likely to hinder the market's growth during the forecast period.
- With the intervention of IMO, very low sulfur fuel oil (VLSFO) is expected to be the fastest-growing segment during the forecast period.
- Low sulfur fuel oil and LNG are expected to create ample opportunities for the market players. Due to the increasing environmental concerns, the demand for cleaner bunker fuel is expected to increase in the coming years.
- The United States is leading the bunker fuel market due to expanding sea trade. With the expected growth in trade, the country is likely to continue its dominance during the forecast period.
