Market Size of United Kingdom Bunker Fuel Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 14.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UK Bunker Fuel Market Analysis
The United Kingdom bunker fuel market is expected to grow at a CAGR of more than 14% during the forecast period of 2020-2025. The bunker fuel market in the region is mainly driven by the ever-rising marine transportation of essential commodities, implementation of the stricter environmental regulations driving the demand for cleaner bunker fuels, and the increase in the use of vessels for offshore oil and gas developments. Moreover, the United Kingdom Continental Shelf (UKCS) region is expected to become one of the most active marine areas for maritime transport, which likely to drive the United Kingdom bunker fuel market during the forecast period. However, the outbreak of COVID-19, leading to a global economic slowdown and a drop in maritime imports and exports are likely to restrain the growth of the United Kingdom bunker fuel market in the coming years.
- The Very-Low Sulfur Fuel Oil (VLSFO) is expected to witness significant growth in the market during the forecast period, owing to factors like IMO 2020 Regulations that came into effect from January 1st, 2020.
- Developing sea trade routes and recovery in international maritime trade may offer tremendous opportunities for bunker fuel suppliers in the region.
- The United Kingdom witnessed a surge in the bunker fuel market owing to government policies and an increase in maritime trade.
