세계의 벙커 연료 시장 : 유형별, 최종사용자별, 지역별 - 기회 및 예측(2018-2032년)

Global bunker fuel market is projected to witness a CAGR of 3.51% during the forecast period 2025-2032, growing from USD 145.12 billion in 2024 to USD 191.24 billion in 2032. The bunker fuel market has experienced significant growth in recent years due to rising maritime transport volumes, expanding fleets, and increasing trade activities, particularly in emerging economies which is expected to maintain a strong pace of expansion in the coming years. Bunker fuels are used in large vessels such as tankers, bulk carriers, and cargo ships. With the rising investment in the deployment of large vessels by shipping companies leads to rising demand for bunker fuel in the market.

Currently, the bunker fuel industry is undergoing a significant transformation due to the implementation of stricter environmental regulations in various countries, such as IMO 2020 sulphur cap and upcoming carbon intensity (CII) regulations. The ongoing regulations mandate the use of lower emissions and encourage the adoption of cleaner fuels such as low-Sulphur and biofuel in the market. The industry is moving towards decarbonization which drives the demand for the low-Sulphur fuels in the bunker fuel market in the forecast period.

The push for decarbonization has spurred investment in low-carbon and zero-emission solutions which boosted the demand for biofuels in bunker fuels in the market. Several oil producers are looking to investing in bunkering digital solutions, sustainable fuel production, and emission-cutting technologies which create the opportunity for bunker fuels in the market. In addition, the growth of bunkering infrastructure in major ports, and alliances between energy corporations and shipping companies will increase the bunker fuel market size in the next few years.

For instance, in December 2024, ZeroNorth and Hapag-Lloyd decided to enter a new strategic partnership which aimed at launching a procurement & planning solution. The partnership between the two companies will set out to create a new digital solution which enables Hapag-Lloyd to effectively navigate the energy transition, reduce fuel spend, and cut costs. The solution aims to set the new industry standard for digitalizing the end-to-end bunker planning and procurement process. This development highlights that companies are investing in bunking fuel operations which help the market to grow in the coming year.

Expansion of Shipping Fleet and Maritime Activities Propelling Market Growth

Globally, the expansion of shipping fleets and increased maritime activities boosted the demand for bunker fuel in the market. The bunker fuel helps in powering vessels to take goods to different nations. Moreover, with the rising imports and export of goods, the shipping companies expand fleets and cargo ships to accommodate higher volumes of trade which correspondingly leads to a rise in the demand for bunker fuels in the market. Emerging economies contribute to the trade of goods between the countries which increases the maritime activities which necessitate additional shipping capacity. Furthermore, the growth in a large fleet of vessels including tankers, bulk carriers, and container ships, to meet the increasing logistical demand contributed to the rise in demand for bunker fuel in the market.

For instance, in March 2025, CMA CGM Group decided to invest around USD 20 billion in the United States marine transportation sector and support the transformation of America's domestic supply chain over the next four years. This development highlights that companies are expanding the operations which will drive the demand for bunker fuel in the coming year.

Shipping companies are looking to invest in larger vessels such as container ships and bulk carriers, which consume substantial amounts of bunker fuel thus contributing to a rise in the demand for bunker fuel in the market. Upgrades in port facilities and the opening of new shipping routes have improved maritime connectivity, making trade flows between the countries smoother. The opening and development of new trade routes elevated bunker fuel consumption in the market. Moreover, the deployment of support vessels and platforms for oil and gas exploration in the sea boosts the demand for bunker fuels in the sector.

Rising Stricter Emissions Regulations Creating Market Opportunities

Countries are implementing strict regulations such as the International Maritime Organization's (IMO) sulphur cap and greenhouse gas reduction targets to control the emission of sulphur from the marine sector. The implementation of stricter emissions regulations assisted in reshaping the bunker fuel market and created significant opportunities for cleaner bunker fuel in the market. The shift toward lower-emission fuels has created a new market opportunity for bunker fuel in the market. The advance bunker fuels help in reducing the emission of sulphur oxides (SOx) and nitrogen oxides (NOx), from the shipping industry which drives clean bunker fuels in the sector. The IMO 2020 regulation which limits sulphur content in marine fuels to 0.5%, has driven the adoption of cleaner fuels such as very-low sulphur fuel oil (VLSFO), and liquefied natural gas (LNG) in the market

Low sulphur-based bunker fuel helps in reducing carbon footprints and achieving the set targets of net-zero. The VLSFO gained traction as a transitional fuel due to its lower sulphur and particulate emissions thus creating its demand in the market. Meanwhile, modern technologies such as ammonia and hydrogen-powered ships are being researched for long-term decarbonization and are being invested in by energy players and shipyards. As increasingly stringent regulation concerns traditional bunker fuel prompts firms to innovate new products specific to meet environmental requirements. In conclusion, more stringent emissions rules are revolutionizing the bunker fuel market by promoting demand for sophisticated bunker fuel in the market.

For instance, in January 2025, under European Union regulation only the ships which reduce bunker fuel emissions by 2% each year during 2025-2029, will be allowed to enter Europe. The region set the emissions baseline of 91.16 grams of CO2 equivalent. This development highlights that new regulations are being introduced in different regions to control the emissions which drive the demand for low sulphur and biofuel in the bunker fuel market in the coming years.

Very-Low Sulphur Fuel Oil Segment Gaining Market Share

The demand for very-low sulphur fuel oil (VLSFO) is increasing in the market due to rising stringent environmental regulations regarding the lower emission of sulphur. The fuel is able to comply with the International Maritime Organization (IMO) 2020 regulation, which requires lowering sulphur content in maritime fuels from 3.5% to 0.5% as a result of which its demand is rising in the market. VLSFO provides shipping operators with a compliant and viable way to meet such sulphur emission requirements without necessarily needing complex retrofitting of the ship system which drive its adoption in the market.

Second, the VLSFO is getting a boost as it is economically more viable as compared to marine gas oil (MGO) and high sulphur fuel oil (HSFO). Additionally, refining technology has enhanced VLSFO manufacturing quality, bringing it into coherence with the largest share of ship engines while keeping the process economic. Additionally, infrastructure investments involving storage units as well as distributive systems have made VLSFO available across most maritime jurisdictions. The greater focus on sustainable operations and regulatory compliance drive VLSFO demand in the next few years.

Asia-Pacific Leads the Bunker Fuel Market

Asia-Pacific has dominated the bunker fuel market and is expected to continue during the forecast period. The region is becoming a global hub for international trade which leads to the high marine traffic in different states of the region. The region has major ports in Singapore, China, and South Korea which manage billions of tons of cargo annually. With the surge in trade volume requires significant amounts of bunker fuel to power vessels transporting goods across long distances, making the region a critical market for bunker fuel consumption.

Rising energy consumption in developing countries such as China and India have also increased crude oil and natural gas trade in the region which further boosts bunker fuel requirements. Moreover, rising investments in port infrastructure and the adoption of low-Sulphur fuel led to a rise in demand for bunker fuel in the market.

For instance, in March 2025, The Ministry of Ports, Shipping & Waterways of India aims to complete 150 projects related to the marine sector by September 2025. The government is going to invest around USD 11.7 million in inland waterways, digital modernization, and maritime startups with key initiatives such as Bharat container shipping line and a green shipping corridor. This development highlights the government is investing in the upliftment of the marine sector in the region which will drive the demand for bunker fuel in the market.

Future Market Scenario (2025 - 2032F)

The shift toward cleaner fuels like very-low sulphur fuel oil (VLSFO), liquefied natural gas (LNG), and biofuels is expected to accelerate, driven by regulatory compliance and sustainability goals.

Rising investment in new bunkering infrastructure for LNG and biofuels will drive the demand for bunker fuel in the market.

The bunker fuel industry is moving toward zero-carbon bunker fuels, with emerging technologies like blue and green ammonia and biofuels poised to play a significant role in the future.

Key Players Landscape and Outlook

To increase market share in the bunker fuel industry, companies are adopting innovative strategic measures which could align with evolving market dynamics and regulatory requirements. Companies are looking to invest in cleaner and sustainable fuel production such as very low-Sulphur fuel oil, liquefied natural gas, and biofuels. Companies are looking to expand the bunkering infrastructure, especially in high-demand regions like Asia-Pacific, which could enhance accessibility and reliability for customers. Several bunker fuel producers are entering into the contract with the ship owners for export of the fuel products which will drive the demand for bunker fuels in the market.

For instance, in October 2024, TotalEnergies SE signed a contract with Spanish shipowner Ibaizabal for a new liquefied natural gas bunker vessel of 18,600 m3 capacity. The new vessel will expand the company's global presence in bunkering hubs. This development highlights that fuel producers are making strategic moves to increase global presence which will increase the revenue in the coming years.

Table of Contents

1. Project Scope and Definitions

2. Research Methodology

3. Impact of U.S. Tariffs

4. Executive Summary

5. Voice of Customers

• 5.1. Factors Considered in Purchase Decisions
  • 5.1.1. Quality
  • 5.1.2. Price
  • 5.1.3. Operational Efficiency
  • 5.1.4. Emission Standards

6. Global Bunker Fuel Market Outlook, 2018-2032F

• 6.1. Market Size Analysis & Forecast
  • 6.1.1. By Value
  • 6.1.2. By Volume
• 6.2. Market Share Analysis & Forecast
  • 6.2.1. By Type
    • 6.2.1.1. Heavy Fuel Oil
    • 6.2.1.2. Marine Diesel Oil/Marine Gas Oil
    • 6.2.1.3. Very-Low Sulphur Fuel Oil
    • 6.2.1.4. Liquefied Natural Gas
    • 6.2.1.5. Others
  • 6.2.2. By End-user
    • 6.2.2.1. Container Ship
    • 6.2.2.2. Bulk Carrier
    • 6.2.2.3. General Cargo
    • 6.2.2.4. Oil Tanker
    • 6.2.2.5. Offshore Support Vessel
    • 6.2.2.6. Others
  • 6.2.3. By Region
    • 6.2.3.1. North America
    • 6.2.3.2. Europe
    • 6.2.3.3. Asia-Pacific
    • 6.2.3.4. South America
    • 6.2.3.5. Middle East and Africa
  • 6.2.4. By Company Market Share Analysis (Top 5 Companies and Others - By Value, 2024)
• 6.3. Market Map Analysis, 2024
  • 6.3.1. By Type
  • 6.3.2. By End-user
  • 6.3.3. By Region

7. North America Bunker Fuel Market Outlook, 2018-2032F*

• 7.1. Market Size Analysis & Forecast
  • 7.1.1. By Value
  • 7.1.2. By Volume
• 7.2. Market Share Analysis & Forecast
  • 7.2.1. By Type
    • 7.2.1.1. Heavy Fuel Oil
    • 7.2.1.2. Marine Diesel Oil/Marine Gas Oil
    • 7.2.1.3. Very-Low Sulphur Fuel Oil
    • 7.2.1.4. Liquefied Natural Gas
    • 7.2.1.5. Others
  • 7.2.2. By End-user
    • 7.2.2.1. Container Ship
    • 7.2.2.2. Bulk Carrier
    • 7.2.2.3. General Cargo
    • 7.2.2.4. Oil Tanker
    • 7.2.2.5. Offshore Support Vessel
    • 7.2.2.6. Others
  • 7.2.3. By Country Share
    • 7.2.3.1. United States
    • 7.2.3.2. Canada
    • 7.2.3.3. Mexico
• 7.3. Country Market Assessment
  • 7.3.1. United States Bunker Fuel Market Outlook, 2018-2032F*
    • 7.3.1.1. Market Size Analysis & Forecast
      • 7.3.1.1.1. By Value
      • 7.3.1.1.2. By Volume
    • 7.3.1.2. Market Share Analysis & Forecast
      • 7.3.1.2.1. By Type
        • 7.3.1.2.1.1. Heavy Fuel Oil
        • 7.3.1.2.1.2. Marine Diesel Oil/Marine Gas Oil
        • 7.3.1.2.1.3. Very-Low Sulphur Fuel Oil
        • 7.3.1.2.1.4. Liquefied Natural Gas
        • 7.3.1.2.1.5. Others
      • 7.3.1.2.2. By End-user
        • 7.3.1.2.2.1. Container Ship
        • 7.3.1.2.2.2. Bulk Carrier
        • 7.3.1.2.2.3. General Cargo
        • 7.3.1.2.2.4. Oil Tanker
        • 7.3.1.2.2.5. Offshore Support Vessel
        • 7.3.1.2.2.6. Others
  • 7.3.2. Canada
  • 7.3.3. Mexico

All segments will be provided for all regions and countries covered

8. Europe Bunker Fuel Market Outlook, 2018-2032F

• 8.1. Germany
• 8.2. France
• 8.3. Italy
• 8.4. United Kingdom
• 8.5. Russia
• 8.6. Netherlands
• 8.7. Spain
• 8.8. Turkey
• 8.9. Poland

9. Asia-Pacific Bunker Fuel Market Outlook, 2018-2032F

• 9.1. India
• 9.2. China
• 9.3. Japan
• 9.4. Australia
• 9.5. Vietnam
• 9.6. South Korea
• 9.7. Indonesia
• 9.8. Philippines

10. South America Bunker Fuel Market Outlook, 2018-2032F

• 10.1. Brazil
• 10.2. Argentina

11. Middle East and Africa Bunker Fuel Market Outlook, 2018-2032F

• 11.1. Saudi Arabia
• 11.2. UAE
• 11.3. South Africa

12. Value Chain Analysis

13. Porter's Five Forces Analysis

14. PESTLE Analysis

15. Pricing Analysis

16. Market Dynamics

• 16.1. Market Drivers
• 16.2. Market Challenges

17. Market Trends and Developments

18. Competitive Landscape

• 18.1. Competition Matrix of Top 5 Market Leaders
• 18.2. SWOT Analysis for Top 5 Players
• 18.3. Key Players Landscape for Top 10 Market Players
  • 18.3.1. BP Oil International Limited
    • 18.3.1.1. Company Details
    • 18.3.1.2. Key Management Personnel
    • 18.3.1.3. Products and Services
    • 18.3.1.4. Financials (As Reported)
    • 18.3.1.5. Key Market Focus and Geographical Presence
    • 18.3.1.6. Recent Developments/Collaborations/Partnerships/Mergers and Acquisition
  • 18.3.2. Sinopec Fuel Oil Sales Co.,Ltd.
  • 18.3.3. China Marine Bunker (PetroChina) Co.Ltd.
  • 18.3.4. Shell International B.V.
  • 18.3.5. Exxon Mobil Corporation.
  • 18.3.6. Chevron Corporation.
  • 18.3.7. TotalEnergies Marine Fuels Pte. Ltd.
  • 18.3.8. Lukoil-Bunker LLC
  • 18.3.9. Saudi Arabian Oil Co.
  • 18.3.10. Indian Oil Corporation Limited (IOCL)

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.

19. Strategic Recommendations

20. About Us and Disclaimer