Table of Contents
Overview
New York, NY – May 16, 2025 – The global Bunker Fuel Market is projected to grow steadily, driven by increasing demand from the shipping industry and expanding international trade. The market size, valued at USD 134.9 billion in 2024, is expected to reach USD 192.1 billion by 2034, growing at a CAGR of 3.6% from 2025 to 2034.
In 2024, Low Sulfur Fuel Oil (LSFO) led the Bunker Fuel market with a 47.2% share, driven by global efforts to curb sulfur emissions in maritime operations. Oil Majors dominated bunker fuel distribution in 2024, holding a 51.7% market share due to their extensive logistics, storage capabilities, and strategic port partnerships. The Oil Tanker segment commanded a 26.4% share of the bunker fuel market in 2024, reflecting its vital role in transporting crude oil and petroleum products globally.
US Tariff Impact on Bunker Fuel Market
US President Donald Trump has imposed a 25% tariff on oil and gas imports from countries buying Venezuelan crude, effective April 2, as part of his strategy to use economic pressure to influence diplomatic outcomes, potentially impacting India’s energy sector significantly.
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India, a major buyer of Venezuelan oil, imported 22 million barrels in 2024, with January purchases rising to 254,000 barrels per day (bpd), nearly half of Venezuela’s 557,000 bpd total exports, led by Reliance Industries, which secured 127,000 bpd in December 2023. China, the top importer, received 503,000 bpd in February, 55% of Venezuela’s exports, while Spain, Italy, and Cuba are also key buyers. Although the US has been importing Venezuelan crude, these imports will cease in early April unless the wind-down period is extended.
Key Takeaways
- Bunker Fuel Market size is expected to be worth around USD 192.1 billion by 2034, from USD 134.9 billion in 2024, growing at a CAGR of 3.6%.
- Low Sulfur Fuel Oil (LSFO) held a dominant market position within the Bunker Fuel sector, capturing more than a 47.2% share.
- Oil Majors held a dominant market position in the distribution of bunker fuel, capturing more than a 51.7% share.
- Oil Tanker segment held a dominant market position in the bunker fuel market, capturing more than a 26.4% share.
- Asia-Pacific (APAC) region holds a commanding position in the global bunker fuel market, accounting for 46.1% of the market share, which translates to a significant value of approximately USD 62.1 billion.
Report Scope
| Market Value (2024) | USD 134.9 Billion |
| Forecast Revenue (2034) | USD 192.1 Billion |
| CAGR (2025-2034) | 3.6% |
| Segments Covered | By Type (Low Sulfur Fuel Oil, High Sulfur Fuel Oil, Marine Gas Oil, Others), By Commercial Distributor (Oil Majors, Large Independent, Small Independent), By Application (Oil Tanker, Bulk Carrier, General Cargo, Chemical Tanker, Fishing Vessels, Gas Tankers, Others) |
| Competitive Landscape | Aegean Marine Petroleum Network, BP p.l.c., Bunker Holding, Chevron Corporation, Cockett Marine Oil, Exxon Mobil Corporation, GAC Bunker Fuels, Hindustan Petroleum Corporation Limited, Indian Oil Corporation Ltd., KPI OceanConnect, LUKOIL, Mercuria Energy Group, Minerva Bunkering, Neste, Peninsula Petroleum |
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Key Market Segments
By Type
- In 2024, Low Sulfur Fuel Oil (LSFO) led the Bunker Fuel market with a 47.2% share, driven by global efforts to curb sulfur emissions in maritime operations. The International Maritime Organization’s 0.5% sulfur content cap has spurred widespread adoption of LSFO, aligning with initiatives to reduce marine pollution and environmental impact. Maritime operators have embraced LSFO to meet these standards, supported by its increasing availability and the industry’s shift toward sustainable practices.
By Commercial Distributor
- Oil Majors dominated bunker fuel distribution in 2024, holding a 51.7% market share due to their extensive logistics, storage capabilities, and strategic port partnerships. Their ability to meet complex maritime fuel demands is enhanced by investments in refining low-sulfur fuels to comply with the IMO’s sulfur cap. This adaptability, combined with their established industry trust, ensures Oil Majors remain leaders in supplying cleaner marine fuels, solidifying their pivotal role in the global bunker fuel supply chain.
By Application
- The Oil Tanker segment commanded a 26.4% share of the bunker fuel market in 2024, reflecting its vital role in transporting crude oil and petroleum products globally. High fuel demand stems from oil tankers’ large capacities and long voyages, driven by rising global oil needs, particularly in emerging economies. As the backbone of the international oil trade, oil tankers significantly influence bunker fuel consumption, underscoring their essential contribution to the global energy supply chain.
Regional Analysis
- The Asia-Pacific (APAC) region dominates the global bunker fuel market, capturing a 46.1% share valued at approximately USD 62.1 billion, fueled by extensive maritime activities in key ports like Shanghai, Singapore, and Hong Kong, which are vital to international trade routes.
- Singapore stands out as the world’s leading bunkering hub, supported by robust shipping and shipbuilding industries, as well as growing trade with North America and Europe. Rapid economic growth in APAC has spurred investments in port infrastructure and maritime logistics, while government policies promoting cleaner bunker fuels align with the International Maritime Organization’s sulfur cap, shaping regional fuel strategies.
Top Use Cases
- Powering Cargo Ships: Bunker fuel, like low-sulfur fuel oil, powers large cargo ships, including container vessels, that transport goods globally. It’s cost-effective for long voyages, meeting the high energy demands of these ships while complying with IMO 2020 sulfur regulations, ensuring efficient trade and reduced emissions.
- Fueling Oil Tankers: Oil tankers rely on bunker fuel to transport crude oil and petroleum products across oceans. Their large size and long routes require high volumes of fuel, like marine gas oil, driving demand in the bunker fuel market as global oil trade grows.
- Supporting Bulk Carriers: Bulk carriers, which move commodities like coal and grain, use bunker fuel for propulsion. Heavy fuel oil is common due to its affordability, though cleaner options like LNG are gaining traction to meet environmental rules, supporting sustainable bulk transport.
- Operating Cruise Ships: Cruise ships use bunker fuel, such as marine diesel oil, to power engines and onboard systems for passenger comfort. Cleaner fuels help meet strict coastal emission standards, ensuring eco-friendly tourism while maintaining operational efficiency on long leisure voyages.
- Driving Fishing Vessels: Fishing vessels depend on bunker fuel, often marine gas oil, for extended trips to harvest seafood. Its energy efficiency supports long hours at sea, while low-sulfur options align with environmental regulations, balancing cost and compliance in the fishing industry.
Recent Developments
1. Aegean Marine Petroleum Network
- Aegean Marine Petroleum Network has expanded its digital bunkering solutions to enhance efficiency and transparency in fuel procurement. The company is also investing in low-sulfur fuel options to comply with IMO 2020 regulations. Recently, Aegean strengthened its presence in key ports like Singapore and Rotterdam.
2. BP p.l.c.
- BP has been advancing its bio-bunker fuel offerings, partnering with major shipping firms to trial sustainable marine fuels. The company is also investing in LNG bunkering infrastructure in Europe and Asia to support cleaner shipping. BP’s digital platform, BP Orbit, streamlines bunker fuel transactions.
3. Bunker Holding
- Bunker Holding, through its subsidiary KPI OceanConnect, is focusing on alternative fuels like methanol and ammonia for future-ready bunkering. The company has also expanded its global supply network, ensuring reliable fuel delivery amid geopolitical disruptions.
4. Chevron Corporation
- Chevron has launched Chevron BunkerLube, a new range of low-carbon marine fuels and lubricants. The company is also collaborating with Maersk to test biofuels in container ships, supporting decarbonization in the shipping industry.
5. Cockett Marine Oil
- Cockett Marine Oil, part of the Marubeni Corporation, has enhanced its supply chain with digital tracking for bunker fuel deliveries. The company is also increasing its supply of VLSFO (Very Low Sulfur Fuel Oil) to meet rising demand in Asia and Europe.
Conclusion
The Bunker Fuel Market remains vital for global maritime trade, driven by demand from cargo ships, oil tankers, and cruise vessels. Low-sulfur fuel oil dominates due to strict environmental regulations, while cleaner fuels like LNG gain traction. With ports upgrading infrastructure and oil majors leading supply, the market is set to grow, balancing cost, compliance, and sustainability.
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