Bunker Fuel Market by Grade (HFO, MDO/MGO, LSHFO, LNG, Others) by Distributor (IOC/NOC, Large Independent Distributor, and Small Independent Distributor) by End Use (Container Ship, Bulk Carrier, General Cargo, Oil Tanker, Product Tanker, Offshore Support Vessel, Others) by Region (North America, Asia Pacific, Europe, South America, and Middle East & Africa) - Trends and Forecasts to 2030
Any fuel used onboard a ship is called as a bunker fuel and the act of supplying a ship with bunkers is known as bunkering. The bunker fuel can be supplied to a ship in several ways, with the mode or method varying depending upon the grade or type of fuel being delivered to the vessel. Characterized by their boiling points, carbon-chain lengths, and viscosities, bunker fuels are categorized into different grades. The global sulfur cap imposed by the International Maritime Organization in 2020 limits the sulfur in bunker fuels to 0.5%, restricting the use of several heavier high sulfur bunker fuels. Fuel costs represent around 50-60% of total ship operating costs making it necessary build more efficient ships and engines. Maritime shipping is the backbone of international trade, and its further growth is expected to drive the demand for bunker fuels.
Bunker fuel market, based on grade, is categorized into HFO, MDO/MGO, LSHFO, LNG, and others. Heavy Fuel Oil (HFO) is a high viscosity residual oil which has traditionally been the most used fuel for shipping vessels. However, it is highly polluting and stringent emission regulations are restricting its usage. Marine Diesel Oil (MDO)/Marine Gas Oil (MGO) are composed of blends of distillates and HFOs and are sold with varying sulfur content. Low Sulfur Heavy Fuel Oil (LSHFO) has 0.5% sulfur content and is increasingly being preferred as an alternative to HFO by shippers to adhere to the regulations. To further limit the emissions, a small percentage of the global shipping fleet is also utilizing LNG and other alternative fuels like hydrogen, LPG, electric, and methanol.
Based on distributor, the bunker fuel market is classified into IOC/NOC, large independent distributors, and small independent distributors. International oil companies (IOCs) or national oil companies (NOCs) are the dominant distributors a result of their larger market presence and their dominance in the global crude oil tanker chartering business. Large independent distributors also hold a substantial market share. Small independent distributors are primarily focused on one country or one port and have limited capacity.
Furthermore, the bunker fuel market is also fragmented based on end use, into container ship, bulk carrier, general cargo, oil tanker, product tanker, offshore support vessel, and others. Bulk carriers compose the largest percentage of the world shipping fleet, and hence, are amongst the largest utilizers of bunker fuel. They are followed by oil tankers, container ships, general cargo, and other ships. With maritime trade volume expected to grow around 2.4% by 2026 as per the United Nations Conference on Trade and Development (UNCTAD), the demand for bunker fuel will also grow.
The global bunker fuel market can be segmented into North America, South America, Europe, Asia Pacific, Middle East & Africa. The 2020 IMO sulfur regulation has severely limited the consumption of residual fuel oil or HFO across all the global regions. In US, the share of high-sulfur residual fuel oil consumed by U.S. ocean-going marine vessels has quickly dropped. However, US Energy Information Administration (EIA) expects EIA expects the residual fuel share to rebound partially to around 24% in 2022.and onwards. Asia Pacific is the dominant region in world maritime trade and has high demand for bunker fuels as a result. The expected growth of global maritime trade is expected to further fuel the growth of bunker fuel market in all the regions.
The major players in the bunker fuel market are ExxonMobil Corporation (US), Chevron Corporation (US), BP Plc (UK), Shell Plc (UK), TotalEnergies (France), Petrobras (Brazil), Petronas (Malaysia), Lukoil (Russia), Indian Oil Corporation (India), Neste Oyj (Finland), Petrochina Co. Ltd. (China), Gazprom Neft (Russia), KPI OceanConnect (UK), Minerva Bunkering (Switzerland), and Chemoil Energy Limited (China).
Key Questions Addressed by the Report
Frequently Asked Questions (FAQs)
- What is the current size of the bunker fuel market?
- What are the major drivers for the bunker fuel market?
- Which is the largest segment, by grade, during the forecasted period in the bunker fuel market?
- Which is the fastest-growing region during the forecasted period in the bunker fuel market?
- What are the trends that could be witnessed over the next five to ten years?
- What will be the revenue pockets for the bunker fuel market market in the next five years?
TABLE OF CONTENTS
1 INTRODUCTION
1.1. OBJECTIVE OF THE STUDY
1.2. MARKET DEFINITION
1.2.1. MARKET SCOPE
1.2.2. YEARS CONSIDERED IN THE REPORT
1.3. CURRENCY
1.4. STAKEHOLDERS
2 RESEARCH METHODOLOGY
2.1. RESEARCH DATA
2.1.1. SECONDARY DATA
2.1.1.1. KEY DATA FROM SECONDARY SOURCES
2.1.2. PRIMARY DATA
2.1.2.1. KEY DATA FROM PRIMARY SOURCES
2.1.2.2. KEY INDUSTRY INSIGHTS
2.1.2.3. BREAKDOWN OF PRIMARY INTERVIEWS
2.2. MARKET SIZE ESTIMATION
2.2.1. BOTTOM-UP APPROACH
2.2.2. TOP-DOWN APPROACH
2.3. DATA TRIANGULATION
2.3.1. BUNKER FUEL MARKET ANALYSIS THROUGH PRIMARY INTERVIEWS
2.4. LIMITATIONS
2.5. ASSUMPTIONS
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
5 MARKET OVERVIEW
5.1. INTRODUCTION
5.1.1. MARKET DYNAMICS
5.1.2. DRIVERS
5.1.3. RESTRAINTS
5.1.4. OPPORTUNITIES
5.1.5. CHALLENGES
5.2. COVID-19 IMPACT ANALYSUS
5.3. TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
5.4. TECHNOLOGY ANALYSIS
5.5. BUNKER FUEL MARKET: SUPPLY CHAIN ANALYSIS
5.6. MARKET MAP
5.7. PATENT ANALYSIS
5.8. TRADE ANALYSIS
5.9. PRICING ANALYSIS
5.10. TECHNOLOGY ANALYSIS
5.11. KEY STAKEHOLDERS & BUYING CRITERIA
5.11.1. KEY STAKEHOLDERS IN BUYING PROCESS
5.11.2. BUYING CRITERIA
5.12. KEY CONFERENCES & EVENTS IN 2022–2023
5.13. BUNKER FUEL MARKET: REGULATIONS
5.13.1. REGULATORY BODIES, GOVERNMENT AGENCIES AND OTHER ORGANIZATIONS
5.14. PORTER’S FIVE FORCES ANALYSIS
5.15. CASE STUDY ANALYSIS
6 BUNKER FUEL MARKET, BY GRADE
(USD Million - 2020, 2021, 2022-e, 2030-f)
6.1. INTRODUCTION
6.2. HFO
6.3. MDO/MGO
6.4. LSHFO
6.5. LNG
6.6. OTHERS
7 BUNKER FUEL MARKET, BY DISTRIBUTOR
(USD Million - 2020, 2021, 2022-e, 2030-f)
7.1. INTRODUCTION
7.2. IOC/NOC
7.3. LARGE INDEPENDENT DISTRIBUTOR
7.4. SMALL INDEPENDENT DISTRIBUTOR
8 BUNKER FUEL MARKET, BY END USE
(USD Million - 2020, 2021, 2022-e, 2030-f)
8.1. INTRODUCTION
8.2. CONTAINER SHIP
8.3. BULK CARRIER
8.4. GENERAL CARGO
8.5. OIL TANKER
8.6. PRODUCT TANKER
8.7. OFFSHORE SUPPORT VESSEL
8.8. OTHERS
9 BUNKER FUEL MARKET, BY REGION
(USD Million - 2020, 2021, 2022-e, 2030-f)
9.1. INTRODUCTION
9.2. ASIA PACIFIC
9.2.1. BY GRADE
9.2.2. BY DISTRIBUTOR
9.2.3. BY END USE
9.2.4. BY COUNTRY
9.3. EUROPE
9.3.1. BY GRADE
9.3.2. BY DISTRIBUTOR
9.3.3. BY END USE
9.3.4. BY COUNTRY
9.4. NORTH AMERICA
9.4.1. BY GRADE
9.4.2. BY DISTRIBUTOR
9.4.3. BY END USE
9.4.4. BY COUNTRY
9.5. MIDDLE EAST & AFRICA
9.5.1. BY GRADE
9.5.2. BY DISTRIBUTOR
9.5.3. BY END USE
9.5.4. BY COUNTRY
9.6. SOUTH AMERICA
9.6.1. BY GRADE
9.6.2. BY DISTRIBUTOR
9.6.3. BY END USE
9.6.4. BY COUNTRY
10 COMPETITIVE LANDSCAPE
10.1. OVERVIEW
10.2. MARKET EVALUATION FRAMEWORK
10.3. SHARE ANALYSIS OF KEY PLAYERS, 2021
10.4. SEGMENTAL REVENUE ANALYSIS OF TOP MARKET PLAYERS, 2016-2021
10.5. RECENT DEVELOPMENTS
10.6. COMPETITIVE LEADERSHIP MAPPING
11 COMPANY PROFILE
11.1. EXXONMOBIL CORPORATION
11.1.1. Business Overview
11.1.2. Services offered
11.1.3. Recent Developments
11.1.4. MnM View
11.2. CHEVRON CORPORATION
11.3. BP PLC
11.4. SHELL PLC
11.5. TOTALENERGIES
11.6. PETROBRAS
11.7. PETRONAS
11.8. LUKOIL
11.9. INDIAN OIL CORPORATION
11.10. NESTE OYJ
11.11. PETROCHINA CO. LTD.
11.12. GAZPROM NEFT
11.13. KPI OCEANCONNECT
11.14. MINERVA BUNKERING
11.15. CHEMOIL ENERGY LIMITED
12 Appendix
12.1. INSIGHTS OF INDUSTRY EXPERTS
12.2. DISCUSSION GUIDE
12.3. RELATED REPORT
12.4. AUTHOR DETAILS
* Additional Segments, Countries and Companies may be added during the course of the study
*Company revenues will be provided for three years (including the base year). The base year used for company profiles will be 2021. Wherever information is unavailable for the base year, the previous year data will be considered.
*Details on Business overview, Products offered, Recent Developments, MNM view might not be captured in case of unlisted companies.
Growth opportunities and latent adjacency in Bunker Fuel Market