The bunker fuel market, a critical component of the global maritime industry, has undergone significant transformations in recent years. Driven by regulatory changes, environmental concerns, and shifting energy dynamics, the market for bunker fuel—the fuel used by ships—has seen both challenges and opportunities emerge.
Bunker fuel Market Size was valued at USD 124.35 billion in 2023. The Bunker fuel industry is projected to grow from USD 129.69 Billion in 2024 to USD 181.64 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.30 % during the forecast period (2024 - 2032).
Bunker fuel is the lifeblood of the shipping industry, powering vessels that transport over 80% of global trade by volume. Traditionally, the market has been dominated by heavy fuel oil (HFO), a residual product of crude oil refining. However, the introduction of the International Maritime Organization's (IMO) 2020 sulfur cap regulation marked a turning point for the industry. The regulation limited the sulfur content in marine fuels to 0.5%, down from the previous 3.5%, forcing shipowners to adopt cleaner fuels or install exhaust gas cleaning systems (scrubbers).
The market is segmented into various fuel types, including:
- Very Low Sulfur Fuel Oil (VLSFO): The most widely used bunker fuel post-IMO 2020, VLSFO has become the standard for compliance with sulfur regulations.
- Marine Gas Oil (MGO): A distillate fuel with low sulfur content, MGO is used primarily in emission control areas (ECAs).
- High Sulfur Fuel Oil (HSFO): Still used by vessels equipped with scrubbers, HSFO remains a cost-effective option for some shipowners.
- Alternative Fuels: Liquefied natural gas (LNG), biofuels, methanol, and hydrogen are gaining traction as the industry seeks to reduce greenhouse gas emissions.
Market Segmentation
The global bunker fuel market has been segmented into fuel, application, and seller.
Based on fuel, the market has been segmented into high-sulfur fuel oil (HSFO), very-low-sulfur fuel oil (VLSFO), marine diesel oil (MDO), and liquefied natural gas (LNG). The very-low sulfur fuel oil (VLSFO) segment accounted for the largest share of the market in 2025. It is sensitive to the environment. It only has a 0.1% sulfur content. Most ship owners have selected it as the proper fuel after considering environmental restrictions and emission standards. The growth of worldwide commerce has increased the demand for marine gasoline. The most cost-effective alternative is bunker fuel, which supports the maritime sector. On the other hand, the marine diesel oil (MDO) segment was the fastest-growing segment during the forecast period owing to its cheapest cost.
Based on application, the market has been segmented into bulk & general cargo fleet, tanker fleet, container fleet, and others (including passenger ferries and cruise ships). The container fleet accounted for the largest revenue share in 2025 in the bunker fuel market. The rise in trade-related agreements and the demand for cargo transportation via ships explains this. The tanker fleet was the fastest-growing segment because most of the transportation of goods was carried out through bulk and general cargo vessels.
Based on seller, the market has been segmented into major oil companies, leading independent sellers, and small independent sellers. The major oil companies segment accounted for the largest revenue share in 2025 in the market for bunker fuel. The global hegemony of the oil majors in chartering crude oil tankers is credited with this expansion. On the other hand, leading independent sellers was the fastest-growing segment. These distributors have a variety of physical assets, including storage terminals and blending facilities in significant bunkering ports. They can outperform smaller independent distributors because of this.
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Key Companies in the Bunker fuel market include
Chemoil Energy Limited (Hong Kong)
Aegean Marine Petroleum Network, Inc. (Switzerland)
World Fuel Services Corporation (US)
Gulf Agency Company Ltd. (Dubai)
Gazpromneft Marine Bunker LLC (Russia)
BP Marine Ltd. (UK)
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Company News and Developments
Shell's Expansion into LNG Bunkering Shell, one of the world's largest bunker fuel suppliers, has been at the forefront of the transition to cleaner fuels. In 2023, the company announced plans to expand its LNG bunkering infrastructure, with new facilities in key ports across Europe and Asia. Shell has also partnered with major shipping companies to promote the adoption of LNG as a marine fuel.
BP's Investment in Biofuels BP has been actively investing in biofuels as part of its strategy to decarbonize the shipping industry. In early 2023, the company launched a new biofuel blend specifically designed for marine use. The blend, which combines traditional bunker fuel with sustainable biofuels, has been well-received by shipowners seeking to reduce their carbon emissions.
Maersk's Methanol-Powered Vessels Danish shipping giant Maersk has made headlines with its commitment to methanol as a sustainable fuel. In 2023, the company took delivery of its first methanol-powered container ship, marking a significant milestone in the industry's transition to alternative fuels. Maersk has also signed agreements with fuel producers to secure a steady supply of green methanol.
TotalEnergies' Digital Bunkering Platform TotalEnergies has launched a digital platform to simplify the bunker fuel procurement process. The platform, which uses blockchain technology, allows shipowners to track fuel deliveries in real-time and verify the quality and quantity of fuel received. This innovation is expected to enhance transparency and reduce disputes in the bunker fuel market.
Chevron's Collaboration on Hydrogen Fuel Chevron has partnered with several technology companies to explore the potential of hydrogen as a marine fuel. In 2023, the company announced a pilot project to test hydrogen fuel cells on a commercial vessel. While hydrogen is still in the early stages of development for maritime use, it holds promise as a zero-emission fuel for the future.
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