• 2024 September 15 15:49

    Marine bunker oil market to reach $280.7 billion, globally, by 2033 at 6.5% CAGR: Allied Market Research

    The surge in maritime transportation demand, driven by expanding global trade and e-commerce, significantly boosts the marine bunker oil market expansion. Concurrently, the expansion of LNG bunkering infrastructure supports the shift toward cleaner fuels, meeting stricter environmental regulations. Together, these factors enhance the availability and adoption of diverse fuel options, driving the growth and evolution of the marine bunker oil market.

    Allied Market Research published a report, titled, "Marine Bunker Oil Market by Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gas Oil and Others), by Commercial Distributor (Oil Majors, Large Independent and Small Independent), and Application (Oil Tanker, Chemical Tanker, Gas Tanker and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the marine bunker oil market was valued at $151.0 billion in 2023, and is estimated to reach $280.7 billion by 2033, growing at a CAGR of 6.5% from 2024 to 2033.

    Prime determinants of growth

    The global marine bunker oil market has experienced growth due to several factors such as the growing shipbuilding industry trends and shift toward low sulfur & cleaner fuels. However, the high cost of compliance with low-sulfur requirements hinders market growth. Moreover, government incentives for cleaner fuel use opens avenues for the development of innovative, eco-friendly solutions present additional opportunities for the marine bunker oil market.

    Low Sulfur Fuel segment held the highest market share in 2023.

    By type, the low sulfur fuel oil segment held the highest market share in 2023 and is estimated to dominate during the forecast period. This dominance is primarily driven due to International Maritime Organization's (IMO) 2020 regulations. These rules mandate that ships reduce sulfur emissions by switching to fuels with a maximum sulfur content of 0.5%. This shift away from high sulfur fuel oil (HSFO) to LSFO has been driven by the need to comply with these stringent environmental standards. LSFO's widespread adoption is also supported by its availability and compatibility with existing ship engines, making it the preferred choice for most of the global maritime fleet.

    Oil Majors segment held the highest market share in 2023.

    By commercial distributor, the oil majors segment held the highest market share in 2023 and is estimated to dominate during the forecast period. This dominance stems from companies like Shell, BP, and ExxonMobil which control significant upstream oil production, refining, and distribution networks. This vertical integration allows them to offer competitive pricing and reliable fuel supply, crucial for large shipping companies. Their global presence and infrastructure enable them to serve major ports and shipping routes efficiently. In contrast, while large and small independents also play vital roles, especially in niche or regional markets, they often lack the scale and breadth of operations to compete directly with oil majors on a global scale.

    Oil Tankers segment held the highest market share in 2023.

    By application, the oil tankers segment held the highest market share in 2023 and are estimated to dominate during the forecast period. This dominance is due to the sheer volume of crude oil and refined petroleum products transported globally. Oil tankers are some of the largest vessels, requiring significant quantities of bunker oil for propulsion and operations. In addition, the oil trade's high demand and consistent activity ensure a steady and substantial consumption of bunker fuel. In comparison, chemical and gas tankers, while important, do not match the oil tankers' scale in terms of fuel usage. The robust global oil trade and the extensive fleet of oil tankers drive the dominance of this segment in the marine bunker oil market.

    Asia-Pacific held the highest market share in 2023.

    By region, Asia-Pacific held the highest market share in 2023. This leadership is primarily due to the region's extensive maritime trade activities and its strategic location along major shipping routes. Key ports such as Singapore, Shanghai, and Hong Kong serve as critical bunkering hubs, facilitating substantial fuel supply to the vast number of vessels traversing these routes. In addition, the rapid industrialization and economic growth in countries such as China and South Korea drive significant demand for marine bunker oils. The region's robust infrastructure and investment in port facilities further consolidate its dominance in the marine bunker oil market.

    The report provides a detailed analysis of these key players in the global marine bunker oil market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.

    Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.




2024 November 13

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2024 November 12

18:06 Iraq shortlists 11 firms for Grand Faw port operation, decision in January 2025
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16:25 Vitol Terminal Latvia introduces new aniline transshipment service
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14:55 Silverstream and Yiu Lian Dockyards (Shekou) sign MoU to drive Silverstream® System installations
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13:44 BAR Technologies signs an agreement with WindWaves to manufacture new 20 and 24 metre WindWings
12:31 Sanmar delivers powerful escort tug to P&O Maritime Logistics
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11:00 New Yangzi Shipbuilding delivers SEASPAN's 12th dual-fuel medium-sized container ship
10:31 Van Oord completes major dredging project in Egypt
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2024 November 11

18:00 ADNOC Gas to buy 60% in Ruwais LNG plant
17:18 Strategic Marine signs contract with Mainprize Offshore for six new Supa Swath vessels, with options for six more
17:01 Hanwha Ocean wins 713.5 bln-won deal to build two LNG carriers for Maran Gas Maritime
16:35 One missing after MSDF vessel sinks due to fire off Fukuoka
16:05 Northern European ports in collaboration receive EU funding for onshore power for container ships
15:32 Maersk Tankers to deploy suction sail technology at scale to reduce CO2 emissions
15:12 CMA CGM's revenue up 38.5% to USD 15.8 bln in Q3 2024
14:45 DP World Australia announces acquisition of Silk Logistics
13:24 SAFEEN Group achieves Guinness World Record for most powerful electric tugboat
12:53 Höegh Evi to partner with SEMOP Port-La Nouvelle to develop strategic infrastructure for hydrogen import to France and Europe
12:08 ICTSI's Adriatic Gate Container Terminal hit 2 more milestones
11:24 Daito Corporation to build an electric tugboat
10:43 Hudong Zhonghua completes sea trial of LNG carrier built for Qatar Energy
10:20 CSSC Engine delivers China's first domestically produced methanol dual-fuel main engine
09:47 Hapag-Lloyd acquires German ship management company Hamburger Lloyd

2024 November 10

15:03 Keel laying ceremony marks the birth date of new ships for Scilly
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12:13 ACP: Panama Canal could double the number of containers transiting
11:38 INOX India Ltd announces Q2FY25 Results
10:09 Chittagong port sees 13% fall in export container handling

2024 November 9

13:41 Montreal port employers threaten shutdown over labour dispute
12:49 China Merchants signs letter of intent with Brazilian port authority Portos do Parana
11:08 ZIM integrates Hoopo’s solar tracking solutions
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2024 November 8

18:00 Greece, Turkey to keep talking on maritime boundaries agenda
17:35 Montreal Port urges Trudeau government to end strike
17:24 Yangzijiang Shipbuilding receives 98 new orders this year
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16:25 Transnet National Ports Authority pilots usage of cleaner fuels on its tugboat fleet
15:34 Wallenius Wilhelmsen exercise options for two additional 11,700 CEU Shaper vessels
15:02 IMO heads to COP 29 to promote net-zero framework for shipping
14:45 Fincantieri, VARD and Sandock Austral Shipyards form alliance around the Afrika Offshore Patrol Vessel
14:25 KOTUG’s SD Waalo begins maiden voyage under bp charter for LNG operations
12:43 QatarEnergy inaugurates four LNG vessels, the first from Korean shipyards
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10:09 Friday Shipbrokers fix chartering project with Boskalis to transport car carrier to China for repair
09:20 ExxonMobil successfully supplies Hapag-Lloyd with B25 bio marine fuel blend in Antwerp

2024 November 7

18:00 Innovation Norway and Team Norway sign two agreements aimed at advancing sustainable maritime solutions
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