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Written by George Buttler » Updated on: June 19th, 2025
According to the report by Expert Market Research (EMR), the global bunker fuel market reached a volume of 4.54 million barrels per day (B/d) in 2024. The market is expected to grow steadily over the forecast period of 2025–2034, expanding at a compound annual growth rate (CAGR) of 1.80% to reach approximately 5.43 million B/d by 2034. This modest yet consistent growth reflects the ongoing global demand for marine transport and the continuous evolution of fuel technologies in compliance with international maritime regulations.
Bunker fuel, also referred to as marine fuel, is used to power ships and vessels and plays a vital role in global trade and transportation. It includes a range of fuel types, such as heavy fuel oil (HFO), marine diesel oil (MDO), marine gas oil (MGO), and, increasingly, low-sulphur fuel oil (LSFO) and liquefied natural gas (LNG). The market is shaped by evolving fuel quality standards, environmental regulations, and the expansion of international shipping networks.
The global bunker fuel market’s size, with a volume of 4.54 million B/d in 2024, underscores the indispensable role of marine transport in international commerce. Marine shipping is responsible for over 80% of global trade by volume, making bunker fuel a critical commodity within the energy and logistics sectors.
Currently, heavy fuel oil retains a significant share of the bunker fuel market due to its widespread use in older vessels and its cost-effectiveness. However, following the International Maritime Organization’s (IMO) 2020 sulphur cap regulation, which limits the sulphur content in marine fuel to 0.50%, there has been a marked shift towards low-sulphur alternatives, including very low sulphur fuel oil (VLSFO) and marine gas oil (MGO). This shift is reshaping the market share distribution, with cleaner fuels steadily gaining ground.
One of the most defining trends in the bunker fuel market is the transition towards environmentally compliant and sustainable fuel solutions. The IMO 2020 regulation has significantly influenced fuel choices across the maritime sector, pushing the demand for VLSFO, MGO, and alternative fuels like LNG and biofuels. Ship operators are investing in fuel-efficient engines and exhaust gas cleaning systems (scrubbers) to maintain operational flexibility while complying with evolving regulations.
Digitalisation and fuel monitoring technologies are also transforming the industry. Ship owners are adopting real-time analytics tools to optimise fuel consumption, monitor emissions, and manage voyage efficiency. These systems help in cost control and ensure compliance with emission norms, further supporting the adoption of cleaner and more efficient fuel types.
In addition, there is growing interest in green ammonia, hydrogen, and methanol as potential zero-carbon fuels of the future. Though still in the early stages of development and adoption, these fuels are seen as key components in the long-term decarbonisation strategies of major shipping companies and ports around the world.
The growth of the global bunker fuel market is being driven by several key factors. Foremost is the expansion of global maritime trade, especially in emerging economies in Asia-Pacific, the Middle East, and Africa. The demand for shipping fuel rises in parallel with increased movement of consumer goods, energy resources, and raw materials across borders.
Another critical driver is the stringent environmental regulations imposed by international maritime bodies. While these regulations pose challenges for traditional fuel suppliers, they also create new market opportunities for producers and vendors of compliant fuels. Companies that invest in clean fuel technologies and infrastructure are well-positioned to capture growing demand in this evolving regulatory landscape.
The growth in container shipping and cruise tourism is also contributing to increased fuel consumption. The surge in e-commerce and global supply chain complexity has boosted containerised cargo movement, while the rise of experiential travel has revitalised demand in the cruise industry—both sectors being heavy consumers of marine fuel.
Technological innovation is playing a pivotal role in reshaping the bunker fuel industry. The development of scrubber systems has enabled many shipping companies to continue using heavy fuel oil while still complying with IMO emission standards. These systems remove sulphur oxides from exhaust gases before they are released into the atmosphere.
Simultaneously, dual-fuel engines capable of running on both conventional fuels and alternatives like LNG are gaining popularity. These engines offer flexibility and future-proofing for fleet operators amid tightening emission standards and shifting fuel availability.
Advances in fuel testing, quality control, and digital bunkering platforms are improving transparency and traceability in fuel procurement. Blockchain and IoT technologies are being explored to reduce fraud, optimise logistics, and ensure the integrity of fuel supply chains. Such developments are crucial in a market that is as price-sensitive and regulation-driven as bunker fuel.
The market can be divided based on type, fuel grade, commercial distributors, end use and region.
Market Breakup by Type
Market Breakup by Fuel Grade
Market Breakup by Commercial Distributors
Market Breakup by End Use
Market Breakup by Region
Some of the major players explored in the report by Expert Market Research are as follows:
Despite its potential, the bunker fuel market faces several challenges. The volatile pricing of crude oil and refined products affects fuel procurement strategies and profit margins for shipping companies. Additionally, geopolitical tensions, trade disputes, and supply chain disruptions can lead to regional imbalances in fuel availability and cost.
Another significant challenge is the high cost of transition to cleaner fuels and technologies. Retrofitting vessels, installing scrubbers, or adopting LNG infrastructure requires substantial capital investment, which may not be viable for small or older fleet operators. The availability of alternative fuels and the necessary port infrastructure also remains uneven globally.
However, these challenges also present growth opportunities. Companies that lead in sustainable innovation and compliance solutions can differentiate themselves and gain market share. Investments in green bunkering infrastructure, partnerships for fuel technology development, and proactive alignment with regulatory trends offer strategic advantages.
There is also increasing support from governments and international bodies for low-carbon maritime projects, opening doors for funding and collaboration in developing next-generation fuels like ammonia and hydrogen.
Looking ahead, the global bunker fuel market is expected to grow from 4.54 million B/d in 2024 to 5.43 million B/d by 2034, at a CAGR of 1.80%. This growth, though moderate, reflects the market's gradual but steady adaptation to evolving trade patterns and regulatory landscapes.
The future of the bunker fuel market will be defined by the dual pursuit of energy efficiency and environmental compliance. While conventional fuels will continue to dominate in the short term, the medium to long-term future lies in clean and alternative energy sources. As the global shipping industry accelerates its transition towards decarbonisation, the fuel supply chain will evolve in tandem, offering new roles for innovation, regulation, and investment.
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