Published by Coherent Market Insights
Posted on September 27, 2021
3 min readLast updated: February 2, 2026
The bunker fuel market is set to grow to $399.59 billion by 2027, driven by offshore exploration and naval fleet expansion.
Bunker fuel is meant to be used by the shipping industry for fueling its marine fleet. Fuel oil is mostly used as a bunker oil in shipping industry. Bunker fuel is classified into distillates and residual fuel oils. In general term bunker fuel is any fuel that is burned in boiler or furnace for the generation of power in the engine.
Increasing hydrocarbon resources development activities in offshore areas is driving demand for bunker fuel. Rapidly growing exploration activities coupled with the rising establishment of new hydrocarbon reserves has increased offshore and onshore reserves. Moreover, growth in the oil &gas exploration activities at the deep offshore location is further anticipated to augment the market growth of the bunker fuel.
The global bunker fuel market is projected to reach around US$ 399.59 billion by the end of 2027, in terms of revenue, growing at CAGR of 4.6% during the forecast period (2020-2027).
Top Key Players in Bunker Fuel market: Chemoil Energy Limited, Aegean Marine Petroleum Network, Inc., World Fuel Services Corporation, Gulf Agency Company Ltd., Gazpromneft Marine Bunker LLC, BP Marine Ltd., Exxon Mobil Corporation, Royal Dutch Shell plc, Bunker Holding A/S, and Lukoil-Bunker LLC
Regional Analysis For Bunker Fuel Market:
Besides segmental breakdown, the report is highly structured into region wise study. The regional analysis comprehensively done by the researchers highlights key regions and their dominating countries accounting for substantial revenue share in the Bunker Fuel market. The study helps understanding how the market will fare in the respective region, while also mentioning the emerging regions growing with a significant CAGR. The following are the regions covered in this report.
Increasing fuel reduction initiatives by shipping industry subjected to rising environmental concern and reducing carbon footprint is expected to hamper the market growth. For this shipping industry are adopting efficient technologies that help to reduce the consumption of fuel.
Increasing production of bunker oil for the shipping industry is expected to offer potential market opportunities over the forecast period. For instance, in March 2020, Sinopec has announced that its Guangzhou refinery has started producing very low sulfur fuel oil (VLSFO) for the shipping market. Thus, growing production of the bunker fuel to cater to rising demand around the globe is projected to favor the market growth in the near future.
The rising number of naval fleet across countries such as China, Brazil, Russia, and the U.S. is expected to offer new market opportunities in the near future. Increasing use of bunker fuel for refueling during sailing is also expected to raise demand for this fuel. Moreover, the growing demand for tanker vessels for trading liquid materials around the globe is further projected to propel the market growth of the bunker fuel.
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The post Bunker Fuel market recent developments, emerging technologies and industry forecast to 2027 appeared first on Gatorledger.
The article discusses the bunker fuel market, its growth projections, and influencing factors.
Growth is driven by offshore hydrocarbon exploration and increasing naval fleet demands.
Environmental concerns include fuel reduction initiatives to lower carbon footprints.
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