Bunker Fuel Market Size To Reach $160.94 Billion By 2030

Bunker Fuel Market Growth & Trends

The global bunker fuel market size is anticipated to reach USD 160.94 billion by 2030 and is projected to grow at a CAGR of 4.35% from 2025 to 2030, according to a new report by Grand View Research, Inc. The market's growth is primarily driven by increasing international seaborne trade and the expanding global shipping fleet. As maritime transport continues to underpin global trade, demand for marine fuels such as Very Low Sulfur Fuel Oil (VLSFO), Marine Gas Oil (MGO), and Liquefied Natural Gas (LNG) is rising steadily. Implementing IMO 2020 sulfur regulations has accelerated the shift toward cleaner bunker fuels, with VLSFO emerging as the dominant fuel type due to its compliance and cost-efficiency.

Supportive maritime regulations and investment in fuel refining technologies are further propelling market expansion. Regulatory frameworks like the International Maritime Organization's (IMO) decarbonization roadmap and regional sulfur emission control areas (ECAs) are prompting refiners and shipping companies to innovate and adapt. Blending technologies, desulfurization processes, and alternative marine fuel development are gaining traction, enabling companies to meet compliance requirements while maintaining operational efficiency.

Technological developments in onboard fuel monitoring systems, fuel treatment technologies, and digital bunkering platforms improve fuel efficiency and traceability. Meanwhile, alternative fuels, such as bio-bunker fuels and ammonia-based marine fuels, are expected to create new opportunities. While capital-intensive transitions and volatile fuel prices remain challenging, increasing trade volumes and strategic port expansions worldwide support market growth. Asia-Pacific and Europe are leading in bunker fuel consumption, while regions such as the Middle East and Africa present high growth potential due to expanding port infrastructure and fleet activity.

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Bunker Fuel Market Report Highlights

• Based on fuel type, Very Low Sulfur Fuel Oil (VLSFO) dominated the bunker fuel market with a revenue share of 54.43% in 2024 due to its compliance with the IMO 2020 sulfur emission regulations and widespread availability across major ports. VLSFO has become the preferred choice for ship operators seeking to meet environmental standards without investing in costly scrubber systems. Its cleaner-burning properties help reduce sulfur oxide emissions while offering compatibility with existing marine engines, making it a cost-effective and regulatory-compliant solution for the global shipping industry.

• Based on applications, chemical tankers are expected to register the fastest CAGR of 8.77% over the forecast period due to the increasing demand for the safe and efficient transport of liquid chemicals across global trade routes. These specialized vessels often operate under strict regulatory standards, making adopting compliant marine fuels such as Very Low Sulfur Fuel Oil (VLSFO) and Marine Gas Oil (MGO) critical. As environmental compliance becomes more stringent, chemical tanker operators prioritize cleaner fuels to ensure regulatory adherence and operational reliability, driving strong growth in bunker fuel consumption within this segment.

• Based on region, Asia Pacific emerged as the dominant region in the bunker fuel market with a revenue share of over 39.56% in 2024, driven by the region’s expanding maritime trade, increasing seaborne cargo volumes, and the presence of some of the world’s busiest ports such as Shanghai, Singapore, and Hong Kong. The region's strong shipbuilding industry and strategic initiatives to comply with IMO 2020 regulations are further fueling the demand for cleaner marine fuels like Very Low Sulfur Fuel Oil (VLSFO).

Bunker Fuel Market Segmentation

Grand View Research has segmented the global bunker fuel market report based on type, application, and region:

Bunker Fuel Type Outlook (Revenue, USD Million, 2018 - 2030)

• Very Low Sulfur Fuel Oil (VLSFO)

• High Sulfur Fuel Oil (HSFO)

• Marine Gas Oil (MGO)

• Others

Bunker Fuel Application Outlook (Revenue, USD Million, 2018 - 2030)

• Bulk Carrier

• Oil Tanker

• Container

• General Cargo

• Chemical Tanker

• Fishing Vessels

• Gas Tanker

• Others

Bunker Fuel Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • Spain

  • France

  • Italy

  • Russia

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • South Africa

  • UAE

List of Key Players in the Bunker Fuel Market

• BP p.l.c.

• Exxon Mobil Corporation

• Royal Dutch Shell PLC

• Lukoil

• Sinopec Group

• Gazprom Neft PJSC

• Chevron Corporation

• PETRONAS

• Total SE

• Neste