Bunker Fuel Market Size & Share, by Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gasoil); Commercial Distributor; Application - Global Supply & Demand Analysis, Growth Forecasts, Statistical Report 2025-2037

Asia Pacific Market Forecast

Asia Pacific bunker fuel market is likely to hold more than 38.6% revenue share by 2037. The high investments in port infrastructure development aimed at enhanced fuel storage and transport are driving the market growth. The rising maritime trade activities are also propelling the sales of bunker fuels. The growth in the LNG demand and production capacities are generating profitable opportunities for bunker fuel manufacturers. The strong presence of maritime countries such as India, China, Japan, South Korea, and Singapore is further backing the sales of bunker fuels.

China’s carbon-neutrality goals are set to promote sales of bio-based or zero-carbon bunker fuels. The robust rise in the e-commerce trade leading to shipping services is further increasing the demand for bunker fuels. The Research Nester’s study estimates that the government’s consideration to issue a 500,000-mt bio-marine fuel export quota in 2025 is poised to boost the revenue growth of bunker fuel manufacturers in the coming years. For instance, in November 2024, Maersk A/S announced that it converted its large container vessel to a dual-fuel methanol engine. This move was inspired by the company to meet the climatic goals and mitigate its carbon footprint.

India is the most opportunistic marketplace for bunker fuel manufacturers owing to supportive government policies and investments. The energy transition trends, rising shipping trade activities, and investments in port infrastructure developments are propelling bunker fuel sales. The country’s coastline over 7,516.6 km long and with 200 ports is directly driving the sales of bunker fuels. The majority of ships pass through Indian territorial waters, which boosts the bunker fuel trade activities.

North America Market Statistics

The North America bunker fuel market is foreseen to rise at the fastest pace during the assessed period. Continuous technological innovations and favorable investments are increasing the consumption of bunker fuels in the region. North America is particularly a key area for the trade of goods and commodities owing crucial marine corridor. The high visits of cargo ships are directly boosting the consumption of bunker fuels. The sustainability trend and zero emission goals are further set to augment the demand for carbon-neutral bunker fuels.

The U.S. government’s growing focus on the mitigation of carbon emissions and increasing investments in clean fuels are expected to propel the demand for zero-carbon fuels in the shipping and aerospace sectors. The continuous innovations in carbon-neutral fuel production are anticipated to uplift the revenues of bio-fuel and renewable oil fuel producers. For instance, the report by Growth Energy estimates that the country is the topmost manufacturer of bioethanol at the global level and consumes nearly 500 million bushels of corn annually for 15.0 billion gallons of bioethanol generation.

In Canada, the strong presence of key firms and advanced port infrastructure is propelling bunker fuel trade activities. Furthermore, the strict regulations on carbon emissions are pushing the consumption of zero-carbon bunker fuels. For instance, in July 2024, the Minister of Transport announced a domestic ban on the use and carriage of heavy fuel oil in the Arctic waters, while double-hulled ships are exempted from this ban till July 2029. Such moves are opening lucrative opportunities for bio-based and clean energy fuel producers.