Sustainable Marine Fuel Market Size

Sustainable Marine Fuel Market size was over USD 11.45 billion in 2024 and is projected to exceed USD 1.85 trillion by the end of 2037, growing at over 47.9% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of sustainable marine fuel is evaluated at USD 15.84 billion.

The reason behind the growth is impelled by the increasing carbon emissions from the shipping sector across the globe. For instance, globally over 920 million tonnes of CO2 are emitted by the shipping sector each year, which has necessitated the use of sustainable marine fuels in the sector.

Moreover, sustainable marine fuels can dramatically lower carbon emissions, when used in a dual-fuel combustion engine. Additionally, more than 50% of well-to-wake greenhouse gas emissions can be reduced by using a variety of new sustainable marine fuels. According to estimates, the shipping sector is to blame for over 2% of the world's carbon emissions.

The implementation of supportive policies are believed to fuel the market growth. For instance, The International Maritime Organisation (IMO) mandated a maximum Sulphur content of around 0.4% in marine fuels worldwide in 2020. Additionally, Ships cannot transport fuel oil that contains more than 0.50 percent m/m of sulfur starting, leading to the adoption of cleaner fuels or low-sulfur alternatives such as liquefied natural gas (LNG), or other marine diesel oil that have a sulfur content of less than or 0.50% m/m.