BUNKER FUEL MARKET ANALYSIS
Global bunker fuel market was valued at US$ 26.93 Billion in 2022 in terms of revenue, exhibiting a CAGR of 7.1% during the forecast period (2023 to 2030).
Figure 1. Bunker Fuel Market, By Vessel in 2022
On the basis of vessel type in 2022, the bulk & general cargo segment has accounted the largest market share of 43.30% in terms of value, followed by tankers and container segment respectively.
Figure 2. Bunker Fuel Market, By Region in 2022
On the basis of region type in 2022, Asia pacific region has accounted the largest market share of 39.30% in terms of others, followed by North America, Latin America, Europe, and Middle East & Africa respectively.
Manufacture are in innovation
Product innovation by key manufacture in marine fuel is a growing trend in the market and this is expected to augment the market growth of bunker fuel. For instance, in August 2020, Neste, has announced the launch of low-sulfur marine fuels to help ships meet upcoming International Maritime Organization (IMO) regulations on sulfur dioxide emissions. Thus, product innovation by key manufacturers is expected to foster the market growth.
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