Market Size of Asia-Pacific Bunker Fuel Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 16.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Asia Pacific Bunker Fuel Market Analysis
The bunker fuel market in Asia-Pacific is expected to grow at CAGR of more than 16% during the forecast period of 2020-2025. The increasing preference of LNG-based vessels and growing LNG trade are among the significant factors driving the demand for bunker fuels in Asia-Pacific during the forecast period. Moreover, with the imposed restriction on HSFO, post-2020, VLSFO is expected to create significant market demand. However, the recent outbreak of COVID-19 has significantly affected the consumption of bunker fuel. With the closure of international and domestic trade movements to curb the spread of the virus, the demand for bunker fuel is expected to decline during the pandemic.
- With the intervention of IMO, the share of very low sulfur fuel oil (VLSFO) is expected to increase, replacing high sulfur fuel oil in the forecast period.
- Low sulfur fuel oil and LNG are expected to create ample opportunities for the market players. Due to the increasing environmental concern, the demand for cleaner fuel is increasing.
- China is one of the largest exporters globally and is leading the market of bunker fuel market in the region. With the expected growth in trade, the nation is likely to continue its dominance during the forecast period.
Asia Pacific Bunker Fuel Industry Segmentation
The Asia-Pacific bunker fuel market report includes:
| Fuel Type | |
| High Sulfur Fuel Oil (HSFO) | |
| Very-Low Sulfur Fuel Oil (VLSFO) | |
| Marine Gas Oil (MGO) | |
| Liquefied Natural Gas (MGO) | |
| Others |
| Vessel Type | |
| Containers | |
| Tankers | |
| General Cargo | |
| Bulk Carrier | |
| Others |
| Geography | |
| China | |
| India | |
| Singapore | |
| Rest of Asia-Pacific |
Asia-Pacific Bunker Fuel Market Size Summary
The Asia-Pacific bunker fuel market is poised for significant growth, driven by the increasing adoption of LNG-based vessels and the expansion of LNG trade. The shift from high sulfur fuel oil (HSFO) to very low sulfur fuel oil (VLSFO) is expected to create substantial demand, particularly following the International Maritime Organization's regulations. Despite the challenges posed by the COVID-19 pandemic, which temporarily reduced bunker fuel consumption due to trade disruptions, the market is anticipated to recover as trade routes reopen and economic activities resume. Environmental concerns are propelling the demand for cleaner fuels, with VLSFO and LNG presenting lucrative opportunities for market participants.
China stands out as a dominant player in the region's bunker fuel market, bolstered by its status as a leading exporter and its robust trade activities. The country's significant exports, including machinery, automotive products, and chemicals, are expected to drive the demand for bunker fuels. India also plays a crucial role, with its ports handling increasing volumes of goods, further boosting the demand for VLSFO. However, the market faces challenges such as trade tensions and oversupply issues, particularly in China. The market landscape is moderately fragmented, with key players like China COSCO Holdings, Ocean Network Express, and Indian Oil Corporation actively participating in the sector.
Asia-Pacific Bunker Fuel Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Fuel Type
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2.1.1 High Sulfur Fuel Oil (HSFO)
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2.1.2 Very-Low Sulfur Fuel Oil (VLSFO)
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2.1.3 Marine Gas Oil (MGO)
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2.1.4 Liquefied Natural Gas (MGO)
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2.1.5 Others
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2.2 Vessel Type
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2.2.1 Containers
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2.2.2 Tankers
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2.2.3 General Cargo
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2.2.4 Bulk Carrier
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2.2.5 Others
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2.3 Geography
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2.3.1 China
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2.3.2 India
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2.3.3 Singapore
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2.3.4 Rest of Asia-Pacific
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Asia-Pacific Bunker Fuel Market Size FAQs
What is the current Asia-Pacific Bunker Fuel Market size?
The Asia-Pacific Bunker Fuel Market is projected to register a CAGR of greater than 16% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Bunker Fuel Market?
China COSCO Holdings Company Limited , Ocean Network Express PTE Ltd , Indian Oil Corporation Limited , Chimbusco Pan Nation Petro-Chemical Co.,Ltd and BP Sinopec Marine Fuels Pte Ltd are the major companies operating in the Asia-Pacific Bunker Fuel Market.
