Europe Bunker Fuel Market Size (2024 - 2029)

The European bunker fuel market is poised for significant growth, driven by increasing maritime trade and the adoption of LNG-based vessels. Despite the challenges posed by the COVID-19 pandemic and global trade tensions, the market is expected to expand, with Germany maintaining its leadership due to its substantial role in container shipping. The implementation of IMO regulations is anticipated to shift the market dynamics, favoring very low sulfur fuel oil over high sulfur alternatives. This evolving landscape presents substantial opportunities for the market's expansion in the coming years.

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Market Size of Europe Bunker Fuel Industry

Europe Bunker Fuel Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 7.00 %
Market Concentration Medium

Major Players

Europe Bunker Fuel Market Major Players

*Disclaimer: Major Players sorted in no particular order

Europe Bunker Fuel Market Analysis

The bunker fuel market in Europe is expected to register a CAGR of more than 7% during the forecast period, 2022-2027. The outbreak of COVID-19 has significantly affected the consumption of bunker fuel. The closure of international and domestic trade movements to curb the spread of the virus reduced the demand for bunker fuel in 2020. The increasing preference for LNG-based vessels and growing LNG trade are significant factors driving the demand for bunker fuels in Europe during the forecast period. With increasing maritime export and import in countries like Germany and the United Kingdom, considerable growth is anticipated in the coming years. However, increasing trade tensions between countries such as the United States, China, Russia, etc., are expected to restrain the market during the forecast period.

  • With the implementation of IMO regulations, the share of very low sulfur fuel oil (VLSFO) is expected to increase, replacing high sulfur fuel oil during the forecast period.
  • Increasing international marine trades and the developing sea routes are expected to increase the number of marine vessels in the coming years, thus creating immense opportunities for the European bunker fuel market soon.
  • Germany, one of the biggest nations in the container shipping sector globally, is leading the bunker fuel market, and it is likely to continue its dominance during the forecast period.

Europe Bunker Fuel Industry Segmentation

The Europe bunker fuel market report includes:

Fuel Type
High Sulfur Fuel Oil (HSFO)
Very-Low Sulfur Fuel Oil (VLSFO)
Marine Gas Oil (MGO)
Other Fuel Types
Vessel Type
General Cargo
Containers
Tankers
Bulk Carrier
Other Vessel Types
Geography
The United Kingdom
Germany
Norway
Spain
Rest of Europe
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Europe Bunker Fuel Market Size Summary

The European bunker fuel market is poised for significant growth, driven by the increasing preference for LNG-based vessels and expanding LNG trade. The market is expected to experience a robust growth trajectory, supported by rising maritime trade activities in key countries such as Germany and the United Kingdom. However, geopolitical trade tensions among major countries like the United States, China, and Russia may pose challenges to market expansion. The implementation of IMO regulations is anticipated to shift the market dynamics, with very low sulfur fuel oil (VLSFO) gaining prominence over high sulfur fuel oil (HSFO). This transition is expected to create substantial opportunities for the bunker fuel sector in Europe, particularly as international marine trade and new sea routes continue to develop.

Germany stands out as a dominant force in the European bunker fuel market, bolstered by its status as a leading shipping nation within the European Union. The country's extensive shipping infrastructure, including major ports like Hamburg, supports its significant role in the container shipping sector. The shift towards low sulfur fuel alternatives, driven by environmental regulations, is expected to further strengthen Germany's market position. The European bunker fuel market remains moderately fragmented, with key players such as Gazprom Neft PJSC, BP PLC, Shell PLC, TotalEnergies SE, and AP Moeller Maersk AS actively participating. The recovery in VLSFO demand, following global supply chain disruptions, is anticipated to contribute to the market's growth during the forecast period.

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Europe Bunker Fuel Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Fuel Type

      1. 2.1.1 High Sulfur Fuel Oil (HSFO)

      2. 2.1.2 Very-Low Sulfur Fuel Oil (VLSFO)

      3. 2.1.3 Marine Gas Oil (MGO)

      4. 2.1.4 Other Fuel Types

    2. 2.2 Vessel Type

      1. 2.2.1 General Cargo

      2. 2.2.2 Containers

      3. 2.2.3 Tankers

      4. 2.2.4 Bulk Carrier

      5. 2.2.5 Other Vessel Types

    3. 2.3 Geography

      1. 2.3.1 The United Kingdom

      2. 2.3.2 Germany

      3. 2.3.3 Norway

      4. 2.3.4 Spain

      5. 2.3.5 Rest of Europe

Europe Bunker Fuel Market Size FAQs

The Europe Bunker Fuel Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)

Gazprom Neft PJSC , AP Moeller Maersk A/S, BP PLC, Shell PLC and TotalEnergies SE are the major companies operating in the Europe Bunker Fuel Market.

Europe Bunker Fuel Market Report Snapshots

Europe Bunker Fuel Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)