Market Size of India Bunker Fuel Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.00 % |
| Market Concentration | Medium |
Major Players.webp "India Bunker Fuel Market Major Players")
*Disclaimer: Major Players sorted in no particular order |
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India Bunker Fuel Market Analysis
The Indian bunker fuel market is expected to register a CAGR of around 4.0% during the forecast period.
- Over the medium term, with a significant increase in LNG trade and upcoming LNG terminals, it is expected to have a growth in LNG carrier traffic in Indian ports, which is expected to have a positive effect on the market's growth during the forecast period.
- On the other hand, fluctuations in crude oil prices and bunker fuel prices are likely to slow market growth.
- Nevertheless, India is a net importer of goods. With the growing demand in trading activities, the port infrastructures are likely to get modernized and enlarged to increase their capacity. As part of the Sagarmala Programme, more than 574 projects were identified for modernization, port connectivity enhancement, and coastal community development during 2015-2035. Around 137 projects are under development in 2019 and are expected to be completed by 2035. Thus, such steps are likely to increase traffic at ports and thus create an opportunity for the market to grow in the near future.
India Bunker Fuel Industry Segmentation
Bunker fuel is the general term given to any fuel poured into a ship's bunkers to power its engines. Most deep-sea cargo ships burn the heavy oil that is left over from refining crude oil after gasoline, diesel, and other light hydrocarbons are taken out.
The Indian bunker fuel market is segmented by fuel type and vessel type. By fuel type, the market is segmented into high-sulfur fuel oil (HSFO), very low-sulfur fuel oil (VLSFO), marine gas oil (MGO), liquefied natural gas (LNG), and others. By vessel type, the market is segmented into containers, tankers, general cargo, bulk containers, and others. For each segment, market sizing and forecasts have been done based on revenue (USD million).
| Fuel Type | |
| High Sulfur Fuel Oil (HSFO) | |
| Very-low Sulfur Fuel Oil (VLSFO) | |
| Marine Gas Oil (MGO) | |
| Other Fuel Types |
| Vessel Type | |
| Containers | |
| Tankers | |
| General Cargo | |
| Bulk Carrier | |
| Other Vessel Types |
India Bunker Fuel Market Size Summary
The Indian bunker fuel market is poised for significant growth over the forecast period, driven by increasing international trade and the rising demand for various goods and fuels, particularly LNG. The expansion of LNG trade and the development of new LNG terminals are expected to boost LNG carrier traffic at Indian ports, positively impacting the market. However, fluctuations in crude oil and bunker fuel prices may pose challenges to this growth. The modernization and expansion of port infrastructure, as part of the Sagarmala Programme, are anticipated to enhance port capacity and traffic, creating further opportunities for market expansion. The demand for very low-sulfur fuel oil (VLSFO) is also expected to rise, driven by the International Maritime Organization's regulations and growing environmental concerns, with India taking steps to promote its utilization.
The market landscape is moderately consolidated, with major players like Indian Oil Corporation Ltd., Hindustan Petroleum Corporation Ltd., and Bharat Petroleum Corporation Ltd. leading the sector. The development of LNG import terminals, such as the one proposed in Karnataka, is set to bolster India's import capacity and support the marine fuel market's growth. This terminal will also serve as India's first LNG bunkering facility, facilitating LNG fuel supply to ships. Strategic agreements, like those between Atlantic Gulf & Pacific International Holdings and Abu Dhabi National Oil Company, further underscore the market's expansion potential. These developments are expected to enhance India's trade capabilities and drive the marine fuel market forward in the coming years.
India 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 million, till 2028
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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 PESTLE Analysis
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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 Other Fuel Types
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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 Other Vessel Types
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India Bunker Fuel Market Size FAQs
What is the current India Bunker Fuel Market size?
The India Bunker Fuel Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in India Bunker Fuel Market?
Indian Oil Corporation Ltd, Hindustan Petroleum Corporation Ltd, Bharat Petroleum Corporation Ltd, Adani Bunkering Private Limited and Mangalore Refinery and Petrochemicals Ltd (MRPL) are the major companies operating in the India Bunker Fuel Market.
