Market Size of United Kingdom Bunker Fuel Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 14.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UK Bunker Fuel Market Analysis
The United Kingdom bunker fuel market is expected to grow at a CAGR of more than 14% during the forecast period of 2020-2025. The bunker fuel market in the region is mainly driven by the ever-rising marine transportation of essential commodities, implementation of the stricter environmental regulations driving the demand for cleaner bunker fuels, and the increase in the use of vessels for offshore oil and gas developments. Moreover, the United Kingdom Continental Shelf (UKCS) region is expected to become one of the most active marine areas for maritime transport, which likely to drive the United Kingdom bunker fuel market during the forecast period. However, the outbreak of COVID-19, leading to a global economic slowdown and a drop in maritime imports and exports are likely to restrain the growth of the United Kingdom bunker fuel market in the coming years.
- The Very-Low Sulfur Fuel Oil (VLSFO) is expected to witness significant growth in the market during the forecast period, owing to factors like IMO 2020 Regulations that came into effect from January 1st, 2020.
- Developing sea trade routes and recovery in international maritime trade may offer tremendous opportunities for bunker fuel suppliers in the region.
- The United Kingdom witnessed a surge in the bunker fuel market owing to government policies and an increase in maritime trade.
UK Bunker Fuel Industry Segmentation
The United Kingdom bunker fuel market report includes:
| Type | |
| High Sulfur Fuel Oil (HSFO) | |
| Very-Low Sulfur Fuel Oil (VLSFO) | |
| Marine Gas Oil (MGO) | |
| Liquefied Natural Gas (LNG) | |
| Others |
| Vessel Type | |
| Containers | |
| Tankers | |
| General Cargo | |
| Bulk Container | |
| Others |
United Kingdom Bunker Fuel Market Size Summary
The United Kingdom bunker fuel market is poised for significant growth, driven by the increasing demand for marine transportation of essential goods and the implementation of stricter environmental regulations. These regulations are pushing the demand for cleaner bunker fuels, such as Very-Low Sulfur Fuel Oil (VLSFO), which is expected to see substantial growth due to the IMO 2020 regulations. The UK's maritime sector, particularly the United Kingdom Continental Shelf (UKCS), is anticipated to become a bustling hub for maritime transport, further propelling the bunker fuel market. However, challenges such as the COVID-19 pandemic, which led to a global economic slowdown and a decrease in maritime trade, pose potential constraints on market expansion.
The market landscape is moderately consolidated, with major players like ConocoPhillips, ExxonMobil, and BP PLC actively participating. The UK's strategic position as a top exporter and its robust maritime trade routes offer lucrative opportunities for bunker fuel suppliers. The government's push for sustainable transport solutions, including the promotion of LNG-powered marine transport, aligns with global emission standards and is expected to drive future demand. Despite the historical dominance of High Sulfur Fuel Oil (HSFO), the shift towards VLSFO and other cleaner alternatives is indicative of the market's evolution in response to regulatory and environmental pressures.
United Kingdom 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 Market Dynamics
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1.4.1 Drivers
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1.4.2 Restraints
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1.5 Supply Chain Analysis
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1.6 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 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 (LNG)
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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 Container
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2.2.5 Others
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United Kingdom Bunker Fuel Market Size FAQs
What is the current United Kingdom Bunker Fuel Market size?
The United Kingdom Bunker Fuel Market is projected to register a CAGR of greater than 14% during the forecast period (2024-2029)
Who are the key players in United Kingdom Bunker Fuel Market?
ConocoPhillips Ltd , Exxon Mobil Corporation , BP PLC , Shell Marine Products Ltd. and Total S.A are the major companies operating in the United Kingdom Bunker Fuel Market.
