Market Size of United States Bunker Fuel Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 10.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Bunker Fuel Market Analysis
The United States is one of the most prominent players in the maritime industry. Almost every state in the country has significant ports. The United States is in the middle of the North Pacific route and North Atlantic route, which are the first and the second biggest routes by trade value in the world. As a result, the United States is one of the most important markets for the marine industry and bunker fuel industry. Bunker fuel is the general term given to any fuel poured into a ship's bunker to power its engine. The United States bunker fuel market is expected to grow at a CAGR of more than 10% over the forecast period. The market is driven by rising maritime transportation of essential commodities, implementation of the stricter environmental regulations driving the demand for cleaner bunker fuels, and the increase in the use of marine vessels for offshore oil and gas developments. However, the trade tension began between the United States and China in 2018 due to the setting of high tariffs and other trade barriers, which is expected to restrain the market.
- Very-low Sulfur Fuel Oil (VLSFO) segment is expected to have significant growth in the Unites States bunker fuel market over the forecast period.
- Methanol is a safe, cost-efficient fuel. With the growing demand for cleaner marine fuel, methanol is an alternative fuel for ships that helps the shipping industry meet increasingly strict emissions regulations, which in turn is likely to provide an opportunity for the market in the future.
- Growth of natural gas trade is likely to drive the United States bunker fuel market during the forecast period.
US Bunker Fuel Industry Segmentation
The United States 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 (LNG) | |
| Others |
| Vessel Type | |
| Tanker Fleet | |
| Container Fleet | |
| Bulk Carrier | |
| General Cargo Carriers | |
| Others |
United States Bunker Fuel Market Size Summary
The United States bunker fuel market is a crucial segment of the maritime industry, bolstered by the country's strategic position along major global trade routes. The market is poised for significant growth, driven by increasing maritime transportation, stricter environmental regulations necessitating cleaner fuels, and the expanded use of marine vessels in offshore oil and gas activities. Despite these growth drivers, trade tensions, particularly between the United States and China, pose potential challenges to market expansion. The Very-low Sulfur Fuel Oil (VLSFO) segment is anticipated to experience substantial growth, especially following the implementation of IMO 2020 regulations, which have shifted demand from high-sulfur fuel oils to low-sulfur alternatives. The refining industry in the U.S. is well-equipped to meet these low-sulfur fuel requirements, although the LNG bunkering infrastructure remains underdeveloped, ensuring conventional fuels continue to dominate the market.
The demand for cleaner marine fuels, such as methanol, presents future opportunities for the bunker fuel market, aligning with the industry's shift towards meeting stringent emissions standards. The growth of natural gas trade is also expected to drive market expansion, supported by technological advancements in shale gas production and the United States' ambition to be a net energy exporter. This increase in natural gas consumption is likely to enhance cleaner vessel movements, further supporting bunker fuel market growth. The market is moderately consolidated, with key players including Exxon Mobil Corporation, Royal Dutch Shell PLC, Chevron Corporation, Clipper Oil Company, and NuStar Energy L.P., all of which play significant roles in shaping the competitive landscape.
United States 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 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 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 Tanker Fleet
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2.2.2 Container Fleet
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2.2.3 Bulk Carrier
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2.2.4 General Cargo Carriers
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2.2.5 Others
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United States Bunker Fuel Market Size FAQs
What is the current United States Bunker Fuel Market size?
The United States Bunker Fuel Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)
Who are the key players in United States Bunker Fuel Market?
Exxon Mobil Corporation , Royal Dutch Shell PLC , Chevron Corporation , Clipper Oil Company and NuStar Energy L.P. are the major companies operating in the United States Bunker Fuel Market.
