Marine bunker oil market to hit $280.7b by 2033

APAC is a market leader.

The global marine bunker oil market size is projected to reach $280.7b by 2033, reflecting a compound annual growth rate of 6.5% from 2024 to 2033.

“This growth is largely driven by the increasing demand for cleaner marine fuels, rapid maritime trade expansion, and government mandates to reduce sulfur emissions from shipping activities,” said Allied Analytics LLP,

Asia Pacific accounted for the largest market share in 2023 and is expected to dominate throughout the forecast period. This is thanks to its high maritime trade volume and the presence of globally significant bunkering ports such as Singapore, Shanghai, and Hong Kong.

“Countries like China, South Korea, and India are not only major exporters and importers but are also aggressively expanding their port infrastructure and shipping capabilities,” the company said.

“Furthermore, rapid industrialisation and increasing energy demand in this region are contributing to the consistent rise in marine fuel consumption,” it added.

Allied Analytics expects the market to witness increased investment in cleaner fuel alternatives, digital monitoring of fuel efficiency, and partnerships between fuel providers and shipping firms. With maritime shipping accounting for about 90% of global trade, any enhancements in fuel technology or policy compliance can have far-reaching impacts.

“Moreover, as new vessel constructions increasingly incorporate dual-fuel and hybrid propulsion systems, the marine bunker oil market is likely to see continued diversification, paving the way for innovation and sustainability,” it added.