Global Bunker Fuel Market Size was $137.12 Billion in 2023

Global Bunker Fuel Market Overview

According to Global Market Monitor, the global bunker fuel market size was $137.12 billion in 2023 with a CAGR of 4.57% from 2023 to 2029.

China Bunker Fuel Market Status

China's marine fuel oil market drivers mainly include the development of waterway transportation, fewer alternatives, and domestic supply shortages. On the one hand, trade has promoted the development of China's waterway transportation. The "21st Century Maritime Silk Road" is an initiative put forward by China in the 21st century. It also indicates that China will put more energy into maritime trade in the future. On the other hand, it will take many years for the new type of marine fuel to replace the existing heavy fuel oil. It is not feasible to completely subvert the composition of the existing ship fuel in the next decade. In addition, the refueling network of Chinese domestic marine oil is limited to several coastal cities in China, and it is unable to replenish new oils for ocean shipping vessels around the world, which also limits Chinese companies from seizing the market in the country.

The Demand for Bunker Fuel Will Continue to Rise

With the influence of economic globalization and world regional integration, the production and business activities of enterprises have been further expanded on a global scale, and the demand for international transportation is constantly rising. According to statistics, about 80% of the world's total international trade volume is completed by sea transportation, and China's goods are up to 90%. In the future of international trade, the status of maritime transport will become more important. Therefore, in today's global integration, maritime transportation has become the most economical and convenient transportation method in our global village. The increase in the proportion of maritime trade and transportation has a greater impact on the demand of the bunker fuel market. Therefore, it is expected that the demand for bunker fuel will continue to rise in both the existing market and the emerging market.

Company Name	World Fuel Services Corp.
Website	www.wfscorp.com
Established Time	1984
Plants Distribution	Worldwide
Sales Region	Worldwide
Competitors	Royal Dutch Shell PLC, Exxon Mobil