Asia-Pacific Bunker Fuel Market [2028] by Trends, Share, Forecast

Summary

Report Description

Forecast Period	2024-2028
Market Size (2022)	USD 17.65 Billion
CAGR (2023-2028)	4.75%
Fastest Growing Segment	Large Independent
Largest Market	China

Asia-Pacific bunker fuel market is anticipated to grow at a steady pace in the forecast period, 2024–2028 . The demand for bunker fuel is anticipated to rise because of the rising energy consumption, particularly in developing countries, which is predicted to result in an increase in crude oil and natural gas trade throughout the projection period. The expansion of offshore oil & gas exploration operations and development of wind farms have contributed to the region's bunker fuel market's rapid growth over the past decade.

The word "bunker fuel" refers to any fuel pumped into a ship's bunkers to operate its engines. Deep-sea freight ships generally burn the heavy and leftover oil after using light fuels like petrol and diesel. During the refinement process, hydrocarbons are removed from crude oil.

Growing Demand for LNG as a Bunker Fuel

The demand for cleaner bunker fuels has increased due to the implementation of strict environmental regulations. Moreover, growing LNG utilization and low-sulphur fuel oil are anticipated to provide market participants a wide range of options. As environmental awareness is rising rapidly within the country, the desire for cleaner fuel is growing with a high CAGR in the forecast period. For instance, China's maritime vessels are anticipated to boost their use of LNG as bunker fuel. Moreover, in 2020, the Chinese government has planned to establish roughly 40 ports with LNG supplies with the goal of having them operational by 2023.

Additionally, to support IMO (International Maritime Organization) 2020 regulations and to meet the rising demand for LNG as a fuel in the shipping industry, Singapore is likely to increase LNG supply to its ports. The development of LNG as a fuel was initiated in Singapore before IMO 2020 was imposed. Furthermore, in February 2021, the Port Authority of Singapore granted Total Marine Fuels Private Limited signed in 2022 a contract for the delivery of LNG bunker fuel to the ports of Singapore. As a result, over the projection period, there will probably be a rise in demand for LNG as a bunker fuel.

Rapid Growth of The Marine Vessel Industry Driving the Market Growth

The rapid growth of the marine vessel industry is driving the market growth in the forecast period. For instance, to promote the maritime commerce, the costliest method for moving things is via water bodies. The Indian government plans to build ports and canals. Therefore, the government announced an investment of USD 82 billion by 2035 to modernize the current ports and create new ports to expand the participation of the maritime industry in both local and international business. During the projection period, the port infrastructure expansion is anticipated to be a significant driver for the shipping industry and marine fuel. India has a coastline spanning more than 7,500 kilometres, which presents a significant development opportunity for the marine sector which will further boost the Asia-Pacific bunker fuel market growth.

Additionally, in 2021, Singapore's port was the second largest in the entire globe. A record-breaking 37.5 million TEU in containers were moved through the Singapore port in 2021, an increase of almost 18.6% from 2012. Moreover, the Maritime and Port Authority of Singapore reports that compared to 2012, the tonnage of vessels entering grew by almost 24% in 2021. Due to the rising demand for crude oil and goods made from crude oil in Singapore, tankers saw the biggest growth in both imports and exports. As a result, the demand for bunker fuel is anticipated to grow due to the rising marine vessel arrivals spurred by increased industry throughout the projected period.

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Growing China & India Import/Export Facility

China's exports increased from USD 2.27 trillion to USD 3.02 trillion between 2017 and 2021, mostly due to an increase in purchases from the US, Hong Kong, and Japan. Respectively, Chinese exports to the US and Japan grew in 2021 compared to 2020 by 15.2% and 6.33% respectively. Most of the nation's imports come from China. Even though two nations share a land border, most of this trade occurs via waterways. In addition, India is a significant exporter as well. The top three countries importing goods from India are the United States, China, and United Arab Emirates. Most of the commerce with India is carried out on waterways. However, compared to 2020, imports and exports increased by 23.5% and 22.4%, respectively. As a result, the demand for refined goods and petrochemical products in the nation as well as growing commerce is predicted to propel the bunker fuel market throughout the anticipated timeframe. Since China's economy is export-oriented, rising global exports are anticipated to have a significant beneficial influence on the country's marine sector. On the other hand, the destinations of Chinese imports and exports are varied. Consequently, this aspect is anticipated to have a favourable effect on the nation's bunker fuel market. Therefore, growing China & India import/export facility are attributing the growth of bunker fuel in the Asia-Pacific market.

Recent Development

In May 2021, an LNG-fueled oil tanker named Pacific Emerald was bunkered in Singapore for the first time by FueLNG and the Maritime and Port Authority of Singapore (MPA). Additionally, FueLNG disclosed that it will provide 30 to 50 ship-to-ship LNG bunkering activities in 2021. In addition to the Pacific Emerald tankers, bulk carriers, chemical oil tankers, and containerships will all get bunkering services from FueLNG. To promote LNG as a maritime fuel, MPA introduced the LNG Bunker vessel FueLNG Bellina in 2020. Two further LNG bunker fuel ships will be added by the Authority in 2021 and 2022. It is anticipated that the future LNG bunker vessel would have a capacity of about 30,000 cubic metres. The demand for LNG as a bunker is thus, projected to expand because of such activities.
Additionally, the port of Yokohama has open in May 2021. On a cruise ship owned by NYK Cruises, its LNG bunkering facilities were extended. To further support LNG Ecobunker Shipping, it was anticipated that a LNG bunker vessel will be put into service with the name Ecobunker Tokyo Bay in the port of Yokohama. By the end of 2021, the LNG bunker vessel started doing ship-to-ship LNG bunkering.
Moreover, the Yokohama port eliminated port entrance fees for LNG-fueled and LNG bunkering boats as a motivation to boost the use of LNG as a marine fuel in Japan. This was done to support LNG bunkering facilities. Therefore, throughout the projection period, such measures are anticipated to result in a rise in the demand for LNG as a bunker fuel.
The People's Republic of China's Ministry of Transport reports that in 2021, Shanghai port in China reached a record high for container throughput, surpassing 47.03 million TEU, an increase of 8.1% from levels in 2020.
Japan is the biggest trade nation in the APAC region. In 2021, the nation's imports and exports, both increased, led by the trade of autos and electronic equipment. The country's bunker fuel industry has been driven by the growth in trade activity in 2021. The overall import and export of the nation in 2021 were worth USD 772.67 billion and USD 757.54 billion, respectively.

Market Segment

Asia-Pacific bunker fuel market is divided into type, commercial distributor, application, and country. Based on type, the market is divided into high sulfur fuel oil, low sulfur fuel oil, marine gasoil, and others. Based on commercial distributor, the market is divided into oil majors, large independent, and small independent. Based on application, the market is divided into container, bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessels, gas tankers, and others. Based on country, the market is segmented into China, Japan, India, South Korea, Australia, Vietnam, Indonesia, Singapore, Philippines, Malaysia, and rest of the Asia-Pacific.

Market Players

Some of the major market players in the Asia-Pacific bunker fuel market are China COSCO Holdings Company Limited, Ocean Network Express PTE Ltd, Indian Oil Corporation Limited, Chimbusco Pan Nation Petro-Chemical Co. Ltd, BP and Sinopec, and Hindustan Petroleum Corporation.

Attribute	Details
Base Year	2022
Historic Data	2018 – 2021
Estimated Year	2023
Forecast Period	2024 – 2028
Quantitative Units	Revenue in USD Million and CAGR for 2018-2022 and 2023-2028
Report Coverage	Revenue forecast, company share, growth factors, and trends
Segments Covered	Type Commercial Distributor Application Country
Country Scope	China, Japan, India, South Korea, Australia, Vietnam, Indonesia, Singapore, Philippines, Malaysia
Key Companies Profiled	China COSCO Holdings Company Limited, Ocean Network Express PTE Ltd, Indian Oil Corporation Limited, Chimbusco Pan Nation Petro-Chemical Co., Ltd, BP and Sinopec, Hindustan Petroleum Corporation
Customization Scope	10% free report customization with purchase. Addition or alteration to country & segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:

In this report, the Asia-Pacific bunker fuel market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

Asia-Pacific Bunker Fuel Market, By Type:

High Sulfur Fuel Oil
Low Sulfur Fuel Oil
Marine Gasoil
Others

Asia-Pacific Bunker Fuel Market, By Commercial Distributor:

Oil Majors
Large Independent
Small Independent

Asia-Pacific Bunker Fuel Market, By Application:

Container
Bulk Carrier
Oil Tanker
General Cargo
Chemical Tanker
Fishing Vessels
Gas Tankers
Others

Asia-Pacific Bunker Fuel Market, By Country:

China
Japan
India
South Korea
Australia
Vietnam
Indonesia
Singapore
Philippines
Malaysia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Asia-Pacific bunker fuel market.

Available Customizations:

Asia-Pacific bunker fuel market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Asia-Pacific bunker fuel market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Voice of Customers

5. Asia-Pacific Bunker Fuel Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gasoil, and Others)

5.2.2. By Commercial Distributor (Oil Majors, Large Independent, and Small Independent)

5.2.3. By Application (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing Vessels, Gas Tankers, and Others)

5.2.4. By Country (China, Japan, India, South Korea, Australia, Vietnam, Indonesia, Singapore, Philippines, Malaysia)

5.3. By Company (2022)

5.4. Market Map

6. China Bunker Fuel Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Type

6.2.2. By Commercial Distributor

6.2.3. By Application

7. Japan Bunker Fuel Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Type

7.2.2. By Commercial Distributor

7.2.3. By Application

8. India Bunker Fuel Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Type

8.2.2. By Commercial Distributor

8.2.3. By Application

9. South Korea Bunker Fuel Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Type

9.2.2. By Commercial Distributor

9.2.3. By Application

10. Australia Bunker Fuel Market Outlook

10.1.Market Size & Forecast

10.1.1. By Value

10.2.Market Share & Forecast

10.2.1. By Type

10.2.2. By Commercial Distributor

10.2.3. By Application

11. Vietnam Bunker Fuel Market Outlook

11.1.Market Size & Forecast

11.1.1. By Value

11.2.Market Share & Forecast

11.2.1. By Type

11.2.2. By Commercial Distributor

11.2.3. By Application

12. Indonesia Bunker Fuel Market Outlook

12.1.Market Size & Forecast

12.1.1. By Value

12.2.Market Share & Forecast

12.2.1. By Type

12.2.2. By Commercial Distributor

12.2.3. By Application

13. Singapore Bunker Fuel Market Outlook

13.1.Market Size & Forecast

13.1.1. By Value

13.2.Market Share & Forecast

13.2.1. By Type

13.2.2. By Commercial Distributor

13.2.3. By Application

14. Philippines Bunker Fuel Market Outlook

14.1.Market Size & Forecast

14.1.1. By Value

14.2.Market Share & Forecast

14.2.1. By Type

14.2.2. By Commercial Distributor

14.2.3. By Application

15. Malaysia Bunker Fuel Market Outlook

15.1.Market Size & Forecast

15.1.1. By Value

15.2.Market Share & Forecast

15.2.1. By Type

15.2.2. By Commercial Distributor

15.2.3. By Application

16. Market Dynamics

16.1. Drivers

16.2. Challenges

17. Market Trends & Developments

18. Policy & Regulatory Landscape

19. Company Profiles

19.1.China COSCO Holdings Company Limited

19.1.1. Business Overview

19.1.2. Key Revenue and Financials (If Available)

19.1.3. Recent Developments

19.1.4. Key Personnel

19.1.5. Key Product/Services

19.2.Ocean Network Express PTE Ltd

19.2.1. Business Overview

19.2.2. Key Revenue and Financials (If Available)

19.2.3. Recent Developments

19.2.4. Key Personnel

19.2.5. Key Product/Services

19.3.Indian Oil Corporation Limited

19.3.1. Business Overview

19.3.2. Key Revenue and Financials (If Available)

19.3.3. Recent Developments

19.3.4. Key Personnel

19.3.5. Key Product/Services

19.4.Chimbusco Pan Nation Petro-Chemical Co. Ltd

19.4.1. Business Overview

19.4.2. Key Revenue and Financials (If Available)

19.4.3. Recent Developments

19.4.4. Key Personnel

19.4.5. Key Product/Services

19.5.BP and Sinopec

19.5.1. Business Overview

19.5.2. Key Revenue and Financials (If Available)

19.5.3. Recent Developments

19.5.4. Key Personnel

19.5.5. Key Product/Services

19.6.Hindustan Petroleum Corporation

19.6.1. Business Overview

19.6.2. Key Revenue and Financials (If Available)

19.6.3. Recent Developments

19.6.4. Key Personnel

19.6.5. Key Product/Services

20. Strategic Recommendations

21. About Us & Disclaimer

Figures and Tables

Frequently asked questions

Who are the leading players in Asia-Pacific bunker fuel market?

The key players profiled in the Asia-Pacific bunker fuel market are China COSCO Holdings Company Limited, Ocean Network Express PTE Ltd, Indian Oil Corporation Limited, Chimbusco Pan Nation Petro-Chemical Co.,Ltd, BP and Sinopec, and Hindustan Petroleum Corporation, among others.

Which country dominated the Asia-Pacific bunker fuel market?

China dominated the Asia-Pacific bunker fuel market in 2022 and is expected to do so in the forecast period because China recorded the highest imports of liquefied natural gas (LNG) in 2021 of about 79.9 million tons (MT) owing to which the demand of bunker fuel is still growing rapidly.

What are the main drivers of the Asia-Pacific bunker fuel market?

The increased energy consumption, especially in emerging nations, is expected to boost the demand for bunker fuel, which would likely lead to an increase in the trade in crude oil and natural gas throughout the course of the projection period.