Global Marine Fuel Market Size, Share, Opportunities, And Trends By Type (Fuel Oil, Gas Oil), By End User (Oil Tanker, Gas Tanker, Chemical Tanker, General Cargo, Others), And By Geography- Forecasts From 2025 To 2030

Marine Fuel Market Size:

The Global Marine Fuel Market is expected to grow at a compound annual growth rate (CAGR) of 4.05% from US$140.619 billion in 2025 to US$171.494 billion in 2030.

Marine Fuel Market Trends:

The growing maritime trade will be driving the market expansion. In the forecast period, the marine fuel market will witness significant changes due to increasing focus on sustainability. The demand for fuels such as low-sulfur fuels and LNG will rise owing to the growing environmental regulations in the maritime trade industry. Technological advancements such as marine fuel production technology like biofuels will transition the market from traditional fuel to innovative fuels offering sustainability.

Marine Fuel Market Growth Opportunities:

The Global Marine Fuel Market is witnessing significant growth driven by two major factors:

• Growing maritime trade is increasing the demand for marine fuel: The booming global seaborne trade volume is the primary driver of the marine fuel market. According to the International Chamber of Shipping, the global shipping industry is the major method of transportation of goods, with around 90% of the overall world trade. The huge dependence on the shipping industry is driving the demand for marine fuel.  

Additionally, the growing regulatory challenges by governments and institutions are significantly changing the marine fuel market, driving the demand for sustainable marine fuels such as biofuels. According to the International Energy Agency, transportation accounts for nearly carbon dioxide (CO2) emissions, including the share from maritime trade. In 2016, the International Marine Organization (IMO) agreed to limit the sulfur content in all marine fuels to 0.5%, effective from the beginning of 2020. This regulation has significantly affected the oil demand across the global marine industry and is projected to trigger a notable change in fuel selection, propelling the demand for sustainable fuels.

• Rising Technological Advancement: The marine fuel market is witnessing a significant transition due to growing regulatory pressure. This has led to demand for efficient, sustainable fuels that match the government's requirements.

Significant developments in marine fuel technology, from its production process to integrating new emerging technologies, such as data analytics and sensors, have driven innovation. The growing innovation in biofuel and hydrogen production technologies is driving the market expansion. Increasing technological innovations in ammonia, synthetic liquefied natural gas, methanol, and hydrogen, among others, will boost the market growth.

Global Marine Fuel Market Segmentation Analysis by Type:

• Fuel Oil: Marine fuel oils are heavy fuel oils such as HSFO and VLSFo that generally have varying sulfur content. HSFO typically has a high sulfur content, while VLSFO has a significantly lower sulfur content, which complies with the IMO 2020 regulations. Distilled marine fuel oil and residual marine fuel oil are two major types. After the IMO 2020, the marine fuel oil market has been significantly impacted due to a growing shift towards fuels with lower sulfur content to meet the IMO regulation of 0.5% sulfur content.
• Gas Oil: The marine gas oil market is projected to witness a noteworthy CAGR during the forecast period. This growth is driven by the low sulfur content in marine gas oil when considered with other commercially available options. Thus, to adhere to the regulations of IMO, the demand for marine fuel oil will rise. This can be used for ship engines with minimal operational change and no significant capital investment or time out of service. In conjunction with this, the sulfur content can be controlled in marine gas oil since it is a diesel-range material, using the same hydroprocessing method used to make low-sulfur diesel. However, the high cost of marine gas oil will significantly raise fuel costs for suppliers as diesel-range material is far more valuable than residual oil.   

Global Marine Fuel Market Geographical Outlook:

North America is forecasted to hold a major market share.

• North America: The North American region is expected to have a considerable share of the global marine fuel market. The U.S. marine industry is growing upward, as per the report by the NAOO office of the U.S. government. Rising regulatory compliance will drive the marine fuel market expansion due to environmental concerns and a growing focus on sustainability.
• Asia-Pacific: Asia-Pacific holds a significant share of the marine fuel market due to high maritime trade volume. The rising economies in the Asia-Pacific countries, such as China, India, and Korea, are also driving maritime trade. According to the UNCTAD statistics, Asia was the largest trading region in the world in 2023. Asian countries continue to dominate the cargo handling performance. 10 of the top 25 ports globally are in Asia, showing the high resilience of Asia in maritime trade.

Global Marine Fuel Market – Competitive Landscape:

• Shell
• BP
• Exxon Mobil Corporation
• Neste

These companies are some of the major market players in the global marine fuel market. Their wide geographical reach and innovative solutions promoting sustainability drive their market presence in this global market.

Global Marine Fuel Market Latest Developments:

• In October 2024, TotalEnergies signed a contract with Ibaizabal, a Spanish shipowner, for a new Liquefied Natural Gas bunker vessel of 18,600m3 capacity. This will expand the Company’s global presence in bunkering hubs.
• In December 2023, Nippon Yusen Kabushiki Kaisha and ENEOS Corporation signed an agreement for selling and purchasing marine fuel with carbon dioxide removal credits. These credits are generated to remove carbon dioxide from the environment and store it underground. This news highlights the increasing sustainability of marine fuel.

Marine Fuel Market Scope:

Report Metric	Details
Marine Fuel Market Size in 2025	US$140.619 billion
Marine Fuel Market Size in 2030	US$171.494 billion
Growth Rate	CAGR of 4.05%
Study Period	2020 to 2030
Historical Data	2020 to 2023
Base Year	2024
Forecast Period	2025 – 2030
Forecast Unit (Value)	USD Billion
Segmentation	Type End-User Geography
Geographical Segmentation	North America, South America, Europe, Middle East and Africa, Asia Pacific
List of Major Companies in the Marine Fuel Market	Shell Neste BP Chevron Corporation Exxon Mobil Corporation
Customization Scope	Free report customization with purchase

 

Global Marine Fuel Market is analyzed into the following segments:

• By Type
  • Fuel Oil
  • Gas Oil
• By End-User
  • Oil Tanker
  • Gas Tanker
  • Chemical Tanker
  • General Cargo
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key Benefits for the Stakeholders

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. GLOBAL MARINE FUEL MARKET BY TYPE

5.1. Introduction 

5.2. Fuel Oil

5.3. Gas Oil

6. GLOBAL MARINE FUEL MARKET BY END-USER

6.1. Introduction

6.2. Oil Tanker

6.3. Gas Tanker

6.4. Chemical Tanker

6.5. General Cargo

6.6. Others

7. GLOBAL MARINE FUEL MARKET BY GEOGRAPHY

7.1. Introduction

7.2. North America

7.2.1. By Type

7.2.2. By End-User

7.2.3. By Country

7.2.3.1. USA

7.2.3.2. Canada

7.2.3.3. Mexico

7.3. South America

7.3.1. By Type

7.3.2. By End-User

7.3.3. By Country

7.3.3.1. Brazil

7.3.3.2. Argentina

7.3.3.3. Others

7.4. Europe

7.4.1. By Type

7.4.2. By End-User

7.4.3. By Country

7.4.3.1. United Kingdom

7.4.3.2. Germany

7.4.3.3. France

7.4.3.4. Spain

7.4.3.5. Others

7.5. Middle East and Africa

7.5.1. By Type

7.5.2. By End-User

7.5.3. By Country

7.5.3.1. Saudi Arabia

7.5.3.2. UAE

7.5.3.3. Others

7.6. Asia Pacific

7.6.1. By Type

7.6.2. By End-User

7.6.3. By Country

7.6.3.1. China

7.6.3.2. Japan

7.6.3.3. South Korea

7.6.3.4. Australia

7.6.3.5. India

7.6.3.6. Indonesia

7.6.3.7. Thailand

7.6.3.8. Others

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Market Share Analysis

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Competitive Dashboard

9. COMPANY PROFILES

9.1. Shell

9.2. Neste

9.3. BP

9.4. Chevron Corporation

9.5. Exxon Mobil Corporation

9.6. Mabanaft GmbH & Co. KG

9.7. Uniper SE

9.8. Global Partners LP

9.9. Lukoil

Shell

Neste

BP

Chevron Corporation

Exxon Mobil Corporation

Mabanaft GmbH & Co. KG

Uniper SE

Global Partners LP

Lukoil