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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
United Kingdom Bunker Fuel Market Outlook
The United Kingdom bunker fuel market size reached nearly USD 7.86 billion in 2023. The market is projected to grow at a CAGR of 5.8% between 2024 and 2032 to reach a value of around USD 13.06 billion by 2032.
Key Trends in the Market
Bunker fuel, also known as residual fuel oil (RFO), refers to a type of fuel which is used to power and propel a ship forward. Bunker fuel is a heavy fuel which is derived from crude oil. It is heated by a special heating system and typically contains high amounts of pollutants, like sulphur.
- The United Kingdom bunker fuel market growth is being driven by the growing efforts to boost trade and investments in the maritime sector of the United Kingdom. Moreover, the increasing popularity of cruising is further anticipated to fuel the demand for bunker fuels in the coming years.
- An increase in the use of liquefied natural gas (LNG) as an alternative to traditional bunker fuels, owing to its environmentally friendly properties, is a crucial United Kingdom bunker fuel market trend.
- Stringent regulations by international bodies such as the International Maritime Organisation (IMO) aimed at reducing sulphur content in marine fuels are likely to drive the demand for low-sulphur bunker fuels such as marine gas oil in the forecast period.
Market Analysis
Based on fuel type, the United Kingdom bunker fuel market segmentations include high sulphur fuel oil (HSFO), very low sulphur fuel oil (VLSFO), marine gas oil (MGO), and liquefied natural gas (LNG), among others. On the basis of vessel type, the market is classified into containers, tankers, general cargo, and bulk container, among others.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the United Kingdom bunker fuel market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- Exxon Mobil Corporation
- TotalEnergies SE
- Crown Oil Limited
- Greenergy International Ltd.
- Rosneft Marine UK Ltd.
- Gulf Agency Company Limited
- Prax Group (Harvest Energy)
- Others
Market Share by Fuel Type
Very low sulphur fuel oil (VLSFO) accounts for a significant portion of the United Kingdom bunker fuel market share. This can be attributed to the high operational efficiency and economic stability offered by this type of fuel. In addition, it is an eco-friendly option as it reduces environmental damage caused due to sulphur emissions. Hence, increasing concerns pertaining to the emission of greenhouse gases are further fuelling the segment’s growth.
Market Share by Vessel Types
As per the United Kingdom bunker fuel market analysis, containers are expected to attain rapid growth in the forecast period. This can be attributed to the growing use of containers for bulk cargo transportation. In addition, containers can be used to transport a wide range of products, offer easy storage, and provide optimal safety, thereby boosting the segment’s growth.
Competitive Landscape
Exxon Mobil Corporation is a leading publicly traded international oil and gas company which provides gasoline, diesel fuel and jet fuel to the military, commercial, and industrial sectors, among others. It was established in 1999 and is headquartered in Texas, the United States.
Crown Oil Limited is a company which supplies red diesel, biodiesel, white diesel, kerosene, carbon offset fuels, heating oil, and lubricants, among others. The company was founded in 1947 and is headquartered in Greater Manchester, England.
Greenergy International Ltd. is one of the leading suppliers of renewables derived from waste as well as transportation fuels. It is also one of the largest distributors of petrol and diesel for motor vehicles.
Other United Kingdom bunker fuel market players include TotalEnergies SE, Rosneft Marine UK Ltd., Gulf Agency Company Limited, and Prax Group (Harvest Energy), among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Fuel Type |
|
| Breakup by Vessel Type |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market reached a value of nearly USD 7.86 billion in 2023.
The market is estimated to grow at a CAGR of 5.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 13.06 billion by 2032.
The growing efforts to boost trade and investments in the maritime sector and the increasing demand for bunker fuels such as LNG and VLSFO are the major drivers of the market.
The key trends in the market include the increasing concerns pertaining to the emission of greenhouse gases and the growing demand for bunker fuels with low sulphur content.
High sulphur fuel oil (HSFO), very low sulphur fuel oil (VLSFO), marine gas oil (MGO), and liquefied natural gas (LNG), among others, are the different fuel types included in the market report.
Containers, tankers, general cargo, and bulk container, among others, are the major vessel types considered in the market report.
Exxon Mobil Corporation, TotalEnergies SE, Crown Oil Limited, Greenergy International Ltd., Rosneft Marine UK Ltd., Gulf Agency Company Limited, and Prax Group (Harvest Energy), among others, are the key market players.
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