Synthetic Fuel Market Share to grow at 19.7% CAGR To 2031

The synthetic fuel market was valued at $3.9 billion in 2021, and is estimated to reach $22.5 billion by 2031, growing at a CAGR of 19.7% from 2022 to 2031.

Synthetic fuel, also known as synfuel, is a type of fuel that is produced from non-petroleum sources such as coal, natural gas, or biomass through a chemical process.

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North America dominated the synthetic fuel market and is expected to grow at a CAGR of 19.9% during the forecast period.

The goal of producing synthetic fuel is to reduce the dependency on traditional fossil fuels and mitigate their environmental impact. Synfuels can be produced using a variety of processes, including gasification, liquefaction, and Fischer-Tropsch synthesis. While synthetic fuel can have similar properties to traditional petroleum-based fuels, the production process can be energy-intensive and costly. However, ongoing research and development in this field are focused on improving the efficiency and reducing the cost of producing synthetic fuel.

The synthetic fuel market is gaining momentum over the last few years. This can be attributed to continuous efforts made to achieve a carbon-neutral economy.

The benefits of synthetic fuels such as reduced carbon emissions and sustainable fuel economy are the major driving factors for the industry growth.

By application, the market is segmented into gasoline, diesel, and kerosene. Synthetic diesel is made from feedstocks that contain carbon. Synthetic diesel has high cetane content and little to no sulfur. This means it has particularly good properties which can be used to improve engine performance.

Due to their exposure to bacteria, the hydrocarbons in the heavy oils are broken down, which is why they are in different physical forms. The synthetic fuel produced from extra heavy oils is termed Syncrude which needs further refining to be able to use commercially.

The synthetic fuel market growth was led by Germany and the UK in the Europe. This was owed to the presence of significant industry players investing thoroughly in the technologies to develop synthetic fuel.

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By raw material, natural gas is projected to grow at the highest CAGR of approximately 20.0%, in terms of during the synthetic fuel market forecast period.

The key players operating in the synthetic fuel industry are Sasol, Indian Oil Corporation, Shell Plc, Exxon Mobil Corporation, Reliance, Robert Bosch GmbH, Air Liquide, PetroChina, Phillips 66, And SG Preston Company.

Corn stover, softwoods, hardwood, switchgrass, and miscanthus are feedstocks used for synthetic fuel production. The combustion of these feedstocks produces carbon dioxide which is captured for further use in the production process of synthetic fuels.

The region is witnessing an energy transition away from fossil fuels at a relatively higher rate and thus synthetic fuel production is being boosted by government and industry players.

The impact of the Russo-Ukrainian war has also led the European Union to diversify its primary energy mix away from fossil fuels and thus act as a driving force for the Europe synthetic fuel industry growth.

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The availability of alternative fuels and the higher cost of synthetic fuels discourage the overall synthetic fuel industry growth.

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Bunker Fuel Market by Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gasoil, Others), by Commercial Distributor (Oil Majors, Large Independent Distributor, Small Independent Distributor), by Application (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing Vessels, Gas Tanker, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030

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EP : Non Renewable/Conventional

✷  Report Code: A01813

Pages: 440

Mar 2022 | 51351 Views

Author(s) : Saurabh D , Yerukola P

Tables: 182

Charts: 89

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Bunker Fuel Market Research, 2030

The global bunker fuel market size was valued at $109.6 billion in 2020, and is projected to reach $164.9 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030. Bunker fuel is a fuel oil used in marine vessels. It is poured into the ship bunkers to keep the engines running. Ships use three types of marine fuels, which include high sulfur fuel oil, low sulfur fuel oil, and diesel oil. Presently, growth in awareness toward reducing environmental pollution and stringent government regulations are expected to provide lucrative growth opportunities for the fuels, including liquefied natural gas (LNG), gasoil, and liquefied petroleum gas (LPG) as a substitute to the above-mentioned bunker fuels.

The COVID-19 pandemic across the world has led to decrease in demand for marine fuel which diminished the market revenue of bunker fuel in 2020.

Lockdown imposed due to the outbreak of the COVID-19 pandemic resulted in temporary ban on the import and export thereby, disrupting the supply chain, which, in turn, hampered the bunker fuel market growth in the second, third, and fourth quarter of 2020. However, the market recovered in the late year or by the first quarter of 2021 as the demand for bunker fuel from the maritime transport and shipping industry increased.

The International Maritime Organization (IMO) regulation on sulfur content in marine fuel and increase in offshore oil & gas exploration activities are the key driving factors in the growth of the global bunker fuel market. However, fuel reduction initiatives by shipping community hinder the growth of the global bunker fuel market. Increase in focus toward LNG as an alternative marine fuel is expected to provide lucrative growth opportunities to the global bunker fuel market.

he global bunker fuel market is segmented on the basis of type, commercial distributor, application, and region. Depending on type, it is classified into high sulfur fuel oil, low sulfur fuel oil, marine gas oil, and others. According to commercial distributor, it is categorized into oil majors, large independent, and small independent. As per the application, it is fragmented into bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessels, gas tankers, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global bunker fuel market analysis covers in-depth information of the major industry participants. Some of the major players in the market include BP p.l.c., Exxon Mobil Corporation, Royal Dutch Shell PLC., Lukoil, Sinopec Group, Gazprom Neft PJSC, Chevron Corporation, PETRONAS, Total SE, and Neste.

Other players in the value chain of the bunker fuel market include Saudi Arabian Oil Company, Marathon Petroleum Corporation, Valero Energy Corporation, Minerve Bunkering, World Fuel Services Corporation, Gac Bunker Fuels Limited, and Bomin Bunker Oil Corp.

Key players adopt numerous strategies such as product launch, agreement, partnership, business expansion, and acquisition to stay competitive in the bunker fuel market.

For instance, in February 2020, Lukoil Marine Bunker Ltd. (a subsidiary of Lukoil) acquired two bunkering tankers , namely, G. Puccini and G. Rossini for operation in Big Port St. Petersburg. This will strengthen the position of the company in the bunkering sector of the Gulf of Finland.

By type, the low sulfur fuel oil segment held the highest market share of around 65.17% in 2020, and is expected to be dominant during the bunker fuel market forecast period. This is attributed to implementation of IMO-2020, there will be decrease in demand for high sulfur fuel oil (HSFO), which, in turn, is expected to fuel the market growth for low sulfur fuel oil in the future.

On the basis of commercial distributor, the oil major segment holds the largest bunker fuel market share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to dominance of oil majors in the crude oil tanker chartering business across the globe.

By application, in 2020, the container segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 4.6%. This is attributed to increase in demand for cargo transportation through ships and rise in trade-related agreements. In addition, rise in number of manufacturing units and factories in the region such as Asia-Pacific and LAMEA is anticipated to drive the growth of the bunker fuel market for container shipping.

Asia-Pacific garnered the highest share in the bunker fuel market in 2020, in terms of revenue, and is anticipated to maintain its dominance throughout the forecast period. This is attributed to numerous factors, including increase in presence of huge consumer base and rise in maritime trade activities in the region. Moreover, presence of the developing countries such as China, Japan, Singapore, South Korea, and India contribute toward the growth of the bunker fuel market in Asia-Pacific.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the bunker fuel market analysis from 2020 to 2030 to identify the prevailing bunker fuel market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the bunker fuel market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global bunker fuel market trends, key players, market segments, application areas, and market growth strategies.

Bunker Fuel Market Report Highlights

• AspectsDetailsBy TypeHigh Sulfur Fuel Oil
• Low Sulfur Fuel Oil
• Marine Gasoil
• Others
• By Commercial DistributorOil Majors
• Large Independent Distributor
• Small Independent Distributor
• By ApplicationContainer
• Bulk Carrier
• Oil Tanker
• General Cargo
• Chemical Tanker
• Fishing Vessels
• Gas Tanker
• Others
• By RegionNorth America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, Singapore, Rest of Asia-Pacific)
• LAMEA (Brazil, South Africa,, Saudi Arabia, UAE, Qatar, Kuwait, Iraq, Djibouti, East Africa, Oman, Egypt, Rest of LAMEA)

Key Market PlayersChevron Corporation, Petronas, TotalEnergies, Lukoil, Neste Oyj, Sinopec Group, Royal Dutch Shell Plc, Gazprom Neft PJSC, Exxon Mobil Corporation, BP Plc

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