Global Marine Residual Fuel Oil Market Growth 2025-2031
Description
The global Marine Residual Fuel Oil market size is predicted to grow from US$ 60580 million in 2025 to US$ 75030 million in 2031; it is expected to grow at a CAGR of 3.6% from 2025 to 2031.
Marine residual fuel oil, also known as heavy fuel oil (HFO) or bunker fuel, is a type of fuel oil used in ships. It's a viscous, high-sulfur residue left over from the crude oil refining process. It's the cheapest and most readily available fuel for large vessels, but it produces significant air pollution, including sulfur oxides (SOx), particulate matter, and nitrogen oxides (NOx). Due to environmental concerns, regulations are increasingly restricting its use, pushing the shipping industry towards cleaner alternatives.
The marine residual fuel oil market is undergoing a significant transformation due to stricter environmental regulations, primarily driven by the International Maritime Organization's (IMO) sulfur cap. This regulation mandates a significant reduction in the sulfur content of marine fuels, pushing ship owners to adopt various strategies. These strategies include switching to cleaner fuels like low-sulfur fuel oil (LSFO), marine gas oil (MGO), or liquefied natural gas (LNG). Scrubbers, which are exhaust gas cleaning systems, offer another option by allowing ships to continue using HFO while removing sulfur oxides from the exhaust. The demand for HFO is declining, while the demand for LSFO and other cleaner alternatives is increasing. The industry is also seeing a rise in the use of biofuels and other alternative fuels. Furthermore, the development of more fuel-efficient ship designs and technologies is contributing to reduced fuel consumption overall. The long-term trend is towards decarbonization of the shipping industry, with a focus on reducing greenhouse gas emissions. This involves further exploration of alternative fuels, improvements in energy efficiency, and potentially the adoption of carbon capture and storage technologies. The future of marine residual fuel oil is uncertain, with its use likely to be significantly reduced or even phased out completely in the coming decades.
LP Information, Inc. (LPI) ' newest research report, the “Marine Residual Fuel Oil Industry Forecast” looks at past sales and reviews total world Marine Residual Fuel Oil sales in 2024, providing a comprehensive analysis by region and market sector of projected Marine Residual Fuel Oil sales for 2025 through 2031. With Marine Residual Fuel Oil sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Marine Residual Fuel Oil industry.
This Insight Report provides a comprehensive analysis of the global Marine Residual Fuel Oil landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Marine Residual Fuel Oil portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Marine Residual Fuel Oil market.
This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Marine Residual Fuel Oil and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Marine Residual Fuel Oil.
This report presents a comprehensive overview, market shares, and growth opportunities of Marine Residual Fuel Oil market by product type, application, key manufacturers and key regions and countries.
Segmentation by Type:
HSFO
LSFO
ULSFO
Segmentation by Application:
Large Ship
Medium Ship
Small Ship
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, its market penetration.
BP
Exxon Mobil
Chevron
Royal Dutch Shell
Sinopec
Petrobras
PetroChina
Indian Oil
Shell Global
Orim Energy
Bomin Group
TotalEnergies Marine Fuels
CEPSA
Stena Oil
Qatar Petroleum
Monjasa
Key Questions Addressed in this Report
What is the 10-year outlook for the global Marine Residual Fuel Oil market?
What factors are driving Marine Residual Fuel Oil market growth, globally and by region?
Which technologies are poised for the fastest growth by market and region?
How do Marine Residual Fuel Oil market opportunities vary by end market size?
How does Marine Residual Fuel Oil break out by Type, by Application?
Please note: The report will take approximately 2 business days to prepare and deliver.
Marine residual fuel oil, also known as heavy fuel oil (HFO) or bunker fuel, is a type of fuel oil used in ships. It's a viscous, high-sulfur residue left over from the crude oil refining process. It's the cheapest and most readily available fuel for large vessels, but it produces significant air pollution, including sulfur oxides (SOx), particulate matter, and nitrogen oxides (NOx). Due to environmental concerns, regulations are increasingly restricting its use, pushing the shipping industry towards cleaner alternatives.
The marine residual fuel oil market is undergoing a significant transformation due to stricter environmental regulations, primarily driven by the International Maritime Organization's (IMO) sulfur cap. This regulation mandates a significant reduction in the sulfur content of marine fuels, pushing ship owners to adopt various strategies. These strategies include switching to cleaner fuels like low-sulfur fuel oil (LSFO), marine gas oil (MGO), or liquefied natural gas (LNG). Scrubbers, which are exhaust gas cleaning systems, offer another option by allowing ships to continue using HFO while removing sulfur oxides from the exhaust. The demand for HFO is declining, while the demand for LSFO and other cleaner alternatives is increasing. The industry is also seeing a rise in the use of biofuels and other alternative fuels. Furthermore, the development of more fuel-efficient ship designs and technologies is contributing to reduced fuel consumption overall. The long-term trend is towards decarbonization of the shipping industry, with a focus on reducing greenhouse gas emissions. This involves further exploration of alternative fuels, improvements in energy efficiency, and potentially the adoption of carbon capture and storage technologies. The future of marine residual fuel oil is uncertain, with its use likely to be significantly reduced or even phased out completely in the coming decades.
LP Information, Inc. (LPI) ' newest research report, the “Marine Residual Fuel Oil Industry Forecast” looks at past sales and reviews total world Marine Residual Fuel Oil sales in 2024, providing a comprehensive analysis by region and market sector of projected Marine Residual Fuel Oil sales for 2025 through 2031. With Marine Residual Fuel Oil sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Marine Residual Fuel Oil industry.
This Insight Report provides a comprehensive analysis of the global Marine Residual Fuel Oil landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Marine Residual Fuel Oil portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Marine Residual Fuel Oil market.
This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Marine Residual Fuel Oil and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Marine Residual Fuel Oil.
This report presents a comprehensive overview, market shares, and growth opportunities of Marine Residual Fuel Oil market by product type, application, key manufacturers and key regions and countries.
Segmentation by Type:
HSFO
LSFO
ULSFO
Segmentation by Application:
Large Ship
Medium Ship
Small Ship
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, its market penetration.
BP
Exxon Mobil
Chevron
Royal Dutch Shell
Sinopec
Petrobras
PetroChina
Indian Oil
Shell Global
Orim Energy
Bomin Group
TotalEnergies Marine Fuels
CEPSA
Stena Oil
Qatar Petroleum
Monjasa
Key Questions Addressed in this Report
What is the 10-year outlook for the global Marine Residual Fuel Oil market?
What factors are driving Marine Residual Fuel Oil market growth, globally and by region?
Which technologies are poised for the fastest growth by market and region?
How do Marine Residual Fuel Oil market opportunities vary by end market size?
How does Marine Residual Fuel Oil break out by Type, by Application?
Please note: The report will take approximately 2 business days to prepare and deliver.
Table of Contents
145 Pages
- *This is a tentative TOC and the final deliverable is subject to change.*
- 1 Scope of the Report
- 2 Executive Summary
- 3 Global by Company
- 4 World Historic Review for Marine Residual Fuel Oil by Geographic Region
- 5 Americas
- 6 APAC
- 7 Europe
- 8 Middle East & Africa
- 9 Market Drivers, Challenges and Trends
- 10 Manufacturing Cost Structure Analysis
- 11 Marketing, Distributors and Customer
- 12 World Forecast Review for Marine Residual Fuel Oil by Geographic Region
- 13 Key Players Analysis
- 14 Research Findings and Conclusion
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