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North America Bunker Fuel Market Size (2024 - 2029)

The North American bunker fuel market is poised for significant growth, driven by factors such as increased natural gas production and LNG trade, despite challenges posed by trade tensions. The market's expansion is further supported by the demand for cleaner fuels, influenced by environmental concerns and regulatory changes like the IMO's intervention. The United States, with its robust sea trade, is expected to maintain its leading position in the market.

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Market Size of North America Bunker Fuel Industry

North America Bunker Fuel Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 6.50 %
Market Concentration Medium

Major Players

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*Disclaimer: Major Players sorted in no particular order

North America Bunker Fuel Market Analysis

The bunker fuel market in North America is expected to register a CAGR of more than 6.5% during the forecast period (2022-2027), reaching USD 22.21 billion in 2027 from USD 10.77 billion in 2020. In 2020, the COVID-19 outbreak disrupted the logistics and supply chain industry, resulting in major losses to the transportation sector, including the shipping industry. The increasing natural gas production and LNG trade are the major factors that may drive the demand for bunker fuels in North America during the forecast period. However, the increasing trade tensions and tariff escalations between the United States and China are likely to hinder the market's growth during the forecast period.

  • With the intervention of IMO, very low sulfur fuel oil (VLSFO) is expected to be the fastest-growing segment during the forecast period.
  • Low sulfur fuel oil and LNG are expected to create ample opportunities for the market players. Due to the increasing environmental concerns, the demand for cleaner bunker fuel is expected to increase in the coming years.
  • The United States is leading the bunker fuel market due to expanding sea trade. With the expected growth in trade, the country is likely to continue its dominance during the forecast period.

North America Bunker Fuel Industry Segmentation

The North American bunker fuel market report includes:

Fuel Type
High Sulfur Fuel Oil (HSFO)
Very Low Sulfur Fuel Oil (VLSFO)
Marine Gas Oil (MGO)
Liquefied Natural Gas (LNG)
Other Fuel Types
Vessel Type
Containers
Tankers
General Cargo
Bulk Carrier
Other Vessel Types
Geography
United States
Canada
Rest of North America
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North America Bunker Fuel Market Size Summary

The North American bunker fuel market is poised for significant growth, driven by increasing natural gas production and LNG trade. The market is expected to experience a robust expansion, with very low sulfur fuel oil (VLSFO) emerging as the fastest-growing segment due to its compliance with environmental regulations. The United States, with its extensive sea trade and strategic position between major global trade routes, is a dominant player in this market. The country's refining industry is well-equipped to meet the demand for low-sulfur fuels, although conventional fuels are expected to maintain their dominance in the near term. Despite challenges such as trade tensions and underdeveloped LNG bunkering infrastructure, the market is set to benefit from the ongoing shift towards cleaner bunker fuels.

The COVID-19 pandemic initially disrupted the logistics and supply chain sectors, impacting the shipping industry and, consequently, the bunker fuel market. However, the recovery and growth in trade activities are anticipated to bolster demand. The Port of Vancouver's record cargo volumes highlight the increasing trade activity in Canada, which is expected to drive VLSFO demand. The market is moderately fragmented, with major players like ExxonMobil, BP, Shell, TotalEnergies, and Chevron actively participating. Collaborative efforts, such as those between Chevron and Caterpillar, aim to explore alternative fuels like hydrogen, indicating a potential shift in the industry's future landscape.

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North America Bunker Fuel Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Fuel Type

      1. 2.1.1 High Sulfur Fuel Oil (HSFO)

      2. 2.1.2 Very Low Sulfur Fuel Oil (VLSFO)

      3. 2.1.3 Marine Gas Oil (MGO)

      4. 2.1.4 Liquefied Natural Gas (LNG)

      5. 2.1.5 Other Fuel Types

    2. 2.2 Vessel Type

      1. 2.2.1 Containers

      2. 2.2.2 Tankers

      3. 2.2.3 General Cargo

      4. 2.2.4 Bulk Carrier

      5. 2.2.5 Other Vessel Types

    3. 2.3 Geography

      1. 2.3.1 United States

      2. 2.3.2 Canada

      3. 2.3.3 Rest of North America

North America Bunker Fuel Market Size FAQs

The North America Bunker Fuel Market is projected to register a CAGR of greater than 6.5% during the forecast period (2024-2029)

BP PLC, Chevron Corporation, Shell PLC, TotalEnergies SE and ExxonMobil Corporation are the major companies operating in the North America Bunker Fuel Market.

North America Bunker Fuel Report Snapshots

North America Bunker Fuel Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)