- Hydrogen
- Ammonia
- Methanol
- Biofuels
- Others
Sustainable Marine Fuel Market size was valued at USD 810 million in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 35.6% from 2024 to 2030 to reach USD 6,828.1 million in 2030. The sustainable marine fuel market refers to the market for alternative fuels used in maritime transportation that are considered environmentally sustainable. These fuels are aimed at reducing greenhouse gas emissions and other environmental impacts associated with traditional marine fuels like heavy fuel oil (HFO) and marine diesel oil (MDO). Sustainable marine fuels also referred to as biofuels or alternative marine fuels, are sourced from renewable origins. They can be employed alongside conventional marine fuels or independently, offering flexibility in reducing environmental impact. Stringent environmental regulations targeting carbon emissions in maritime transport are the primary drivers of the sustainable marine fuel market.
Governments globally are promoting the use of these fuels with subsidies and tax incentives, prompting shipowners to embrace cleaner fuel technologies. Furthermore, increasing consumer awareness and corporate sustainability efforts are further propelling market expansion. Despite these positive trends, several obstacles impede the widespread uptake of sustainable marine fuels. These include elevated production expenses, inadequate infrastructure for fuel distribution, and technical compatibility challenges with current ship engines. Additionally, uncertainties surrounding long-term fuel availability and the scalability of production continue to present significant concerns for industry stakeholders.
Study Period
Base Year
CAGR
Largest Market
Fastest Growing Market
Government initiatives are pivotal in driving the sustainable marine fuels market forward, as they collaborate closely with corporate entities and private institutions to tackle carbon emissions stemming from shipping activities. These initiatives include a range of policies and regulations aimed at promoting the adoption of climate-friendly fuels throughout the maritime sector. For instance, the International Maritime Organization (IMO) has set ambitious targets to reduce greenhouse gas emissions from international shipping. Their strategy includes a goal to reduce the carbon intensity of shipping by at least 40% by 2030 and to achieve a 50% reduction in total annual greenhouse gas emissions from shipping by 2050, compared to 2008 levels. This regulatory framework encourages the industry to explore and invest in sustainable marine fuel options. In addition to global efforts, regional governments are also making significant commitments to decarbonize shipping.
For example, the European Union's Green Deal aims to make Europe the first climate-neutral continent by 2050. As part of this initiative, the EU has set targets for reducing emissions from shipping and is promoting the use of alternative fuels such as green hydrogen, ammonia, and biofuels in maritime transport. Furthermore, the United States, Japan, and the United Kingdom have all established targets to achieve net-zero carbon emissions from shipping by 2050. These commitments underscore the global momentum towards adopting sustainable marine fuels and transitioning towards a more environmentally responsible maritime industry.
The global sustainable marine fuel market size was valued at USD 810 million in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 35.6% from 2024 to 2030 to reach USD 6,828.1 million in 2030.
The leading players in the sustainable marine fuel market are BP P.L.C., Cargill Inc., Bunker Holding, Cockett Marine Oil, Chevron Renewable Energy Group, GoodFuels, Neste, Shell plc, and TotalEnergies.
The sustainable marine fuel market is primarily driven by stringent environmental regulations mandating emissions reductions, increasing corporate sustainability initiatives, and growing consumer awareness of climate change impacts in shipping.
1.Executive Summary |
2.Global Sustainable Marine Fuel Market Introduction |
2.1.Global Sustainable Marine Fuel Market - Taxonomy |
2.2.Global Sustainable Marine Fuel Market - Definitions |
2.2.1.Type |
2.2.2.Application |
2.2.3.Conversion Process |
2.2.4.Region |
3.Global Sustainable Marine Fuel Market Dynamics |
3.1. Drivers |
3.2. Restraints |
3.3. Opportunities/Unmet Needs of the Market |
3.4. Trends |
3.5. Product Landscape |
3.6. New Product Launches |
3.7. Impact of COVID 19 on Market |
4.Global Sustainable Marine Fuel Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5.Global Sustainable Marine Fuel Market By Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
5.1. Hydrogen |
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.1.3. Market Opportunity Analysis |
5.2. Ammonia |
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.2.3. Market Opportunity Analysis |
5.3. Methanol |
5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.3.3. Market Opportunity Analysis |
5.4. Biofuels |
5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.4.3. Market Opportunity Analysis |
5.5. Others |
5.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.5.3. Market Opportunity Analysis |
6.Global Sustainable Marine Fuel Market By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
6.1. Tankers |
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. Barges |
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
6.3. Vessels |
6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.3.3. Market Opportunity Analysis |
6.4. Tugboats |
6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.4.3. Market Opportunity Analysis |
6.5. Defense Vessels |
6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.5.3. Market Opportunity Analysis |
6.6. Ferries |
6.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.6.3. Market Opportunity Analysis |
6.7. Yachts |
6.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.7.3. Market Opportunity Analysis |
6.8. Others |
6.8.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.8.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.8.3. Market Opportunity Analysis |
7.Global Sustainable Marine Fuel Market By Conversion Process, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
7.1. Fisher-Tropsch Synthesis |
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.1.3. Market Opportunity Analysis |
7.2. Anaerobic Digestion |
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.2.3. Market Opportunity Analysis |
7.3. Hydrothermal Liquefaction & Partial Hydrotreating |
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.3.3. Market Opportunity Analysis |
7.4. Others |
7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.4.3. Market Opportunity Analysis |
8.Global Sustainable Marine Fuel Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
8.1. North America |
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.1.3. Market Opportunity Analysis |
8.2. Europe |
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.2.3. Market Opportunity Analysis |
8.3. Asia Pacific (APAC) |
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.3.3. Market Opportunity Analysis |
8.4. Middle East and Africa (MEA) |
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.4.3. Market Opportunity Analysis |
8.5. Latin America |
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.5.3. Market Opportunity Analysis |
9.North America Sustainable Marine Fuel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
9.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.1.1.Hydrogen |
9.1.2.Ammonia |
9.1.3.Methanol |
9.1.4.Biofuels |
9.1.5.Others |
9.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.2.1.Tankers |
9.2.2.Barges |
9.2.3.Vessels |
9.2.4.Tugboats |
9.2.5.Defense Vessels |
9.2.6.Ferries |
9.2.7.Yachts |
9.2.8.Others |
9.3. Conversion Process Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.3.1.Fisher-Tropsch Synthesis |
9.3.2.Anaerobic Digestion |
9.3.3.Hydrothermal Liquefaction & Partial Hydrotreating |
9.3.4.Others |
9.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.4.1.United States of America (USA) |
9.4.2.Canada |
10.Europe Sustainable Marine Fuel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
10.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.1.1.Hydrogen |
10.1.2.Ammonia |
10.1.3.Methanol |
10.1.4.Biofuels |
10.1.5.Others |
10.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.2.1.Tankers |
10.2.2.Barges |
10.2.3.Vessels |
10.2.4.Tugboats |
10.2.5.Defense Vessels |
10.2.6.Ferries |
10.2.7.Yachts |
10.2.8.Others |
10.3. Conversion Process Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.3.1.Fisher-Tropsch Synthesis |
10.3.2.Anaerobic Digestion |
10.3.3.Hydrothermal Liquefaction & Partial Hydrotreating |
10.3.4.Others |
10.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.4.1.Germany |
10.4.2.France |
10.4.3.Italy |
10.4.4.United Kingdom (UK) |
10.4.5.Spain |
11.Asia Pacific (APAC) Sustainable Marine Fuel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
11.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.1.1.Hydrogen |
11.1.2.Ammonia |
11.1.3.Methanol |
11.1.4.Biofuels |
11.1.5.Others |
11.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.2.1.Tankers |
11.2.2.Barges |
11.2.3.Vessels |
11.2.4.Tugboats |
11.2.5.Defense Vessels |
11.2.6.Ferries |
11.2.7.Yachts |
11.2.8.Others |
11.3. Conversion Process Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.3.1.Fisher-Tropsch Synthesis |
11.3.2.Anaerobic Digestion |
11.3.3.Hydrothermal Liquefaction & Partial Hydrotreating |
11.3.4.Others |
11.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.4.1.China |
11.4.2.India |
11.4.3.Australia and New Zealand (ANZ) |
11.4.4.Japan |
11.4.5.Rest of APAC |
12.Middle East and Africa (MEA) Sustainable Marine Fuel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
12.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.1.1.Hydrogen |
12.1.2.Ammonia |
12.1.3.Methanol |
12.1.4.Biofuels |
12.1.5.Others |
12.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.2.1.Tankers |
12.2.2.Barges |
12.2.3.Vessels |
12.2.4.Tugboats |
12.2.5.Defense Vessels |
12.2.6.Ferries |
12.2.7.Yachts |
12.2.8.Others |
12.3. Conversion Process Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.3.1.Fisher-Tropsch Synthesis |
12.3.2.Anaerobic Digestion |
12.3.3.Hydrothermal Liquefaction & Partial Hydrotreating |
12.3.4.Others |
12.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.4.1.GCC Countries |
12.4.2.South Africa |
12.4.3.Rest of MEA |
13.Latin America Sustainable Marine Fuel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
13.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.1.1.Hydrogen |
13.1.2.Ammonia |
13.1.3.Methanol |
13.1.4.Biofuels |
13.1.5.Others |
13.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.2.1.Tankers |
13.2.2.Barges |
13.2.3.Vessels |
13.2.4.Tugboats |
13.2.5.Defense Vessels |
13.2.6.Ferries |
13.2.7.Yachts |
13.2.8.Others |
13.3. Conversion Process Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.3.1.Fisher-Tropsch Synthesis |
13.3.2.Anaerobic Digestion |
13.3.3.Hydrothermal Liquefaction & Partial Hydrotreating |
13.3.4.Others |
13.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.4.1.Brazil |
13.4.2.Mexico |
13.4.3.Rest of LA |
14. Competition Landscape |
14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
14.2.1.BP P.L.C. |
14.2.2.Cargill Inc. |
14.2.3.Bunker Holding |
14.2.4.DS Dansuk |
14.2.5.Cockett Marine Oil |
14.2.6.Chevron Renewable Energy Group |
14.2.7.GoodFuels |
14.2.8.Neste |
14.2.9.Shell plc |
14.2.10.TotalEnergies |
15. Research Methodology |
16. Appendix and Abbreviations |