India Bunker Fuel Market is growing due to rising maritime trade and stricter regulations pushing the demand for cleaner, more efficient marine fuels during the 2026-2030F period.

According to the TechSci Research report, India Bunker Fuel Market – By Region, Competition, Forecast & Opportunities, 2030F, the India Bunker Fuel Market was valued at USD 27.8 billion in 2024 and is projected to reach USD 36.53 billion by 2030, growing at a CAGR of 4.5%. This growth is driven primarily by the rise in domestic shipping activities, with the Indian government focusing on boosting the maritime sector through initiatives like the Sagarmala project and the development of inland waterways. These initiatives have stimulated domestic shipping, resulting in a higher demand for bunker fuels, as well as the expansion of India’s coastal shipping network and new shipping routes. The increase in regional shipping operations and more domestic vessels further enhances the demand for bunker fuel, supporting the country’s economic development and maritime capabilities.

Market Insights:

The South Region of India is emerging as the fastest-growing area in the India Bunker Fuel Market. This region, which includes major ports such as Chennai, Visakhapatnam, and Kochi, has experienced substantial infrastructure development, positioning it as a key hub for maritime trade. The strategic location of these ports along major shipping routes has attracted international shipping companies, thereby increasing demand for bunker fuel. The region benefits from an established maritime infrastructure, including advanced refueling facilities and efficient logistics networks that support fuel supply and distribution. Additionally, economic growth driven by the automotive and manufacturing sectors further fuels demand for maritime transport and bunker fuel.

The South Region's focus on adopting cleaner fuels, such as Very Low Sulfur Fuel Oil (VLSFO) and LNG, aligns with international environmental regulations aimed at reducing emissions. This regulatory compliance makes the region more attractive to environmentally-conscious shipping companies and drives investment in advanced bunker fuel technologies. Furthermore, investments in port modernization and expansion are expected to further boost bunker fuel demand as these facilities enhance operational capacity. With favorable business conditions and government initiatives supporting port development and maritime activities, the South Region is poised for significant growth in the bunker fuel sector.

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Fuel Type Insights:

Based on fuel type, the High Sulfur Fuel Oil (HSFO) segment dominated the India bunker fuel market and is expected to maintain its lead through the forecast period. Despite the International Maritime Organization’s (IMO) 2020 regulation capping sulfur content to 0.5%, shifting demand towards low-sulfur alternatives like Very Low Sulfur Fuel Oil (VLSFO) and Marine Gas Oil (MGO), HSFO remains a key segment in India. This is primarily due to its cost-effectiveness, particularly in regions where scrubber technology is used to remove sulfur from exhaust gases, allowing continued use of HSFO at a lower cost than its low-sulfur alternatives. Indian shipping companies have invested in scrubbers to maintain the use of HSFO, given its lower price.

While VLSFO and MGO are gaining traction due to stricter environmental regulations, HSFO continues to dominate due to its cost benefits and well-established infrastructure. The gradual shift towards alternative fuels like LNG and biofuels is occurring, but infrastructure limitations and higher costs currently restrict their widespread adoption. As technology advances and further regulatory changes take place, HSFO’s market dominance will likely persist, although a transition to lower sulfur and alternative fuels is expected over time.

Key market players in the India Bunker Fuel Market are: -

• Indian Oil Corporation Limited
• Bharat Petroleum Corporation Limited
• Hindustan Petroleum Corporation Limited
• Reliance Industries Limited
• TotalEnergies SE
• Marubeni Corporation
• Vitol Group
• Exxon Mobil Corporation
• Shell plc
• BP plc

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“The India Bunker Fuel Market presents several opportunities for growth. The shift towards lower sulfur fuels and compliance with IMO 2020 regulations opens avenues for suppliers to offer cleaner and more efficient bunker fuel solutions. The expanding maritime trade and port infrastructure development in India further create demand for bunker fuel, driving market expansion. Additionally, advancements in fuel technologies and the adoption of alternative fuels such as LNG present new opportunities for innovation and differentiation.

The increasing focus on sustainability and environmental regulations also offers a chance for companies to position themselves as leaders in green fuel solutions. Moreover, strategic partnerships with shipping companies and port operators can enhance market reach and service capabilities, providing a competitive edge in this evolving sector.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.

“India Bunker Fuel Market By Fuel Type (High Sulphur Fuel Oil, Very Low Sulphur Fuel Oil, Marine Gas Oil, Liquefied Natural Gas, Other), By Vessel Type (Containers, Tankers, General Cargo, Bulk Carriers, Other), By Region, Competition, Forecast and Opportunities 2020-2030F”, has evaluated the future growth potential of India Bunker Fuel Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Bunker Fuel Market.

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