10 Key Players Shaping the Sustainable Marine Fuel Market

10 Key Players Shaping the Sustainable Marine Fuel Market


Jun 12, 2024

Blog Energy and Resources 10 Key Players Shaping the Sustainable Marine Fuel Market

The global sustainable marine fuel market is witnessing substantial growth as the maritime industry aims to minimize its carbon footprint and comply with stringent environmental regulations. Sustainable marine fuels, also known as biofuels or alternative marine fuels, are derived from renewable sources and help to reduce greenhouse gas emissions from ships. These fuels can be used in combination with traditional marine fuels or used independently.

The rising demand for sustainable marine fuels is driven by the increasing carbon emissions from the shipping industry. Ships contribute significantly to global greenhouse gas emissions, leading to air pollution and climate change. To address this issue, the maritime industry is exploring sustainable alternatives that can reduce carbon emissions and improve air quality. Here, we will explore the leading companies driving innovation and growth in this sector.

As per BCC Research, the global sustainable marine fuel market reached a value of $330.9 million in 2023 and is projected to hit $3.4 billion by the end of 2028.

Notably, this growth reflects an extraordinary compound annual growth rate (CAGR) of 59.4% during the forecast period, highlighting the rapid adoption of greener fuel alternatives in the maritime industry.



Global Sustainable Marine Fuel Market

The market is projected to grow from $216.5 million in 2022 to $3.4 billion in 2028 at a compound annual growth rate (CAGR) of 59.4% during the forecast period.

Leading Companies in the Sustainable Marine Fuel Industry:

  1. BP P.L.C.( 1909): A leading oil and gas company, BP, is transitioning to a low-carbon future and has developed bio-LNG and advanced biofuels for maritime transport to reduce shipping emissions. In collaboration with Maersk Tankers and the Danish Maritime Authority, BP successfully trialed biofuel-blended marine fuel in product tankers, proving its viability as a 'drop-in fuel' for reducing shipping emissions. BP operates in 70 countries.
  2. Cargill Inc. (1865): An American multinational, processes agricultural products, trades commodities, and provides food products. Since the early 2000s, Cargill has produced biofuels and is the third-largest FAME biodiesel manufacturer in the U.S. Cargill is creating the world’s first fully climate-aligned shipping lanes and has partnered with Maersk Tankers to source biofuels for maritime decarbonization. Operating in 70 countries, it sells to 125 markets worldwide.
  3. Bunker Holding (1876): A global leader in marine fuel and lube oil supply, Bunker Holding also offers risk management and other services for the shipping industry. The company has expanded biofuel availability at over 80 ports, preparing for alternative fuels like methanol and ammonia. It operates in 32 countries with 62 offices worldwide.
  4. DS Dansuk (1965): A South Korean biodiesel producer, DS DANSUK, has made significant strides in the sustainable marine fuel sector, producing approximately 50,000 tons of ISCC-certified SMF annually. In July 2022, they achieved a milestone by exporting 3,000 tons of SMF to the Netherlands, marking their first export to Europe.
  5. Cockett Marine Oil (1979): A leading supplier of bunker fuel and marine lubricants is sourcing alternative fuels like methanol, LNG, ammonia, hydrogen, and biofuels to reduce reliance on traditional fuels and decarbonize the sector.
  6. Chevron Renewable Energy Group (2022): In 2022, Chevron acquired Renewable Energy Group (REG), one of North America's largest biodiesel producers. REG operates nine biorefineries in the U.S. and Europe, producing 408 million gallons of fuel in 2023, resulting in a 3.8 million metric ton carbon reduction.
  7. GoodFuels (2015): Specializes in developing and delivering sustainable marine biofuels made from certified waste or residue feedstocks. These biofuels can reduce CO2 emissions by up to 90% and nearly eliminate sulfur oxide emissions. Part of FincoEnergies, a provider of low-carbon energy solutions, GoodFuels focuses primarily on the European market.
  8. Neste (1948): produces marine fuels to help reduce the maritime sector's greenhouse gas emissions. It sells renewable diesel in over 500 stations across the U.S., the Netherlands, Sweden, and Germany. Neste Marine™ 0.1 Co-processed can reduce GHG emissions by up to 80% compared to fossil fuels. Its oil and renewable products are sold in 44 countries to around 378 wholesale customers.
  9. Shell plc (1907): One of the world's largest biofuel blenders and distributors, Shell offers LNG, gas oil, and high and low sulfur fuel oil. They are developing low carbon fuels (LCF) to reduce transportation emissions and used sustainable raw materials to provide 5 billion liters in 2016. Shell partnered with Hapag-Lloyd to expand LCF solutions and completed over 250 ship-to-ship LNG bunkering operations in 2022, operating in over 99 countries.
  1. TotalEnergies (1924): TotalEnergies Marine Fuels, a unit of TotalEnergies, specializes in global bunkering services, serving 200+ customers across 120+ ports in Europe, Asia Pacific, and Africa. They're venturing into biofuels production to create sustainable marine fuel (SMF) by blending biofuels with existing fuels. Their offerings include Low Sulfur Fuel Oils, LNG, Distillate Marine Fuels, and Price Management services.

In conclusion, the global sustainable marine fuel industry is rapidly evolving as companies strive to reduce carbon emissions and meet environmental regulations in the maritime sector. Key players such as BP, Cargill, and Shell are leading the way with innovative solutions and strategic partnerships. With the market projected to grow significantly in the coming years, boasting an extraordinary Compound Annual Growth Rate (CAGR) of 59.4%, collaboration and investment in sustainable fuel technologies will play a crucial role in shaping the future of shipping and environmental sustainability on a global scale.

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    Karishma Arora

    Written By Karishma Arora

    Karishma Arora is an Assistant Team Lead in Marketing Operations at BCC Research, with a master's degree in commerce. She is a passionate marketer with a knack for creativity and data-driven strategies.

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