Rockville, MD , Feb. 19, 2025 (GLOBE NEWSWIRE) — The global Bio Bunker Market was valued at US$ 407.6 Million in 2024 and has been forecasted to expand at a noteworthy CAGR of 11.4% to end up at US$ 1,348.1 Million by 2035.
The bio bunkers market is rapidly emerging as a vital part of the transformation of the maritime industry toward a sustainable future. As the worldwide shipping industry receives increasing pressure for reducing greenhouse gases, bio-bunkers would be an upcoming alternative to fuel from fossil fuel. Being drawn from renewable biological sources, bio-bunkers are an ecological fuel, fashioned to meet severe regulatory requirements from organizations that regulate global maritime activities. Shipping companies are embracing bio bunkers as part of their efforts to meet sustainability goals while adhering to the changing environmental standards.
For instance, in February 2024, Renewable biofuels specialists BTG Bioliquids (BTL) and Euthenia Energy Group signed a Project Development Agreement (PDA) with Quadrise Plc. The PDA helps to continue development of new products to improve its commitment to reducing greenhouse gas emissions.
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Key Takeaways from Market Study:
- The bio bunkers market is projected to grow at 4% CAGR and reach US$ 1,348.1 million by 2035
- The market created an absolute $ opportunity of US$ 890.1 million between 2025 to 2035
- East Asia is a prominent region that is estimated to hold a market share of 5% in 2035
- North America is expected to create an absolute $ opportunity of US$ 118.8 million
“Increasing demand for cleaner fuels, rising environmental concerns about carbon emissions, and the need for renewable energy sources will drive the market” says a Fact.MR analyst.
Leading Players Driving Innovation in the Bio Bunker Market:
Alpha Trading SpA; Bunker Holding; Chevron; Cockett Group; Fratelli Cosulich; GoodFuels; Hafnia; Minerva Bunkering; Neste; Titan LNG; TotalEnergies; Other key players.
Market Development:
The recent developments of the market for bio bunkers are indicative of attention towards sustainability and innovation in these products. Companies are focusing on improvement in production capacities and expansion of biofuel supply chains.
Strategic partnerships are underway to gain leadership in the exploitation of expertise about biofuel technology and distribution and to provide maritime companies with confidence in obtaining readily available and reliable sources of clean fuel. Greater investment is further being channeled in to research and development in formulations on biofuel engines compatibility for mainstream application.
For example, On July 2024, The Norwegian roll-on/roll-off shipping line United European Car Carriers (UECC) and the Dutch supplier of fuels Titan Clean Fuels (Titan) have agreed to jointly execute a number of large-scale liquefied biomethane (LBM) bunkering operations in the Port of Zeebrugge.
Bio Bunker Industry News:
- In October 2024, Arkas Bunker has taken a significant leap in Türkiye’s maritime sector by becoming the first supplier of biofuel. The container vessel of Arkas Line, Matilde A, successfully received a bunkering of Bio24F, an innovative marine fuel entirely made from environmentally friendly bio-components derived from local waste. This development positions Arkas Bunker as a pioneer in sustainable maritime fuels, helping shipowners meet their sustainability targets without modifying existing fuel systems. Arkas continues to develop new products to improve its commitment to reducing greenhouse gas emissions.
- In February 2024, Raízen and Wärtsilä are partnered to examine the opportunities for bioethanol as a sustainable marine fuel. This investment is expected to help reduce considerably greenhouse gas emissions, as well as support broader global energy transition. Raízen and Wärtsilä will perform technological tests on ethanol in Wärtsilä’s Sustainable Fuels engine laboratories in support of regulation compliance for cellulosic ethanol. Early reports indicate that ethanol produced sustainably could reduce CO2 emissions by as much as 80 percent on routes from Brazil to Europe.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the the bio bunkers market, presenting historical data for 2020 to 2024 and forecast statistics for 2025 to 2035.
The study reveals essential insights on the basis of the Type of Biofuel (Biodiesel, Renewable Diesel, Bioethanol, Other Biofuels), End Users (Commercial Shipping, Container Ships, Bulk Carriers, Oil Tankers, Fishing Vessels, Recreational Boats), Fuel Blend Type (Neat Biofuels, Blended Fuels),Across Major Regions of the World (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and Middle East & Africa).
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