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Global Ultra Low Sulphur Fuel Oil (ULSFO) Market 2025 by Manufacturers, Regions, Type and Application, Forecast to 2031

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1 Market Overview

  • 1.1 Product Overview and Scope
  • 1.2 Market Estimation Caveats and Base Year
  • 1.3 Market Analysis by Type
    • 1.3.1 Overview: Global Ultra Low Sulphur Fuel Oil (ULSFO) Consumption Value by Type: 2020 Versus 2024 Versus 2031
    • 1.3.2 Heavy Fuel Oil
    • 1.3.3 Light Fuel Oil
  • 1.4 Market Analysis by Application
    • 1.4.1 Overview: Global Ultra Low Sulphur Fuel Oil (ULSFO) Consumption Value by Application: 2020 Versus 2024 Versus 2031
    • 1.4.2 Small Oceangoing Ships
    • 1.4.3 Medium Oceangoing Ships
    • 1.4.4 Large and Very Large Oceangoing Ships
  • 1.5 Global Ultra Low Sulphur Fuel Oil (ULSFO) Market Size & Forecast
    • 1.5.1 Global Ultra Low Sulphur Fuel Oil (ULSFO) Consumption Value (2020 & 2024 & 2031)
    • 1.5.2 Global Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity (2020-2031)
    • 1.5.3 Global Ultra Low Sulphur Fuel Oil (ULSFO) Average Price (2020-2031)

2 Manufacturers Profiles

  • 2.1 Shell Global
    • 2.1.1 Shell Global Details
    • 2.1.2 Shell Global Major Business
    • 2.1.3 Shell Global Ultra Low Sulphur Fuel Oil (ULSFO) Product and Services
    • 2.1.4 Shell Global Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2020-2025)
    • 2.1.5 Shell Global Recent Developments/Updates
  • 2.2 Orim Energy
    • 2.2.1 Orim Energy Details
    • 2.2.2 Orim Energy Major Business
    • 2.2.3 Orim Energy Ultra Low Sulphur Fuel Oil (ULSFO) Product and Services
    • 2.2.4 Orim Energy Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2020-2025)
    • 2.2.5 Orim Energy Recent Developments/Updates
  • 2.3 Bomin Group
    • 2.3.1 Bomin Group Details
    • 2.3.2 Bomin Group Major Business
    • 2.3.3 Bomin Group Ultra Low Sulphur Fuel Oil (ULSFO) Product and Services
    • 2.3.4 Bomin Group Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2020-2025)
    • 2.3.5 Bomin Group Recent Developments/Updates
  • 2.4 TotalEnergies Marine Fuels
    • 2.4.1 TotalEnergies Marine Fuels Details
    • 2.4.2 TotalEnergies Marine Fuels Major Business
    • 2.4.3 TotalEnergies Marine Fuels Ultra Low Sulphur Fuel Oil (ULSFO) Product and Services
    • 2.4.4 TotalEnergies Marine Fuels Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2020-2025)
    • 2.4.5 TotalEnergies Marine Fuels Recent Developments/Updates
  • 2.5 CEPSA
    • 2.5.1 CEPSA Details
    • 2.5.2 CEPSA Major Business
    • 2.5.3 CEPSA Ultra Low Sulphur Fuel Oil (ULSFO) Product and Services
    • 2.5.4 CEPSA Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2020-2025)
    • 2.5.5 CEPSA Recent Developments/Updates
  • 2.6 Stena Oil
    • 2.6.1 Stena Oil Details
    • 2.6.2 Stena Oil Major Business
    • 2.6.3 Stena Oil Ultra Low Sulphur Fuel Oil (ULSFO) Product and Services
    • 2.6.4 Stena Oil Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2020-2025)
    • 2.6.5 Stena Oil Recent Developments/Updates
  • 2.7 Qatar Petroleum
    • 2.7.1 Qatar Petroleum Details
    • 2.7.2 Qatar Petroleum Major Business
    • 2.7.3 Qatar Petroleum Ultra Low Sulphur Fuel Oil (ULSFO) Product and Services
    • 2.7.4 Qatar Petroleum Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2020-2025)
    • 2.7.5 Qatar Petroleum Recent Developments/Updates
  • 2.8 Monjasa
    • 2.8.1 Monjasa Details
    • 2.8.2 Monjasa Major Business
    • 2.8.3 Monjasa Ultra Low Sulphur Fuel Oil (ULSFO) Product and Services
    • 2.8.4 Monjasa Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity, Average Price, Revenue, Gross Margin and Market Share (2020-2025)
    • 2.8.5 Monjasa Recent Developments/Updates

3 Competitive Environment: Ultra Low Sulphur Fuel Oil (ULSFO) by Manufacturer

  • 3.1 Global Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity by Manufacturer (2020-2025)
  • 3.2 Global Ultra Low Sulphur Fuel Oil (ULSFO) Revenue by Manufacturer (2020-2025)
  • 3.3 Global Ultra Low Sulphur Fuel Oil (ULSFO) Average Price by Manufacturer (2020-2025)
  • 3.4 Market Share Analysis (2024)
    • 3.4.1 Producer Shipments of Ultra Low Sulphur Fuel Oil (ULSFO) by Manufacturer Revenue ($MM) and Market Share (%): 2024
    • 3.4.2 Top 3 Ultra Low Sulphur Fuel Oil (ULSFO) Manufacturer Market Share in 2024
    • 3.4.3 Top 6 Ultra Low Sulphur Fuel Oil (ULSFO) Manufacturer Market Share in 2024
  • 3.5 Ultra Low Sulphur Fuel Oil (ULSFO) Market: Overall Company Footprint Analysis
    • 3.5.1 Ultra Low Sulphur Fuel Oil (ULSFO) Market: Region Footprint
    • 3.5.2 Ultra Low Sulphur Fuel Oil (ULSFO) Market: Company Product Type Footprint
    • 3.5.3 Ultra Low Sulphur Fuel Oil (ULSFO) Market: Company Product Application Footprint
  • 3.6 New Market Entrants and Barriers to Market Entry
  • 3.7 Mergers, Acquisition, Agreements, and Collaborations

4 Consumption Analysis by Region

  • 4.1 Global Ultra Low Sulphur Fuel Oil (ULSFO) Market Size by Region
    • 4.1.1 Global Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity by Region (2020-2031)
    • 4.1.2 Global Ultra Low Sulphur Fuel Oil (ULSFO) Consumption Value by Region (2020-2031)
    • 4.1.3 Global Ultra Low Sulphur Fuel Oil (ULSFO) Average Price by Region (2020-2031)
  • 4.2 North America Ultra Low Sulphur Fuel Oil (ULSFO) Consumption Value (2020-2031)
  • 4.3 Europe Ultra Low Sulphur Fuel Oil (ULSFO) Consumption Value (2020-2031)
  • 4.4 Asia-Pacific Ultra Low Sulphur Fuel Oil (ULSFO) Consumption Value (2020-2031)
  • 4.5 South America Ultra Low Sulphur Fuel Oil (ULSFO) Consumption Value (2020-2031)
  • 4.6 Middle East & Africa Ultra Low Sulphur Fuel Oil (ULSFO) Consumption Value (2020-2031)

5 Market Segment by Type

  • 5.1 Global Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity by Type (2020-2031)
  • 5.2 Global Ultra Low Sulphur Fuel Oil (ULSFO) Consumption Value by Type (2020-2031)
  • 5.3 Global Ultra Low Sulphur Fuel Oil (ULSFO) Average Price by Type (2020-2031)

6 Market Segment by Application

  • 6.1 Global Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity by Application (2020-2031)
  • 6.2 Global Ultra Low Sulphur Fuel Oil (ULSFO) Consumption Value by Application (2020-2031)
  • 6.3 Global Ultra Low Sulphur Fuel Oil (ULSFO) Average Price by Application (2020-2031)

7 North America

  • 7.1 North America Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity by Type (2020-2031)
  • 7.2 North America Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity by Application (2020-2031)
  • 7.3 North America Ultra Low Sulphur Fuel Oil (ULSFO) Market Size by Country
    • 7.3.1 North America Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity by Country (2020-2031)
    • 7.3.2 North America Ultra Low Sulphur Fuel Oil (ULSFO) Consumption Value by Country (2020-2031)
    • 7.3.3 United States Market Size and Forecast (2020-2031)
    • 7.3.4 Canada Market Size and Forecast (2020-2031)
    • 7.3.5 Mexico Market Size and Forecast (2020-2031)

8 Europe

  • 8.1 Europe Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity by Type (2020-2031)
  • 8.2 Europe Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity by Application (2020-2031)
  • 8.3 Europe Ultra Low Sulphur Fuel Oil (ULSFO) Market Size by Country
    • 8.3.1 Europe Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity by Country (2020-2031)
    • 8.3.2 Europe Ultra Low Sulphur Fuel Oil (ULSFO) Consumption Value by Country (2020-2031)
    • 8.3.3 Germany Market Size and Forecast (2020-2031)
    • 8.3.4 France Market Size and Forecast (2020-2031)
    • 8.3.5 United Kingdom Market Size and Forecast (2020-2031)
    • 8.3.6 Russia Market Size and Forecast (2020-2031)
    • 8.3.7 Italy Market Size and Forecast (2020-2031)

9 Asia-Pacific

  • 9.1 Asia-Pacific Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity by Type (2020-2031)
  • 9.2 Asia-Pacific Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity by Application (2020-2031)
  • 9.3 Asia-Pacific Ultra Low Sulphur Fuel Oil (ULSFO) Market Size by Region
    • 9.3.1 Asia-Pacific Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity by Region (2020-2031)
    • 9.3.2 Asia-Pacific Ultra Low Sulphur Fuel Oil (ULSFO) Consumption Value by Region (2020-2031)
    • 9.3.3 China Market Size and Forecast (2020-2031)
    • 9.3.4 Japan Market Size and Forecast (2020-2031)
    • 9.3.5 South Korea Market Size and Forecast (2020-2031)
    • 9.3.6 India Market Size and Forecast (2020-2031)
    • 9.3.7 Southeast Asia Market Size and Forecast (2020-2031)
    • 9.3.8 Australia Market Size and Forecast (2020-2031)

10 South America

  • 10.1 South America Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity by Type (2020-2031)
  • 10.2 South America Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity by Application (2020-2031)
  • 10.3 South America Ultra Low Sulphur Fuel Oil (ULSFO) Market Size by Country
    • 10.3.1 South America Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity by Country (2020-2031)
    • 10.3.2 South America Ultra Low Sulphur Fuel Oil (ULSFO) Consumption Value by Country (2020-2031)
    • 10.3.3 Brazil Market Size and Forecast (2020-2031)
    • 10.3.4 Argentina Market Size and Forecast (2020-2031)

11 Middle East & Africa

  • 11.1 Middle East & Africa Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity by Type (2020-2031)
  • 11.2 Middle East & Africa Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity by Application (2020-2031)
  • 11.3 Middle East & Africa Ultra Low Sulphur Fuel Oil (ULSFO) Market Size by Country
    • 11.3.1 Middle East & Africa Ultra Low Sulphur Fuel Oil (ULSFO) Sales Quantity by Country (2020-2031)
    • 11.3.2 Middle East & Africa Ultra Low Sulphur Fuel Oil (ULSFO) Consumption Value by Country (2020-2031)
    • 11.3.3 Turkey Market Size and Forecast (2020-2031)
    • 11.3.4 Egypt Market Size and Forecast (2020-2031)
    • 11.3.5 Saudi Arabia Market Size and Forecast (2020-2031)
    • 11.3.6 South Africa Market Size and Forecast (2020-2031)

12 Market Dynamics

  • 12.1 Ultra Low Sulphur Fuel Oil (ULSFO) Market Drivers
  • 12.2 Ultra Low Sulphur Fuel Oil (ULSFO) Market Restraints
  • 12.3 Ultra Low Sulphur Fuel Oil (ULSFO) Trends Analysis
  • 12.4 Porters Five Forces Analysis
    • 12.4.1 Threat of New Entrants
    • 12.4.2 Bargaining Power of Suppliers
    • 12.4.3 Bargaining Power of Buyers
    • 12.4.4 Threat of Substitutes
    • 12.4.5 Competitive Rivalry

13 Raw Material and Industry Chain

  • 13.1 Raw Material of Ultra Low Sulphur Fuel Oil (ULSFO) and Key Manufacturers
  • 13.2 Manufacturing Costs Percentage of Ultra Low Sulphur Fuel Oil (ULSFO)
  • 13.3 Ultra Low Sulphur Fuel Oil (ULSFO) Production Process
  • 13.4 Industry Value Chain Analysis

14 Shipments by Distribution Channel

  • 14.1 Sales Channel
    • 14.1.1 Direct to End-User
    • 14.1.2 Distributors
  • 14.2 Ultra Low Sulphur Fuel Oil (ULSFO) Typical Distributors
  • 14.3 Ultra Low Sulphur Fuel Oil (ULSFO) Typical Customers

15 Research Findings and Conclusion

    16 Appendix

    • 16.1 Methodology
    • 16.2 Research Process and Data Source

    According to our (Global Info Research) latest study, the global Ultra Low Sulphur Fuel Oil (ULSFO) market size was valued at US$ 764 million in 2024 and is forecast to a readjusted size of USD 1311 million by 2031 with a CAGR of 8.1% during review period.
    For this reason, today the term ultra-low sulfur fuel oil usually refers not to desulfurized heavy fuel oils, but to marine gasoil, which is already low in sulfur. It is composed exclusively of distillates and has a sulfur content of under 0.1%. This marine fuel is also known as ultra-low marine gasoil.
    According to the data of China Association of Metros, by the end of 2022, 55 cities in mainland China have opened urban rail transit and 308 operating lines. The total length of operating lines is 10287.45 km, ranking first in the world and accounting for 26.2% of the total global mileage. 1080.63 km of new operating lines were added in 2022. By the end of 2022, 545 cities in 78 countries and regions will have opened urban rail transit, with more than 41,386.12 km of operational mileage. Compared to 2021, the total mileage of urban rail transit worldwide would increase by 4,531.92 km, an increase of 11.0%, of which 1,293.45 km of subway mileage, 788.11 km of light rail mileage and 2,450.36 km of tram mileage would increase, accounting for 28.5%, 17.4% and 54.1% of the total increase respectively.
    This report is a detailed and comprehensive analysis for global Ultra Low Sulphur Fuel Oil (ULSFO) market. Both quantitative and qualitative analyses are presented by manufacturers, by region & country, by Type and by Application. As the market is constantly changing, this report explores the competition, supply and demand trends, as well as key factors that contribute to its changing demands across many markets. Company profiles and product examples of selected competitors, along with market share estimates of some of the selected leaders for the year 2025, are provided.
    Key Features:
    Global Ultra Low Sulphur Fuel Oil (ULSFO) market size and forecasts, in consumption value ($ Million), sales quantity (Tons), and average selling prices (US$/Ton), 2020-2031
    Global Ultra Low Sulphur Fuel Oil (ULSFO) market size and forecasts by region and country, in consumption value ($ Million), sales quantity (Tons), and average selling prices (US$/Ton), 2020-2031
    Global Ultra Low Sulphur Fuel Oil (ULSFO) market size and forecasts, by Type and by Application, in consumption value ($ Million), sales quantity (Tons), and average selling prices (US$/Ton), 2020-2031
    Global Ultra Low Sulphur Fuel Oil (ULSFO) market shares of main players, shipments in revenue ($ Million), sales quantity (Tons), and ASP (US$/Ton), 2020-2025
    The Primary Objectives in This Report Are:
    To determine the size of the total market opportunity of global and key countries
    To assess the growth potential for Ultra Low Sulphur Fuel Oil (ULSFO)
    To forecast future growth in each product and end-use market
    To assess competitive factors affecting the marketplace
    This report profiles key players in the global Ultra Low Sulphur Fuel Oil (ULSFO) market based on the following parameters - company overview, sales quantity, revenue, price, gross margin, product portfolio, geographical presence, and key developments. Key companies covered as a part of this study include Shell Global, Orim Energy, Bomin Group, TotalEnergies Marine Fuels, CEPSA, Stena Oil, Qatar Petroleum, Monjasa, etc.
    This report also provides key insights about market drivers, restraints, opportunities, new product launches or approvals.
    Market Segmentation
    Ultra Low Sulphur Fuel Oil (ULSFO) market is split by Type and by Application. For the period 2020-2031, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value. This analysis can help you expand your business by targeting qualified niche markets.
    Market segment by Type
    Heavy Fuel Oil
    Light Fuel Oil
    Market segment by Application
    Small Oceangoing Ships
    Medium Oceangoing Ships
    Large and Very Large Oceangoing Ships
    Major players covered
    Shell Global
    Orim Energy
    Bomin Group
    TotalEnergies Marine Fuels
    CEPSA
    Stena Oil
    Qatar Petroleum
    Monjasa
    Market segment by region, regional analysis covers
    North America (United States, Canada, and Mexico)
    Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
    Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
    South America (Brazil, Argentina, Colombia, and Rest of South America)
    Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)
    The content of the study subjects, includes a total of 15 chapters:
    Chapter 1, to describe Ultra Low Sulphur Fuel Oil (ULSFO) product scope, market overview, market estimation caveats and base year.
    Chapter 2, to profile the top manufacturers of Ultra Low Sulphur Fuel Oil (ULSFO), with price, sales quantity, revenue, and global market share of Ultra Low Sulphur Fuel Oil (ULSFO) from 2020 to 2025.
    Chapter 3, the Ultra Low Sulphur Fuel Oil (ULSFO) competitive situation, sales quantity, revenue, and global market share of top manufacturers are analyzed emphatically by landscape contrast.
    Chapter 4, the Ultra Low Sulphur Fuel Oil (ULSFO) breakdown data are shown at the regional level, to show the sales quantity, consumption value, and growth by regions, from 2020 to 2031.
    Chapter 5 and 6, to segment the sales by Type and by Application, with sales market share and growth rate by Type, by Application, from 2020 to 2031.
    Chapter 7, 8, 9, 10 and 11, to break the sales data at the country level, with sales quantity, consumption value, and market share for key countries in the world, from 2020 to 2025.and Ultra Low Sulphur Fuel Oil (ULSFO) market forecast, by regions, by Type, and by Application, with sales and revenue, from 2026 to 2031.
    Chapter 12, market dynamics, drivers, restraints, trends, and Porters Five Forces analysis.
    Chapter 13, the key raw materials and key suppliers, and industry chain of Ultra Low Sulphur Fuel Oil (ULSFO).
    Chapter 14 and 15, to describe Ultra Low Sulphur Fuel Oil (ULSFO) sales channel, distributors, customers, research findings and conclusion.

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