Global marine fuel filter market in 2022 was US$ 1,006.4 million and is estimated to be US$ 1,015.2 million in 2023. Future Market Insights has mentioned in its reports that the marine fuel filter market will expand at a CAGR of 4.11% between 2023 and 2033, totaling around US$ 1,518.3 million by 2033.
Surge in seaborne trade across the globe is anticipated to fuel the growth of the market during the global marine vessel industry forecast period. Maritime transport is thus, considered to be the pillar of international trade and the global economy.
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Implementation of such regulations in the old fleet is challenging and may hinder the growth of the market. Ongoing global transition for a clean and green maritime sector is anticipated to affect the shipbuilding industry.
Key Takeaways from the Market Study
- Anticipation of the marine fuel filter market expanded at a CAGR of 3.76% between 2017 and 2022.
- China expands at a market share of 5.82% in the marine fuel filter market.
- Indian market forecasts a market share of 5.32%.
- United Kingdom is forecasted to hold a lucrative position in this market with a market share of 6.1%.
- Under fuel type, gasoline marine fuel filter has a market share of 66%.
- Under vessel type, passenger vessels therefore hold a market share of 58% due to the surge in public transport.
“The increase in investments in the shipping industry is due to the rise in demand for the marine fuel filter market rising at a rapid pace,” remarks an FMI analyst.
Competition Landscape
In recent years, with the growth of the middle class and an increase in disposable income, marine tourism, and water sports have increased significantly. Similar trends are predicted for the foreseeable future. Marine fuel filters market growth is expected to be driven by the relatively large fleet of passenger watercraft during the forecast period.
- In January 2023, Marine heavy fuel oil (HFO), a petroleum-based product, is the most common propulsion fuel in ships, accounting for a great deal of the emissions from maritime operations. Like other industries, transitioning to low-carbon, renewable energy sources is crucial for maritime decarbonization. For this, the industry is looking up to electric propulsion technologies, biofuels, wind energy, solar power, and hydrogen fuel.
- In November 2022, Unnmukt Urja is an Indian startup that provides bio-crude as a drop-in fuel for the maritime industry. The startup partners with Licella, an Australian company, to make use of its hydrothermal liquefaction platform, Cat-HTR. In addition, Unnmukt Urja develops a smart supply chain system to reduce the cost of agricultural waste.
Key companies profiled
- Parker-Hannifin Corporation
- WASP PFS Ltd
- Moeller Marine Products
- Seaboard Marine,
- Perfect Marine & Industrial Filters
- Donaldson Company Inc.
- Cummins Inc.
- Lekang Group
- CH Marine
- AXI International
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Key Segments Profiled in Marine Fuel Filter Market
By Fuel Type:
- Gasoline Marine Fuel Filter
- Diesel Marine Fuel Filter
By Vessel Type:
- Personal Watercraft and Sailboats
- Passenger Vessels
- Fishing Vessels
- Naval and Coast Guard Vessels
- Service Vessels
- Cargo Vessels
By Fit Type:
- First Fit
- Retro Fit
By Engine Type:
- Two Stroke Marine Engine
- Four Stroke Marine Engine
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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