In 2022, the global Marine Fuel Filter Market was valued at USD 1,006.4 million and is projected to reach USD 1,015.2 million in 2023. According to Future Market Insights, the market is expected to grow at a CAGR of 4.11% from 2023 to 2033, potentially reaching approximately USD 1,518.3 million by 2033.
The expansion of seaborne trade worldwide is anticipated to drive this market’s growth throughout the forecast period. Maritime transport remains a crucial component of international trade and the global economy.
However, implementing new regulations on older vessels presents challenges that could impede market growth. Additionally, the ongoing global shift towards a cleaner and greener maritime sector is expected to impact the shipbuilding industry.
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Key Takeaways
- 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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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global marine fuel filter market providing historical data for 2017 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the global marine fuel filter market is segmented based on major 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), and Region: (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding China & Japan, Japan, China, Middle East & Africa).
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 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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