Overview and Scope
LNG bunkering refers to the activity of supplying a ship with liquefied natural gas fuel for its consumption. The primary benefit of using LNG as a fuel is the significant pollution reduction caused by the more traditional methods of fueling ships, such as heavy fuel oil, marine gas oil (MGO), and marine diesel fuel (MDO).
Sizing and Forecast
The lng bunkering market size has grown exponentially in recent years. It will grow from $1.05 billion in 2023 to $1.58 billion in 2024 at a compound annual growth rate (CAGR) of 50.5%. The growth in the historic period can be attributed to an increase in gas exploration, an increase in maritime trade activities, a strong economic growth in emerging markets, and a growing imports and exports..
The lng bunkering market size is expected to see exponential growth in the next few years. It will grow to $7.49 billion in 2028 at a compound annual growth rate (CAGR) of 47.6%. The growth in the forecast period can be attributed to an increasing number of vessels and ships, an increase in demand for lng fuel, and the increasing marine decarbonization needs.. Major trends in the forecast period include the development of ship-to-containership liquefied natural gas (lng) bunkering operations, strategic partnerships, technology advancements, product innovations, lng bunkering of pure car and truck carriers (pctcs), the development or use of environment friendly lng bunkering vessels, and a focus on artificial intelligence-based lng bunkering..
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Segmentation & Regional Insights
The lng bunkering market covered in this report is segmented –
1) By Type: Ship To Ship, Terminal To Ship, Truck To Ship
2) By End-User: Defense Vessels, Yachts, Cruise Ships, Ferries and OSVs, Bulk And General Cargo Fleets, Other End-Users
Top 5 Major Players:
- LyondellBasell Industries NV
- Mitsubishi Chemical Group Corporation
- BASF SE,
- Eastman Chemical Company,
- Ashland, Inc.
Europe was the largest region in the LNG bunkering market in 2023. The regions covered in the lng bunkering market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing number of vessels and ships is expected to boost the growth of the LNG bunkering market going forward. A vessel is defined as anything that can float and be guided or propelled, either by itself or by external means. LNG bunkering vessels are used for ship-to-ship bunkering, contributing to the growing use of LNG as a maritime fuel. For instance, in February 2023, as per the report published by BIMCO (Baltic and International Maritime Council), a Denmark-based non-government organization, following a 4.0% increase in 2022, the container fleet is expected to increase by 6.3% in 2023 and 8.1% in 2024. Supply is predicted to increase by 11.3% in 2023 and 3.1% in 2024 as changes in congestion and sailing speed affect fleet productivity. Therefore, the increasing number of vessels and ships will drive the growth of the LNG bunkering market in the future.
Key Industry Players
Major companies operating in the lng bunkering market report are LyondellBasell Industries NV, Mitsubishi Chemical Group Corporation, BASF SE, Eastman Chemical Company, Ashland, Inc.,World Fuel Services, Crowley Maritime Corporation, SHV Energy, Engie SA, Gaz-System, Petrochina, ENN Energy Holdings Limited, Sinopec, Guanghui Energy Company Limited, Woodside Energy, Santos Ltd, Nauticor GmbH & Co. KG, Engas, Edison S.p.A, LNG Croatio LLC, Klaipedos Nafta AB, Blue Grid Gas & Power, Polskie LNG S.A, Eagle LNG Partners, Pivotal LNG Inc, FortisBC, NorthStar Holdco Energy LLC, Conrad Shipyards LLC, TOTO Maritime, Petrobras, Golar Power, YPF, Qatar Petroleum, ADNOC LNG, RasGas Company Limited, The Spanish Egyptian Gas Company, Damietta LNG Co, Petroliam Nasional Berhad, Sonatrach
The lng bunkering market report table of contents includes:
1. Executive Summary
2. LNG Bunkering Market Characteristics
3. LNG Bunkering Market Trends And Strategies
4. LNG Bunkering Market – Macro Economic Scenario
5. Global LNG Bunkering Market Size and Growth
….
32. Global LNG Bunkering Market Competitive Benchmarking
33. Global LNG Bunkering Market Competitive Dashboard
34. Key Mergers And Acquisitions In The LNG Bunkering Market
35. LNG Bunkering Market Future Outlook and Potential Analysis
36. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global LNG Bunkering Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global LNG Bunkering Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global LNG Bunkering Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 51: LyondellBasell Industries NV Financial Performance
Table 52: Mitsubishi Chemical Group Corporation Financial Performance
Table 53: BASF SE Financial Performance
Table 54: Eastman Chemical Company Financial Performance
Table 55: Ashland, Inc. Financial Performance
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