Categories: Market Research

LNG Bunkering Market Size and Forecast 2024-2033|LyondellBasell Industries NV, Mitsubishi Chemical Group Corporation, BASF SE, Eastman Chemical Company, Ashland, Inc

The LNG Bunkering by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s LNG Bunkering, 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.

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.

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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

Innovation is a key trend gaining popularity in the LNG bunkering market. Major market players are focusing on launching innovative operations to sustain their position in the LNG bunkering market such as ship-to-containership liquefied natural gas (LNG) bunkering. For instance, in January 2022, CMA CGM, a France-based shipping, and logistics firm, and TotalEnergies, a France-based integrated energy, and petroleum company launched Marseilles’ first ship-to-containership liquefied natural gas (LNG) bunkering operation. CMA CGM BALI, a 15, 000 TEU LNG-powered containership on the MEX 1 service connecting Asia and South Europe, was refueled with around 6, 000m3 of LNG by TotalEnergies’ Gas Vitality, the first LNG bunker vessel based in France, via a ship-to-ship transfer alongside the Eurofos container terminal, while the containership carried out cargo operations simultaneously.

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

26. South America LNG Bunkering Market

27. Brazil LNG Bunkering Market

28. Middle East LNG Bunkering Market

29. Africa LNG Bunkering Market

30. LNG Bunkering Market Competitive Landscape And Company Profiles

Top Major Players: