Lng as a Bunker Fuel Market, By Vessel Type (Offshore Tugs & Service, Ferries, Oil & Chemical Tankers, Container Ships, Gas Carriers, Cargo, Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Lng as a Bunker Fuel Market, By Vessel Type (Offshore Tugs & Service, Ferries, Oil & Chemical Tankers, Container Ships, Gas Carriers, Cargo, Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)


The LNG as a bunker fuel Market size is valued at US$ 483.1 Mn in 2024 and is expected to reach US$ 1,621.8 Mn by 2031, growing at a compound annual growth rate (CAGR) of 18.9% from 2024 to 2031.

Figure 1. LNG as a Bunker Fuel Market Share (%), by Region, 2024

Liquefied natural gas (LNG) as a bunker fuel refers to the use of LNG to power ships. LNG is a natural gas that has been cooled to liquid form for ease and safety in non-pressurized storage or transport. As a bunker fuel, LNG offers various benefits compared to conventional bunker fuels such as heavy fuel oil. It is a cleaner alternative as it emits less sulfur and particulate emissions, which improves local air quality in port cities. LNG produces less carbon emissions compared to heavy fuel oil and meets the stringent climate targets adopted. From an economic standpoint, the price of LNG is competitive and more stable over the long term compared to oil-linked bunker fuels. With the growing availability of infrastructure for LNG bunkering worldwide, the maritime industry is progressively adopting LNG as a fuel.

Market Dynamics:

The global LNG as a bunker fuel market is driven by the International Maritime Organization's (IMO) regulations to reduce maritime sulfur emissions and tighten restrictions on particulate matter and nitrogen oxide emissions from ships. The IMO 2020 mandate, which came into effect in January 2020, has accelerated the demand for cleaner marine fuels, including LNG. The availability of LNG bunkering infrastructure in key ports and regions also provides opportunities for wider adoption of LNG as a ship fuel. However, the high capital costs associated with retrofitting ships to use LNG and establishing networks for LNG bunkering remain a key challenge restricting large scale adoption. Geopolitical risks associated with heavy reliance on certain regions for LNG supply are another restraint. Nevertheless, the growing environmental awareness and sustainability targets of shipping companies are expected to drive future opportunities for LNG bunkering.

Key features of the study:
  • This report provides an in-depth analysis of the LNG as a bunker fuel market, and provides market size (US$ Mn) and compound annual growth rate (CAGR%) for the forecast period (2024 –2031), considering 2023 as the base year.
  • It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players.
  • It profiles key players in the LNG as a bunker fuel market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
  • Key companies covered as a part of this study include a BP P.L.C., Conocophillips Corporation, Chevron Corporation, China National Petroleum Corporation, ENI S.P.A., Equinor ASA, Exxon Mobil Corporation, PJSC GAZPROM, Petronas, Rosneft Oil Company, Royal Dutch Shell PLC, and Total S.A.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
  • The LNG as a bunker fuel market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the LNG as a bunker fuel market
Detailed Segmentation:
  • LNG as a Bunker Fuel Market, By Vessel Type
  • Offshore Tugs & Service
  • Ferries
  • Oil & Chemical Tankers
  • Container Ships
  • Gas Carriers
  • Cargo
  • Others
  • LNG as a Bunker Fuel Market, By Region
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East
  • Africa
  • Top Companies in the LNG as a Bunker Fuel Market:
  • BP P.L.C.
  • Conocophillips Corporation
  • Chevron Corporation
  • China National Petroleum Corporation
  • ENI S.P.A.
  • Equinor ASA
  • Exxon Mobil Corporation
  • PJSC GAZPROM
  • Petronas
  • Rosneft Oil Company
  • Royal Dutch Shell PLC
  • Total S.A.


1. Research Objectives and Assumptions
Research Objectives
Assumptions
Abbreviations
2. Market Purview
Report Description
Market Definition and Scope
Executive Summary
LNG as a Bunker Fuel Market, By Vessel Type
LNG as a Bunker Fuel Market, By Region
Coherent Opportunity Map (COM)
3. Market Dynamics, Regulations, and Trends Analysis
Market Dynamics
Driver
Cost competitiveness of LNG compared to conventional fuels
Restraints
Storage challenges and safety issues of LNG
Opportunities
Increasing LNG production
Key Highlights
Regulatory Scenario
Recent Trends
Product Launches/Approvals
PEST Analysis
PORTER’s Analysis
Mergers, Acquisitions, and Collaborations
4. LNG as a Bunker Fuel Market - Impact of Coronavirus (COVID-19) Pandemic
COVID-19 Epidemiology
Supply Side and Demand Side Analysis
Economic Impact
5. LNG as a Bunker Fuel Market, By Vessel Type , 2019-2031 , (US$ Mn)
Introduction
Market Share Analysis, 2024 and 2031 (%)
Y-o-Y Growth Analysis, 2020 - 2031
Segment Trends
Offshore Tugs & Service
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Mn)
Ferries
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Mn)
Oil & Chemical Tankers
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Mn)
Container Ships
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Mn)
Gas Carriers
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Mn)
Cargo
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Mn)
Others
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Mn)
6. LNG as a Bunker Fuel Market, By Region, 2019-2031, (US$ Mn)
Introduction
Market Share Analysis, By Region, 2024 and 2031 (%)
Y-o-Y Growth Analysis, For Region, 2020 - 2031
Country Trends
North America
Introduction
Market Size and Forecast, and Y-o-Y Growth, By Vessel Type, 2019-2031,(US$ Mn)
Market Size and Forecast, and Y-o-Y Growth, By Country, 2019-2031,(US$ Mn)
U.S.
Canada
Europe
Introduction
Market Size and Forecast, and Y-o-Y Growth, By Vessel Type, 2019-2031,(US$ Mn)
Market Size and Forecast, and Y-o-Y Growth, By Country, 2019-2031,(US$ Mn)
Germany
U.K.
Spain
France
Italy
Russia
Rest of Europe
Asia Pacific
Introduction
Market Size and Forecast, and Y-o-Y Growth, By Vessel Type, 2019-2031,(US$ Mn)
Market Size and Forecast, and Y-o-Y Growth, By Country, 2019-2031,(US$ Mn)
China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific
Latin America
Introduction
Market Size and Forecast, and Y-o-Y Growth, By Vessel Type, 2019-2031,(US$ Mn)
Market Size and Forecast, and Y-o-Y Growth, By Country, 2019-2031,(US$ Mn)
Brazil
Argentina
Mexico
Rest of Latin America
Middle East & Africa
Introduction
Market Size and Forecast, and Y-o-Y Growth, By Vessel Type, 2019-2031,(US$ Mn)
Market Size and Forecast, and Y-o-Y Growth, By Country, 2019-2031,(US$ Mn)
GCC Countries
Israel
South Africa
Central Africa
North Africa
Rest of Middle East
7. Competitive Landscape
Company Profile
BP P.L.C.
Company Overview
Component Portfolio
Financial Performance
Recent Developments/Updates
Conocophillips Corporation
Company Overview
Component Portfolio
Financial Performance
Recent Developments/Updates
Chevron Corporation
Company Overview
Component Portfolio
Financial Performance
Recent Developments/Updates
China National Petroleum Corporation
Company Overview
Component Portfolio
Financial Performance
Recent Developments/Updates
ENI S.P.A.
Company Overview
Component Portfolio
Financial Performance
Recent Developments/Updates
Equinor ASA
Company Overview
Component Portfolio
Financial Performance
Recent Developments/Updates
Exxon Mobil Corporation
Company Overview
Component Portfolio
Financial Performance
Recent Developments/Updates
PJSC GAZPROM
Company Overview
Component Portfolio
Financial Performance
Recent Developments/Updates
Petronas
Company Overview
Component Portfolio
Financial Performance
Recent Developments/Updates
Rosneft Oil Company
Company Overview
Component Portfolio
Financial Performance
Recent Developments/Updates
Royal Dutch Shell PLC
Company Overview
Component Portfolio
Financial Performance
Recent Developments/Updates
Total S.A.
Company Overview
Component Portfolio
Financial Performance
Recent Developments/Updates
Analyst Views
8. Section
References
Research Methodology
About us
*Browse 24 market data tables and 28 figures on “LNG as a Bunker Fuel Market” - Global forecast to 2031

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