LNG as a Bunker Fuel Market to Surpass US$ 627.53 Million by 2028 - Coherent Market Insights

The global LNG as a bunker fuel market was valued at US$ 94.7 million in 2020, according to LNG as a Bunker Fuel Market Report, by Vessel Type (Offshore Tugs & Services, Ferries, Oil & Chemical Tankers, Container Ships, Gas Carriers, General Cargo, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.

The global LNG as a bunker fuel market is expected to surpass US$ 627.53 million by 2028, exhibiting a CAGR of 28.10% during the forecast period (2021-2028). Various national, regional, and sub-national regions such as China, Malaysia, Singapore, and the Panama Canal have banned the use of open loop scrubbers. Ship operators have been using LNG as a fuel as it is cheaper than other conventional fuels and also offers various advantages such as low sulfur, nitrogen oxide (Nox), CO2 emissions, and others. These factors are expected to drive growth of the LNG as a bunker fuel market globally over the forecast period.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/lng-as-a-bunker-fuel-market-4803

Browse 50 market data tables* and 45 figures* on "LNG as a Bunker Fuel Market” - Global Forecast to 2028.

Key Trends and Analysis of the LNG as a Bunker Fuel Market:

• Among regions, Europe accounted for a significant market share in 2020. The Europe has been aiming to increase its usage of alternative fuels in transport. Moreover, the EU policy also requires at least one LNG bunkering port in each member state. They completed coastal port LNG infrastructure by 2020 and are planning to complete LNG infrastructure for inland ports by 2025.

Key Takeaways of the Market:

• Among vessel type, offshore tugs & service segment accounted for 48.9% of the revenue share. Offshore vessels not only help in exploration and drilling of oil but also provides necessary supplies to the excavation and construction units located at high seas.

Figure 1. Global LNG as a Bunker Fuel Market Revenue Share (%), By Vessel Type, 2020

Key players

• Major players operating in the global LNG as a bunker fuel market include 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.
• Key players operating in the global LNG as a bunker fuel market are focusing on various strategies such as business expansions in order to strengthen their market presence. For instance, on January 01, 2020, PETRONAS, a Malaysian oil and gas company, started LNG bunkering services to support the Malaysian government’s move towards making the country a bunkering hub. The company had set up necessary infrastructure in Pengerang, Johor and Sungai Udang, Malacca.

Global LNG as a Bunker Fuel Market - Impact of Coronavirus (Covid-19) Pandemic

• According to International Transport Forum, global container trade volumes declined by 8.6% in February 2020, compared to February 2019. The main response of ship operators to falling demand has been to reduce supply and thus have idle vessels by cancelling services. According to International Transport Forum, the share of idle container ship capacity reached 2.5 million Twenty-foot Equivalent Units (TEU) or 10.6% of capacity in early March 2020. This is expected to reduce demand for marine fuels including LNG. Additionally, according to EIA (Environmental Investigation Agency) U.S.