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Asia-Pacific LNG Bunkering Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The market is segmented by End-User (Tanker Fleet, Container Fleet, Bulk and General Cargo Fleet, Ferries and OSV, and Others), and Geography (China, India, Japan, and Rest of Asia-Pacific)

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APAC LNG Bunkering Market Size

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Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 4.90 %
Market Concentration Low

Major Players

Asia-Pacific LNG Bunkering Market

*Disclaimer: Major Players sorted in no particular order

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APAC LNG Bunkering Market Analysis

Bunkering is the process of transferring fuel to a vessel or a facility in the form of conventional marine fuels or LNG. As a cleaner and greener fuel, LNG can contribute to IMO's 2050 target of reducing greenhouse gas emissions (GHG). The Asia-Pacific LNG bunkering market is expected to grow at a CAGR of more than 4.9% over the forecast period. Factors such as shifting trends towards clean energy coupled with stringent government regulations to minimize airborne emissions including sulfur and nitrous oxide are driving the market. However, the slower growth of marine industry is likely to restrain the market.

  • Ferries and OSV segment is expected to hold largest share in the Asia-Pacific LNG bunkering market during the forecast period.
  • Declining cost of natural gas and upcoming investments in LNG bunkering infrastructure by the market players, owing to stringent government policies are expected to create potential opportunities in the target market over the forecast period.
  • China is expected to dominate in the Asia-Pacific LNG bunkering market over the forecast period.

APAC LNG Bunkering Market Trends

This section covers the major market trends shaping the APAC LNG Bunkering Market according to our research experts:

Ferries and OSV Segment to Dominate the Market

  • Offshore support vessel segment is expected to dominate in segment, owing to it being relatively cost effective in terms of offshore exploration and production activities. According to Baker Hughes the Asia-Pacific offshore rig count was 92 in May, 2020.
  • Rising investments toward FLNG projects including FPSO and FSRU is expected to further complement the industry size. Prelude floating liquefied natural gas (FLNG) project located in the Browse Basin offshore Western Australia represents the world's biggest FLNG facility. Operated by Shell Australia, the Prelude FLNG commenced production in December 2018.
  • In November 2019, Japanese shipping firm, Mitsui OSK Lines (MOL) and its group company, Ferry Sunflower revealed their plans to build Japan's first two liquified natural gas - fueled ferries, called Sunflower Kurenai and the Sunflower Murasaki. Ferry Sunflower is expected to charter the vessels and deploy them on its Osaka-Beppu route from the end of 2022 through the first half of 2023.
  • Hence, the region is expected to have a positive demand for Ferries and OSV in the LNG bunkering market, during the forecast period.
Asia-Pacific LNG Bunkering Market

China to Dominate the Market

  • China's LNG bunkering market maintained its growth momentum in 2019. With coal-to-gas conversion policies, GDP expansion, and industrial recovery, the country's gas consumption is increasing year-on-year. However, domestic output and pipeline imports are unable to keep up and LNG is needed to bridge this gap.
  • China's natural gas consumption was about 307.3 billion cubic meters with a growth rate of 8.6% when compared to the previous year owing to the increased demand for natural gas in the country.
  • In June 2019, ENN Energy Holdings, which is one of the largest LNG users in China, ordered the first LNG bunkering vessel in China. The ship is being built by Dalian Shipbuilding Industry Corporation. The bunkering vessel will have 8,500 cubic meters of capacity and is expected to begin operation by early 2020 in China's eastern Zhejiang province.
  • The country has been investing in LNG bunkering facilities, and LNG as a fuel is already available in many major ports, such as Hong Kong and Shanghai port, and areas impacted by emissions regulations. Furthermore, during the forecast period, Asian LNG prices are not expected to increase significantly. Owing to the above factors, the Chinese LNG bunkering market has a potential for growth in the future.
Natural Gas Consumption

APAC LNG Bunkering Industry Overview

The Asia-pacific LNG bunkering market is moderately consolidated. Some of the major key players in the market include Central LNG Marine Fuel Japan Corporation, ENN Energy Holdings Ltd, Mitsui OSK Lines Ltd, Sembcorp Marine Ltd, and Toyota Tsusho Corp.

APAC LNG Bunkering Market Leaders

  1. Central LNG Marine Fuel Japan Corporation

  2. ENN Energy Holdings Ltd

  3. Mitsui OSK Lines Ltd

  4. Sembcorp Marine Ltd

  5. Toyota Tsusho Corp

*Disclaimer: Major Players sorted in no particular order

Asia-Pacific LNG Bunkering Market-Market Concentration.png
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APAC LNG Bunkering Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Force Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitute Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 End-User

      1. 5.1.1 Tanker Fleet

      2. 5.1.2 Container Fleet

      3. 5.1.3 Bulk and General Cargo Fleet

      4. 5.1.4 Ferries and OSV

      5. 5.1.5 Others

    2. 5.2 Geography

      1. 5.2.1 India

      2. 5.2.2 China

      3. 5.2.3 Japan

      4. 5.2.4 Rest of Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Central LNG Marine Fuel Japan Corporation

      2. 6.3.2 ENN Energy Holdings Ltd

      3. 6.3.3 Mitsui OSK Lines Ltd

      4. 6.3.4 Sembcorp Marine Ltd

      5. 6.3.5 Toyota Tsusho Corp

      6. 6.3.6 Nippon Yusen Kabushiki Kaisha

      7. 6.3.7 Chubu Electric Power Co., Inc.

      8. 6.3.8 Petronas Gas Bhd

    4. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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APAC LNG Bunkering Industry Segmentation

The Asia-Pacific LNG bunkering market report includes:

End-User
Tanker Fleet
Container Fleet
Bulk and General Cargo Fleet
Ferries and OSV
Others
Geography
India
China
Japan
Rest of Asia-Pacific
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APAC LNG Bunkering Market Research FAQs

The Asia-Pacific LNG Bunkering Market is projected to register a CAGR of greater than 4.90% during the forecast period (2024-2029)

Central LNG Marine Fuel Japan Corporation , ENN Energy Holdings Ltd, Mitsui OSK Lines Ltd , Sembcorp Marine Ltd and Toyota Tsusho Corp are the major companies operating in the Asia-Pacific LNG Bunkering Market.

The report covers the Asia-Pacific LNG Bunkering Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific LNG Bunkering Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Asia-Pacific LNG Bunkering Industry Report

Statistics for the 2024 Asia-Pacific LNG Bunkering market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific LNG Bunkering analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Asia-Pacific LNG Bunkering Report Snapshots

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Asia-Pacific LNG Bunkering Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)