LNG as a Bunker Fuel Market Size, Share, By Product (Portable Tanks, Port to Ship, Ship to Ship and Truck to Ship), Component (LNG Storage Tanks, Bunker Station, Control & Safety structures, Fuel Pumps, and Others), Vessel Type (Offshore Tugs & Services, Ferries, Oil & Chemical Tankers, Container Ships, Gas Carriers, Bilk & General Cargo, and Others), and Region - Trends, Analysis, and Forecast till 2035

Report Code: PMI26219 | Publish Date: November 2023 | No. of Pages: 145

Global LNG As A Bunker Overview

  • By 2035, the target market is expected to increase at a rate of USD 9333.1 Million.
  • The LNG as a bunker fuel market size was valued at USD 483.1 Million in 2024.
  • The market is expanding at a CAGR of 34.7%.

Liquefied Natural Gas (LNG) is a fossil fuel used as bunker fuel for ships, it acts as cleaner-burning for the marine industry to reduce emissions such as sulfur dioxide, nitrogen oxides, and particulate matter. LNG is more viable and alternative to significant shift from the current operating tools and this method is required for responding to the environmental initiatives of marine fuels. Increasing use of LNG as a marine fuel, infrastructure and favorable operating conditions and environment friendly factors resulting to drive LNG as a bunker fuel market expansion.

  • For instance, in December 2024, the Platts global bunker fuel cost calculator provides a tool for ship owners and operators to evaluate the cost of several marine fuels and their impact on EU Emission Trading System. It integrates price for multiple fuel types such as methanol, LNG, bioblends, and other conventional oil-based fuels. 

Key Takeaways:

  • Asia Pacific is the dominating region in the target market due to the rising bunkering terminals, LNG availability, and leaders in major ports.
  • By product, port-to-ship plays leading role since it contains infrastructure for the modifying existing LNG terminals or installing tanks using LNG pipelines.

LNG as a Bunker Fuel Market Forecast Period 2025-2035

Global LNG As A Bunker Drivers & Restraints

Key Drivers of Target Market:

Demand for Cleaner Fuels is expected to Increase Market Growth

LNG is a cleaner fossil fuel as compared to coal and other traditional fuels, it produces less carbon dioxide than coal and oil. LNG significantly emits less dust, particulates and reduce insignificant amounts of sulphur dioxide, mercury and other compounds which is harmful for the environment. It has specific gravity, which is lighter than air, making it easy to diffuse. Hence it is not risky to handle in well-ventilated areas, thus resulting to increase demand for the cleaner fuel is expected to drive LNG as a bunker fuel market growth.

Rising Investments in Bunkering Facilities is speeding up Market Expansion

The rising investments in bunkering facilities are having significant impact on the adoption of LNG as a bunker fuel in the shipping industry. Key players companies are collaborating with each other to develop more ports and terminals to enable in-port LNG bunkering. Several ports in major shipping hubs have launched LNG bunkering operations, resulting to drive target market growth.

  • For instance, in, July 2021, TotalEnergies Marine Fuels collaborated with Mitsui O.S.K. Lines, Ltd, and Hudong-Zhonghua Shipbuilding. These companies invested together for the first LNG bunker vessel to be in France has marked vessel delivery and operation commencement, after the successful completion of sea and gas trials.

Restraints:

Infrastructure Challenges Can Affect the Target Market Growth

LNG requires huge investments for building storage facilities, distribution pipelines, and transportation assists such as LNG tankers. The investment required to build new LNG infrastructure from the start and integration challenges with fuel supply system, resulting to restrained the growth of LNG as a bunker fuel market.

  • Counterbalance Statements: Investing in green bunker infrastructure can overcome the infrastructure challenge to achieve sustainable maritime industry. Promote international collaboration to create a network of LNG refueling points.

Opportunities & Market Trends:

Increasing LNG Production fuels the market expansion: 

LNG is an alternative to traditional marine fuel, thus there is increasing investments and infrastructures in bunkering vessel. This LNG infrastructure is expanding worldwide as increasing demand form other sectors such as power generation and land transportation. Also, it is cost effective and reduce carbon gas emission as compared to conventional fuels.

Global LNG As A Bunker Segmentations & Regional Insights

The LNG as a bunker fuel market is classified into product, components, vessel type, and region.

Product: 

The target market is classified into portable tanks, port to ship, ship to ship and truck to ship by products. The truck to ship is dominates LNG as a bunker fuel market share due to bunkering is frequently used in marine as compared to other products, it contains a flexible hose that connects a truck loaded with LNG to the ship. It is cost effective and small-sized vessel as compared to other vessels.

Component: 

LNG storage tanks, bunker station, control & safety structures, fuel pumps and others are the divided by component for the LNG as a bunker fuel market. The bunkering station for LNG plays dominating role due to it has structure that transfer fuel to a vessel, this includes both traditional marine fuels and LNG. Bunkering station made expansion in marine industry as development in their infrastructure can raise the target market.

  • For instance, in January 2025, IMI will install a Proton Exchange Membrane (PEM) which is Electrolyzer at a hydrogen bunkering station which is developed by MT Group in Lithuania. The bunker station has the capacity up to 500kg/day of green hydrogen and uses 3 MW of renewable electricity.

Vessel Type:

LNG as a bunker fuel market by vessel type is segmented into offshore tugs & services, ferries, oil & chemical tankers, container ships, gas carriers, bilk & general cargo and others. The oil and chemical tankers are frequently used as bunkering storage, some oil and chemical tankers are duel-fuel tankers such that can be used as LNG and other conventional fuels.

  • For instance in, April 2024, SFL announced acquisition of two LNG dual-fuel chemical carriers, had the arranged long-term employment for the vessels with affiliated of Stolt Tankers Company. These vessels designed to transport chemicals, and equipped with dual-fuel engines that can run on LNG and traditional marine fuels.

Region:

Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Asia Pacific: Asia Pacific is the dominating region in LNG as a bunker fuel market, due to increasing demand for cleaner marine fuels and stricter environmental regulations in countries such as, Singapore, South Korea and India, resulting to increase LNG bunkering infrastructure development, this factors are responsible for the market growth.

  • For instance, in January 2025, Philippine Natural Gas Industry Development Act, aimed to strengthen the country’s natural gas sector and facilitate its transition to renewable energy (RE). This law establishes the Philippine Downstream Natural Gas Industry and positions the country as a liquefied natural gas (LNG) trading in the Asia- Pacific region.

North America: North America is expected to be the second-leading region in the market as it contains operational logistics and international ports to regulatory drivers. The particular shipping trades and the availability of LNG will boost the target market share in the North American region.

LNG as a Bunker Fuel Market By Regional Insights Forecast Period 2025-2035

LNG as a Bunker Fuel Market Report Scope:

Attribute

Details

Market Size 2025

USD 620.3 Million 

Projected Market Size 2035

USD 9333.1 Million

CAGR Growth Rate

34.7% (2025-2035)

Base year for estimation

2024

Forecast period

2025 – 2035

Market representation

Revenue in USD Million & CAGR from 2025 to 2035

Regional scope

North America - U.S. and Canada

Europe – Germany, U.K., France, Russia, Italy, Spain, Netherlands, and Rest of Europe

Asia Pacific – China, India, Japan, Australia Indonesia Malaysia, South Korea, and Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, and Rest of Latin America

Middle East & Africa – GCC, Israel, South Africa, and Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segmentation:

By Product:

  • Portable Tanks
  • Port to Ship
  • Ship to Ship
  • Truck to Ship

By Component:

  • LNG Storage Tanks
  • Bunker Station
  • Control and Safety Structures
  • Fuel Pumps
  • Others.

By Vessel Type:

  • Hybrid Lens Offshore Tugs & Services
  • Ferries
  • Oil and Chemical Tankers
  • Container Ships
  • Gas Carriers
  • Bilk and General Cargo
  • Others.

By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Italy
    • Spain
    • Netherlands
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Indonesia
    • Malaysia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa

Global LNG As A Bunker Competitive Landscape & Key Players

The key players operating in the market include Broadview Energy Solutions B.V., Arkas Holding, Crowley and others. LNG as a bunker fuel is environment friendly and cost effective alternative fuel as comparative to traditional fuel, thus increasing demand will rise the competition between LNG companies.

List of Key Players in the Market:

LNG as a Bunker Fuel Market By Key Players Insights Forecast Period 2025-2035

Global LNG As A Bunker Recent News

  • In October 2024, TotalEnergies has made a new development in the marine industry making it more sustainable as they contain new LNG bunker vessel, with the capacity of 18,600 m3, which is used to support the energy transition within the shipping sector. By using LNG as a fuel, it reduces the greenhouse gas emission that contributes to marine climate and improves air quality. m3, the LNG bunker is used during shipping commerce pursues to environmental regulations and reduce carbon emission during shipping.
  • In May 2024, the first LNG bunkering operation for the Fairchem Pathfinder is a milestone for Fairfield Chemical Carriers which is development in the shipping industry toward cleaner and environment friendly fuel. As it is a dual-fuel LNG bunker, which is designed to operate on both LNG and traditional marine fuel, this dual-fuel vessel is important step for the decarbonatization process during shopping and reduce other chemicals emissions in the industry works.

Analyst View:

LNG is considered as a cleaner alternative fuel to conventional marine fuels. LNG has the lower emission of carbon dioxide as compared traditional marine fuels which helps to reduce greenhouse effect. The increasing investments in LNG bunkering facilities, infrastructure, cost effectiveness and environmental benefits, resulting to drive LNG as a bunker fuel market growth.

More Related Reports

LNG Carrier Market
Liquefied Natural Gas (LNG) Market
Bunker Fuel Market
LNG Liquefaction Equipment Market
Floating LNG Power Vessel Market

Global LNG As A Bunker Company Profile

Company Name

Crowley

Headquarter

Jacksonville, Florida, U.S.  

CEO

Thomas B. Crowley, Jr.

Employee Count (2024)

5,300 Employees

FAQs

LNG as a bunker fuel market size was valued at USD 620.3 Million in 2025 and is expected to reach USD 9333.1 Million by 2035 growing at a CAGR of 34.7%.

The market is segmented into product, component, vessel type, and region.

Asia Pacific is the dominating region in the target market as compared to other regions, such as North America, Europe, Latin America, and the Middle East & Africa.

The key players operating the LNG as a bunker fuel market include Broadview Energy Solutions B.V., Arkas Holding, Crowley, Eagle LNG Partners, Equinor ASA, EVOL LNG, Fluxys, Gasum Ltd, Harvey Gulf International Marine, Naturgy, Petroliam Nasional Berhad, Petronet LNG Ltd., QLNG Transport LLC, Shell plc, and TotalEnergies.