LNG Bunkering in 2024: Market Growth and Emerging Trends

"The Business Research Company recently released a comprehensive report on the Global LNG Bunkering Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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..

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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

Mondi Group, Stora Enso, WestRock, Smurfit Kappa, Klabin S.A,Nine Dragons Paper Holdings, Billerud AB, Heinzel Group, Segezha Group, International Paper, JB Craft Paper LLP, BN Papers, Blue Mount Paper and Boards Limited, Shree Krishna Paper Mills and Industries Ltd, Millenium Overseas, Prima Papers LLP, Diyan Papers LLP, Shri Brahma Paper Mill Pvt, Kamishigen Co., Ltd, Arrowfield Co., Ltd, TF Group, Zhengzhou SF Paper Factory, Linqu Hengsen Packaging Materials Co., Ltd, Chengdu Qingya Paper Industries Co., Ltd, Golden Paper Co., Limited, Rise Star Holdings Limited, Hebei Feiyue Industry Co.,Ltd, Qiongdao Sanshi Paper Co., Ltd, Pg Paper Co., Ltd, Comet Packaging, Expack Uk, Somic Textiles Ltd, Varad Papers Pvt Ltd, Sunflower Packaging Co., Ltd, Skybridge Albion Ltd, Richmond Papers Ltd, Ecopacksnab, Chestnyi Chek LLC, Ilim Group, Veiro Pro, Meltic Ltd., Papertec, Inc, Deluxe Packaging, Steelson Packaging, KapStone Paper and Packaging Corporation, Georgia-Pacific LLC, Packaging Corporation of America (PCA), Domtar Corporation, Hood Packaging Corporation, Norampac Inc, Klingele Paper and Packaging Group, Paper Excellence, Santher, gKraft paper, Paperindex, CMPC Biopackaging, Andritz Chile Ltd, Arabian Kraft Paper Manufacturing LLC, Kraft Paper and Paper Liners, R3s Paper Bags Works, Al Wahdania Shipping and Cargo, Aetreum, APL International, Zdpacks Manufacturing Llc, CPpack, RBE Stationery Manufacturers, Corruseal Group

LNG Bunkering Market 2024 Key Insights:

• 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%.
• Rising Vessel Numbers Fueling Growth In Lng Bunkering Market
• Cma Cgm And Totalenergies Pioneer Ship-To-Containership Lng Bunkering In Marseilles
• Europe was the largest region in the LNG bunkering market in 2023

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