South Korea LNG Bunkering Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
South Korea LNG Bunkering Market Analysis
The South Korea LNG bunkering market is expected to grow at a CAGR of more than 2.2% over the forecast period. South Korea is gearing up to offer LNG bunkering to comply with the IMO's implementation of a global sulfur cap of 0.5% in marine fuels by 2020, which in turn, is expected to drive the market over the forecast period. However, South Korea's economy has slowed down mainly due to the global economic slowdown as the county's economy mainly depends on the exports of the goods, machinery, and commodities like steel. This, in turn, has negatively impacted the maritime trade of the country and is likely to restrain the growth of the market.
- Upcoming projects are expected to boost the South Korea LNG bunkering market during the forecast period.
- The new investment plans set by Korea Gas Corporation to meet the rising demand for LNG bunkering in the country is expected to provide an opportunity in the market in the near future.
- Increase in LNG imports is expected to drive the South Korea LNG bunkering market over the forecast period.
South Korea LNG Bunkering Market Trends
This section covers the major market trends shaping the South Korea LNG Bunkering Market according to our research experts:
Upcoming Projects is Expected to Drive the Market
- South Korea has been promoting the use of liquefied natural gas as a marine fuel and has built the world's largest LNG-fueled bulk carrier, 'Ilshin Green Iris', in 2018.
- In 2018, South Korea's national LNG importer, Korea Gas Corporation (KOGAS), announced that it has plans to invest around USD 890 million in LNG bunkering infrastructure. The company expects to start the LNG bunkering business in 2020 and is planning to build a new LNG bunkering facility in the southern part of the country.
- In 2019, KOGAS announced that it has plans to invest nearly USD 9 billion by 2025, to expand its natural gas capacity and related infrastructure. The company is also expecting to invest around USD 1 billion on LNG bunkering business and hydrogen-fueled cars.
- Korea Line Corporation is building an 18000 cubic meter LNG bunkering vessel for South Korea. The vessel is expected to get delivered in early 2022 and is planning to go on a long-term charter to Shell.
- Furthermore, the South Korean Ministry of Trade, Industry and Energy (MOTIE) plans to support building of a ship-to-ship LNG bunkering vessel with a capacity of 7500 cubic meters of LNG which is capable of directly supplying LNG-powered ships on the ocean. The vessel is expected to be delivered by 2022.
- Hence, the South Korean LNG bunkering market is estimated to be positive for the coming years owing to the upcoming projects.
Increase in LNG Imports is Likely to Drive the Market
- South Korea, the world's third-biggest LNG importer saw LNG imports tumble 7.6% and has reached 55.6 billion cubic meters in 2019 due to the country's LNG demand for power generation declined. But the decrease in LNG price marked from the end of 2019 is likely to raise the demand for LNG as a fuel in the marine industry.
- South Korea imports huge volumes of LNG for power generation and heating. The addition of the LNG bunkering facility in the country is likely to add the country's import volume, strengthening its bargaining position.
- Furthermore, the stricter regulations adopted by the International Maritime Organization (IMO) on sulfur oxide (SOx) emissions, is expected to have a positive impact on LNG imports from 2020.
- Since, South Korea depends exclusively on LNG imports carried by ships to meet its natural gas needs, the rise in LNG imports is likely to drive the LNG bunkering market in South Korea over the forecast period.
South Korea LNG Bunkering Industry Overview
The South Korea LNG bunkering market is consolidated. Some of the major players in the market include Korea Line Corporation, and Wartsila Oyj Abp.
South Korea LNG Bunkering Market Leaders
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Korea Line Corporation
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Wartsila Oyj Abp
*Disclaimer: Major Players sorted in no particular order
South Korea LNG Bunkering Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
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4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 PESTLE Analysis
5. MARKET SEGMENTATION
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5.1 End-User
- 5.1.1 Tanker Fleet
- 5.1.2 Container Fleet
- 5.1.3 Bulk and General Cargo Fleet
- 5.1.4 Ferries and OSV
- 5.1.5 Others
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 Korea Line Corporation
- 6.3.2 Wartsila Oyj Abp
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablitySouth Korea LNG Bunkering Industry Segmentation
The South Korea LNG bunkering market report includes:
| End-User | Tanker Fleet |
| Container Fleet | |
| Bulk and General Cargo Fleet | |
| Ferries and OSV | |
| Others |
South Korea LNG Bunkering Market Research FAQs
What is the current South Korea LNG Bunkering Market size?
The South Korea LNG Bunkering Market is projected to register a CAGR of greater than 2.20% during the forecast period (2024-2029)
Who are the key players in South Korea LNG Bunkering Market?
Korea Line Corporation and Wartsila Oyj Abp are the major companies operating in the South Korea LNG Bunkering Market.
What years does this South Korea LNG Bunkering Market cover?
The report covers the South Korea LNG Bunkering Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the South Korea LNG Bunkering Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South Korea LNG Bunkering Industry Report
Statistics for the 2024 South Korea LNG Bunkering market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea 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.
