South Korea LNG Bunkering Market Size (2024 - 2029)

South Korea LNG Bunkering Market Size Summary

The South Korea LNG bunkering market is poised for growth, driven by the country's efforts to align with the International Maritime Organization's sulfur cap regulations. This regulatory push is expected to stimulate the market, despite the challenges posed by a slowing economy that heavily relies on exports. The maritime trade sector has felt the impact of global economic conditions, which could potentially hinder market expansion. However, the introduction of new projects and investment plans by Korea Gas Corporation are anticipated to create opportunities, as the demand for LNG bunkering rises. The increase in LNG imports is also expected to bolster the market, positioning South Korea as a significant player in the LNG bunkering industry.

South Korea has been proactive in promoting LNG as a marine fuel, exemplified by the construction of the world's largest LNG-fueled bulk carrier, 'Ilshin Green Iris'. The national LNG importer, Korea Gas Corporation, has announced substantial investments in LNG bunkering infrastructure, aiming to establish a robust LNG bunkering business. The development of new vessels and facilities, supported by the South Korean Ministry of Trade, Industry and Energy, is set to enhance the country's LNG bunkering capabilities. Despite a decline in LNG imports due to reduced demand for power generation, the decrease in LNG prices is expected to stimulate demand in the marine sector. The stricter IMO regulations on sulfur emissions are likely to further drive LNG imports, reinforcing South Korea's position in the global LNG bunkering market. The market remains consolidated, with key players such as Korea Line Corporation and Wartsila Oyj Abp playing significant roles.