Circular
Economy and the Growing Adoption of Bio-LNG is Driving Market Growth

Global bio -LNG market
is anticipated to grow at a CAGR of 11.1% during the forecast period (2024-2031).
The market growth is driven by the growing adoption of a well-developed LNG filling with an
improved network. Additionally, the use of bio-LNG supports a circular economy
and provides for sustainable energy demand, which contributes towards market
growth.

The global bio-LNG
market is segmented by source type (organic household waste,
organic industrial waste, municipal waste, and agriculture residues), by
application (transportation fuel, power generation, and others), and by
geographies (North America, Europe, Asia-Pacific, and Rest of the World).

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Market Dynamics

According to the IGU’s
15th annual World LNG Report, the global LNG trade grew by 2.1% in 2023,
surpassing 401 million tonnes (MT). The global market now connects 20
exporting with 51 importing markets, while supply is currently the primary
growth-limiting factor. LNG receiving capacity growth reached 1,029.9
MTPA across 47 markets at the end of February 2024, adding almost 70 MTPA in
2023. The value is the highest since 2010. The supply remained
constrained, with just 0.8% YOY growth from Indonesia’s 3.8 MTPA
addition at Tangguh LNG. However, global liquefaction capacity is anticipated
to grow to over 700 MTPA by 2030. In 2023, LNG export was dominated by the US
(84.53 MT), followed by Australia (79.56 MT), Qatar (78.22 MT), and Russia
(31.36). In 2023,
LNG prices witnessed spot declines attributed to import growth
in Asia, as Platts JKM averaged $13.86/mmBtu during the year.  Additionally, the average annual price
volatility has significantly reduced from 2022 levels. Japan, Korea, and India
occupy the second, third, and fourth positions.

However,
the market growth is challenged by the project approvals pause on the non-FTA
LNG by the Biden Administration, which affects 70 MTPA of new capacity.
Additionally, the sanctions on Russian LNG may prohibit Ukraine from extending
the Russian gas transit deal at the end of 2024, impacting around 20 MTPA of
expected capacity. The ongoing security risk in the Middle East, and the
declining gas field supply, are anticipated to negatively impact the market
growth. In addition, over 120 MTPA of operational liquefaction capacity is
affected due to insufficient upstream gas production, demonstrating supply-side
risk, and threatening the market growth.

The major players in the
bio-LNG market include EnviTec Biogas AG, Iveco S.p.A., Linde plc, Shell Plc,
TotalEnergies, and others. The market players are contributing significantly to
the market growth, by the adoption of various business strategies, such as
collaborations, mergers and acquisitions, product portfolio diversification,
and more.

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Recent Developments

·       
In August 2024, Gasum is collaborating with Equinor to
provide for a series of liquefied biomethane (bio-LNG) bunkering operations in
the Port of Dusavik, Stavanger. Gasum is bunkering ISCC-EU certified mass
balanced bio-LNG to Equinor’s chartered platform supply vessel Island Crusader.

·       
In July 2024, Uniper expands its green portfolio to include
BioLNG. It produced its first BioLNG at
the Gate terminal in Rotterdam. The production
capacity converts biomethane into BioLNG. 

·       
In December 2023, Wärtsilä Corp., extended an existing
biomethane and bioLNG plant, to increase the production of bioLNG from 20 to 45
tons per day. Tekniska Verken owns the plant, located in Linköping.

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