Bio-LNG Market to Reach $3.4 Billion, Globally, by 2032 at 17.9% CAGR: Allied Market Research

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Sep 20, 2023, 10:15 ET

PORTLAND, Ore., Sept. 20, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Bio-LNG Market by Source (agriculture residues, industrial waste, household waste, and others) and by Application (automotive, ships, power generation, and others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global bio-LNG industry generated $0.7 billion in 2022 and is estimated to reach $3.4 billion by 2032, exhibiting a CAGR of 17.9% from 2023 to 2032.

Biomethane LNG or Renewable Natural Gas (RNG) is an LNG (Liquefied Natural Gas) produced from bio-based waste materials. Bio-LNG is a renewable and sustainable form of LNG. Biomass LNG is produced by anaerobically digesting or gasifying biomass, including agricultural waste and food waste. It can also be produced from sewage sludge or dedicated power crops. The production process involves capturing the methane gas emitted during the decomposition of organic matter and purifying it to remove impurities. The resulting biomethane is then liquefied through a cooling process, transforming it into bio-LNG.

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Prime Determinants of Growth:

The global bio-LNG market growth is attributed to several factors, such as environmental concerns and renewable energy policies, energy security and waste management, and low emissions and compatibility with existing infrastructure. On the other hand, feedstock availability, processing and infrastructure costs, and technological challenges limit market growth to some extent. On the contrary, circular economy, waste management & renewable energy transition, decarbonization, and energy security will create lucrative opportunities for the growth of the market in upcoming years.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$0.7 Billion
Market Size in 2032	$3.4 Billion
CAGR	17.9 %
No. of Pages in Report	235
Segments covered	Source, Application, and Region
Drivers	Environment concerns and renewable energy policies
	Energy security and waste management
	Low emissions and compatibility with existing infrastructure
Opportunities	Circular economy and waste management and renewable energy transition
Opportunities	Decarbonization and energy security
Restraints	Feedstock availability
	Processing and infrastructure costs
	Technological challenges

The household waste segment to maintain its leadership status throughout the forecast period-

By source, the household waste segment held the largest market share in 2022, accounting for more than two-fifths of the global bio-LNG market revenue, and is expected to maintain its leadership status throughout the forecast period. The same segment would also cite the fastest CAGR of 18.2% during the projection years. Producing bio-LNG from household waste is a viable approach to converting organic waste into renewable energy. Household waste, also known as municipal solid waste (MSW), is the waste generated from households and can contain a significant amount of organic material, such as food scraps, yard trimmings, and paper products. By diverting this organic waste from landfills and incineration, it can be utilized to produce bio-LNG through a series of processes thus leading to the growth of the bio-LNG market.

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The automotive segment to maintain its dominance during the forecast period-

By application, the automotive segment held the highest market share in 2022, accounting for nearly one-third of the global bio-LNG market revenue, and is expected to maintain its dominance during the forecast period. The same segment would also showcase the fastest CAGR of 18.3% from 2023 to 2032. Bio-LNG plays a significant role in the automotive sector as a cleaner and more sustainable fuel option. It offers several advantages over conventional fuels for vehicles, particularly in terms of reducing greenhouse gas emissions and promoting a transition towards a low-carbon transportation system. While existing LNG infrastructure can be used for bio-LNG, further investment may be required to expand refueling infrastructure to accommodate the growing demand for bio-LNG in the transportation sector. The production and distribution costs of bio-LNG can influence its competitiveness with other alternative fuels and conventional fossil fuels.

Europe garnered the major share in 2023-

By region, Europe held the highest market share in 2022, garnering two-fifths of the global bio-LNG market revenue, and is expected to maintain its dominance throughout the forecast period. The same region would also portray the fastest CAGR of 18.3% from 2023 to 2032. Germany has been at the forefront of renewable energy adoption and has made significant efforts to reduce greenhouse gas emissions. The UK has been actively promoting the use of renewable energy sources, including bio-LNG, to meet its climate targets and reduce carbon emissions. The French government is implementing policies to promote the use of bio-LNG and other renewable fuels, aiming to reduce greenhouse gas emissions from transportation and decrease reliance on fossil fuels. Italy is focusing on renewable energy and sustainable development, and bio-LNG is being explored to reduce emissions and promote energy diversification.

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Leading Market Players:

EnviTec Biogas AG
Titan LNG
Linde Plc
DBG Group B.V.
TotalEnergies SE.
BoxLNG Pvt. Ltd.
Flogas Britain Ltd.
Shell Plc.
Nordsol
BIOKRAFT INTERNATIONAL AB

The report provides a detailed analysis of these key players in the global bio-LNG market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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