Update date: Jul 08, 2026 | N/A Pages | Report ID: EP-OG-001766
South Korea LNG Bunkering Market
DMA IntelligenceSouth Korea LNG Bunkering Demand Analysis & Forecast Outlook 2033
Segments: Product Type (Ship-to-Ship, Port-to-Ship, Truck-to-Ship, Portable Tanks), Application (Container Vessels, Tanker Vessels, Bulk & General Cargo Vessels, Ferries & Offshore Support Vessels, Others), End-User (Commercial, Defense), By Region, And Segment Forecasts
$550.0M
Market Size, 2025
$591.3M
Market Estimate, 2026
$980.9M
Market Forecast, 2033
7.5%
CAGR, 2026–2033
South Korea LNG Bunkering Market Size, Share & Key Insights
The South Korea LNG Bunkering Market size was valued at USD 550.00 Million in 2025, and the market is projected to grow from USD 591.25 Million in 2026 to USD 980.91 Million by 2033, growing at a CAGR of 7.5% during the forecast period 2026–2033. The market saw distributed global demand in 2025.
Study Overview
 Study Period | 2021 - 2033 |
 Base Year | 2025 |
 Estimated Year | 2026 |
 Forecast Period | 2026-2033 |
 Historical Range | 2021-2025 |
| Units | USD Million |
 Coverage | Global | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
 Deliverables | PDF + Excel Data Pack |
Major Market Players
Key Insights
- The South Korea LNG Bunkering market is projected to grow from USD 550.00 Million in 2025 to USD 980.00 Million by 2033, demonstrating a robust CAGR of 7.50% during the forecast period.
- Container Ships are anticipated to remain the dominant application segment, holding a significant share of the market due to the high volume of international trade passing through South Korean ports and the increasing adoption of LNG as fuel in this vessel category.
- Strategic investments in bunkering infrastructure and government initiatives promoting eco-friendly maritime transport are critical to the market's expansion, solidifying South Korea's position as a key player in the global LNG bunkering landscape.
Market Definiton and Strategic Context
The South Korea LNG Bunkering Market refers to the infrastructure and services dedicated to supplying Liquefied Natural Gas (LNG) as marine fuel to ships operating in South Korean waters and ports. This market encompasses the entire value chain, from LNG procurement and storage to its delivery to vessels via various methods, including ship-to-ship transfer, truck-to-ship, and terminal-to-ship bunkering. The increasing global focus on decarbonization and stricter environmental regulations, such as the IMO 2020 sulfur cap, have significantly driven the adoption of LNG as a cleaner alternative to conventional marine fuels. South Korea, a major maritime nation with a robust shipbuilding industry and strategic geographical location, is rapidly developing its LNG bunkering capabilities to meet the growing demand from both domestic and international shipping lines. The expansion of port infrastructure, government support for eco-friendly shipping, and technological advancements in LNG fuel systems are key factors shaping the South Korea LNG Bunkering market size and growth outlook. The market is witnessing substantial investments in dedicated bunkering vessels, storage facilities, and operational logistics to ensure efficient and reliable supply. Furthermore, the market's trajectory is closely tied to the global energy transition, with LNG serving as a crucial bridging fuel towards zero-emission shipping. The market is poised for significant industry expansion as more shipowners convert to or build LNG-fueled vessels, driven by both regulatory compliance and economic incentives. The South Korea LNG Bunkering market was valued at USD 550.00 Million in 2025, reflecting its nascent but rapidly evolving landscape. The market forecast indicates a sustained upward trend, fueled by the country's ambition to become a leading hub for green shipping and its continuous efforts to enhance maritime environmental sustainability. The growth is also supported by collaborative efforts between government agencies, port authorities, and private sector players to establish a comprehensive LNG bunkering ecosystem. This strategic positioning not only addresses immediate environmental concerns but also aligns with long-term national goals for energy security and maritime leadership.
| Report Attribute | Details |
|---|---|
| Market size value in 2025 | USD 550.00 Million |
| Revenue forecast in 2033 | USD 980.91 Million |
| Growth rate | CAGR of 7.5% from 2025 to 2033 |
| Actual data | 2021 - 2024 |
| Forecast period | 2025 - 2033 |
| Quantitative units | Revenue in USD Million and CAGR from 2025 to 2033 |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | Product Type, Application, End-User |
| Regional scope | South Korea |
| Country scope | All |
| Key companies profiled | Korea Gas Corporation (KOGAS); POSCO International; SK Energy; HD Hyundai Oilbank; Korea National Oil Corporation (KNOC); HD Korea Shipbuilding & Offshore Engineering; Samsung Heavy Industries; Hanwha Ocean; HJ Shipbuilding & Construction; Korea Line Corporation; Hyundai LNG Shipping; Pan Ocean; HMM |
| Customization scope | Free report customization (equivalent to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
Growth Catalysts & Market Constraints
The South Korea LNG Bunkering market dynamics are primarily shaped by a confluence of environmental regulations, technological advancements, and strategic national investments. The escalating demand for cleaner marine fuels, driven by international mandates, forms the bedrock of the market's expansion. This imperative has spurred significant growth in the South Korea LNG Bunkering market size, as the nation positions itself as a leader in sustainable maritime transport. The growth forecast for the industry remains robust, underpinned by continuous infrastructure development and increasing adoption rates among shipping companies. The interplay between policy support and private sector innovation is crucial in navigating the market's complexities, ensuring a steady trajectory for industry expansion.
Growth Drivers
- Stringent global and regional environmental regulations, such as the IMO 2020 sulfur cap and upcoming GHG emission reduction targets, are compelling shipowners to switch to cleaner fuels like LNG. This regulatory pressure significantly boosts demand for LNG bunkering services in South Korea, as shipping companies seek compliant and sustainable fueling solutions for their fleets operating in the region and beyond.
- Government support and strategic investments in LNG bunkering infrastructure are vital for market growth. The South Korean government, alongside port authorities, is actively promoting the development of LNG supply chains, including dedicated bunkering vessels and storage facilities, to solidify the country's position as an eco-friendly maritime hub, attracting more LNG-fueled vessels.
Restraints
- The high capital expenditure required for building LNG-fueled vessels and developing extensive bunkering infrastructure presents a significant barrier to entry and adoption. The substantial upfront investment, coupled with the need for specialized equipment and training, can deter smaller shipping companies and port operators from transitioning to LNG, thereby limiting market growth.
- Concerns regarding the availability and price volatility of LNG as a marine fuel can act as a restraint. While LNG is generally cleaner, its supply chain can be less mature than traditional fuels, and price fluctuations can impact operational costs, creating uncertainty for long-term investment decisions by shipowners.
Opportunities
- Expanding the network of LNG bunkering facilities across more South Korean ports and developing more flexible bunkering methods, such as truck-to-ship and modular bunkering solutions, presents a significant opportunity. This expansion would enhance accessibility and reduce logistical challenges, making LNG a more viable and attractive fuel option for a wider range of vessels.
- Collaborations between LNG suppliers, shipbuilders, port authorities, and financial institutions can create integrated solutions for the transition to LNG. These partnerships can facilitate financing for new LNG-fueled vessels and infrastructure, streamline regulatory processes, and drive innovation in bunkering technologies, fostering broader market adoption.
Challenges
- Ensuring the safety and regulatory compliance of LNG bunkering operations is a critical challenge. The handling of cryogenic fuel requires stringent safety protocols, specialized training, and adherence to evolving international and national regulations, which can add complexity and cost to operations and potentially slow down market development.
- The competition from alternative marine fuels, such as methanol, ammonia, and biofuels, poses a challenge to the long-term dominance of LNG. As these alternatives gain traction and mature, they could divert investments and demand away from LNG bunkering, necessitating continuous innovation and cost-effectiveness for LNG to maintain its competitive edge.
Market Level Breakdown
The South Korea LNG Bunkering market is segmented by Product Type into Small-scale LNG Bunkering and Large-scale LNG Bunkering. Small-scale LNG bunkering typically involves smaller volumes and is often used for coastal vessels, ferries, and smaller international ships, utilizing truck-to-ship or smaller bunkering vessels. This segment currently holds a larger market share due to its flexibility and suitability for diverse port environments and vessel sizes. Large-scale LNG bunkering, on the other hand, caters to larger ocean-going vessels, such as container ships and tankers, requiring significant volumes of LNG. This segment is expected to grow rapidly as more large vessels adopt LNG fuel and dedicated bunkering infrastructure at major ports expands, reflecting the country's commitment to accommodating global maritime traffic with sustainable fueling options.
In terms of Application, the South Korea LNG Bunkering market includes Container Ships, Tankers, Cruise Ships, Bulk Carriers, and Others. Container ships represent a dominant application due to their high fuel consumption and the increasing trend towards decarbonization in global trade routes. Tankers and bulk carriers also contribute significantly, driven by environmental regulations and the economic benefits of LNG. The cruise ship segment, while smaller, is growing as cruise lines invest in cleaner vessels to enhance their environmental image. The 'Others' category encompasses a variety of vessels, including car carriers, Ro-Ro ships, and specialized vessels, all gradually transitioning to LNG. This diverse application base highlights the widespread adoption of LNG as a versatile marine fuel across the maritime industry in South Korea.
The End-User segmentation of the South Korea LNG Bunkering market comprises Commercial Vessels, Offshore Support Vessels, and Naval Vessels. Commercial vessels, including cargo ships, passenger ships, and ferries, constitute the largest end-user segment, propelled by the imperative for operational efficiency and compliance with environmental standards in international trade. Offshore support vessels, serving the oil and gas industry, are also increasingly adopting LNG to reduce emissions and comply with stricter regulations in offshore operations. While a smaller segment, naval vessels are exploring LNG as a strategic fuel for enhanced energy security and reduced environmental footprint. This segmentation underscores the broad utility and strategic importance of LNG bunkering across various maritime sectors within South Korea.
South Korea LNG Bunkering Segmentation Breakdown
- Product Type
- Ship-to-Ship
- Port-to-Ship
- Truck-to-Ship
- Portable Tanks
- Application
- Container Vessels
- Tanker Vessels
- Bulk & General Cargo Vessels
- Ferries & Offshore Support Vessels
- Others
- End-User
- Commercial
- Defense
Geographic Performance & Regional Trends
While the South Korea LNG Bunkering market is specifically focused on the country, understanding the broader regional context within Asia Pacific is crucial. Asia Pacific currently stands as the largest market for LNG bunkering globally, driven by significant maritime traffic, rapid economic growth, and increasing environmental awareness in countries like China, Japan, and Singapore. South Korea, as a key player in this region, benefits from these overarching trends and its strategic location on major shipping lanes. The robust South Korea LNG Bunkering market growth is further fueled by national policies promoting green shipping and substantial investments in port infrastructure, positioning it as a rapidly expanding hub within the leading Asia Pacific market.
Regional Growth Drivers
- North America: The region's growth in LNG bunkering is driven by increasing environmental regulations, particularly in Emission Control Areas (ECAs) along its coasts. Significant investments in port infrastructure in countries like the United States and Canada are facilitating the adoption of LNG as a marine fuel, especially for vessels operating in domestic and transatlantic routes.
- Europe: Europe leads in LNG bunkering infrastructure development, propelled by strong regulatory support for decarbonization and a well-established network of LNG terminals. Countries such as the Netherlands, Norway, and Spain are at the forefront, offering comprehensive bunkering solutions and driving the transition to cleaner shipping practices across the continent.
- Asia Pacific: The Asia Pacific market, including South Korea, is experiencing rapid growth due to its high volume of maritime trade and emerging environmental policies. Major maritime nations like China, Japan, and Singapore are heavily investing in LNG bunkering facilities and promoting LNG-fueled vessels, making it the fastest-growing and largest market globally.
- Latin America: Modernization of port infrastructure and growing awareness of environmental sustainability are key drivers in Latin America. Countries like Brazil and Mexico are gradually developing their LNG bunkering capabilities to cater to regional shipping and international routes, albeit at a slower pace compared to other major regions.
- Middle East & Africa: The Middle East and Africa region is seeing nascent growth in LNG bunkering, primarily driven by strategic initiatives to diversify energy sources and comply with international maritime regulations. Countries such as Qatar and South Africa are exploring opportunities to establish LNG bunkering hubs, leveraging their natural gas reserves and strategic shipping lanes.
The regional landscape for LNG bunkering indicates a clear distinction between mature markets like Europe and rapidly emerging hubs in Asia Pacific, with South Korea at the forefront of the latter. While mature regions continue to refine their extensive infrastructure, emerging markets are characterized by aggressive capacity expansion and technological adoption. This divergence presents strategic implications for suppliers, who must tailor their offerings to address the varying stages of market development, from foundational infrastructure build-out in newer markets to optimization and diversification of services in established ones, ensuring sustained relevance in the global maritime energy transition.
Competitive Insights & Leading Companies
The South Korea LNG Bunkering competitive landscape is moderately consolidated, characterized by a mix of large state-owned enterprises, major energy companies, and prominent shipbuilding firms. Given the substantial capital investment required for LNG infrastructure and the complex regulatory environment, entry barriers are relatively high, leading to fewer but larger players dominating the market. Key competitive levers include the strategic location of bunkering facilities, the efficiency and reliability of supply chains, and the ability to offer competitive pricing. Companies also differentiate themselves through advanced bunkering technologies, such as ship-to-ship transfer capabilities, and strong partnerships with port authorities and shipowners. The market is influenced by global energy prices, government policies promoting green shipping, and the pace of new LNG-fueled vessel construction. The emphasis on environmental compliance and operational safety further shapes the competitive dynamics, requiring significant expertise and adherence to international standards. As the South Korea LNG Bunkering market continues its expansion, players are focusing on securing long-term contracts and expanding their service portfolios to capture a larger share of the growing demand for cleaner marine fuels. The competitive intensity is poised to increase as more international players eye opportunities in this strategically important maritime nation.
To maintain and expand their market presence, companies in the South Korea LNG Bunkering sector are employing various strategies, including strategic alliances, infrastructure investments, and service diversification. Many players are engaging in joint ventures with global LNG suppliers or shipping companies to ensure a stable supply and demand base. Product launches often involve introducing new bunkering vessels with higher capacities or advanced transfer systems to enhance operational efficiency and safety. Expansion strategies typically focus on developing bunkering hubs in major South Korean ports like Busan, Ulsan, and Gwangyang, and exploring regional partnerships to extend their reach. Differentiation is achieved through reliable supply guarantees, competitive pricing models, and value-added services such as technical support for LNG-fueled vessels. Research and development efforts are concentrated on improving the efficiency of LNG transfer, optimizing storage solutions, and exploring future fuel compatibility. However, companies face challenges such as margin pressure due to fluctuating LNG prices, the need for continuous investment in high-cost infrastructure, and navigating the evolving regulatory landscape. Compliance costs and the operational complexities associated with handling cryogenic fuels also add to the strategic burden, requiring robust risk management and extensive technical expertise to ensure safe and efficient operations in the South Korea LNG Bunkering market.
South Korea LNG Bunkering Key Companies
- Korea Gas Corporation (KOGAS)
- POSCO International
- SK Energy
- HD Hyundai Oilbank
- Korea National Oil Corporation (KNOC)
- HD Korea Shipbuilding & Offshore Engineering
- Samsung Heavy Industries
- Hanwha Ocean
- HJ Shipbuilding & Construction
- Korea Line Corporation
- Hyundai LNG Shipping
- Pan Ocean
- HMM
South Korea LNG Bunkering Market Ecosystem
Ecosystem Participants
- LNG Producers/Suppliers — These entities are responsible for extracting, liquefying, and transporting natural gas to South Korea. They form the foundational layer of the LNG bunkering ecosystem, ensuring a consistent and high-quality supply of LNG. Their role involves long-term supply contracts and managing global LNG trade flows to meet local demand.
- Their operational responsibilities include managing liquefaction plants and large-scale shipping, crucial for delivering LNG to import terminals. Collaboration with port authorities is essential for efficient logistics and ensuring seamless integration into the bunkering supply chain.
- LNG Terminal Operators — These companies manage the regasification and storage facilities at South Korean ports where imported LNG is received and prepared for distribution. They play a critical role in maintaining the integrity of the LNG supply chain, ensuring safe and efficient handling of the cryogenic fuel before it reaches bunkering vessels or trucks.
- Their activities involve maintaining sophisticated infrastructure, including storage tanks and regasification units. They are key intermediaries, connecting global LNG supply with local bunkering demand, and ensuring timely delivery to meet vessel schedules.
- Bunkering Service Providers — These are the direct providers of LNG fuel to ships, operating dedicated bunkering vessels (ship-to-ship), trucks (truck-to-ship), or shore-based facilities (terminal-to-ship). They are at the forefront of the supply chain, directly interacting with shipowners and ensuring safe and efficient fuel transfer operations.
- Their operational scope includes managing bunkering logistics, ensuring compliance with safety standards, and providing technical expertise during fueling operations. They are instrumental in the last-mile delivery, directly impacting the operational efficiency of LNG-fueled vessels.
- Ship Owners/Operators — These are the end-users of LNG bunkering services, making strategic decisions to adopt LNG as marine fuel for their fleets. Their choices are driven by environmental regulations, operational cost efficiencies, and public perception, creating the demand that propels the entire ecosystem.
- Their responsibilities include investing in LNG-fueled vessels or conversions, and collaborating with bunkering providers to ensure reliable fuel supply. Their long-term commitments are essential for the financial viability and growth of the LNG bunkering market.
- Port Authorities — South Korean port authorities are crucial facilitators, providing the necessary infrastructure, regulations, and operational frameworks for LNG bunkering activities. They ensure safe port operations, allocate berthing spaces, and support the development of bunkering facilities within their jurisdictions.
- Their role involves master planning for port development, issuing permits, and enforcing local safety regulations. They act as central coordinators, fostering collaboration among all ecosystem players to create a conducive environment for LNG bunkering growth.
- Shipbuilders and Equipment Manufacturers — South Korean shipbuilders are globally renowned and play a pivotal role in constructing LNG-fueled vessels and bunkering ships. Equipment manufacturers provide essential components such as LNG tanks, fuel gas supply systems, and cryogenic transfer equipment, enabling the technological advancement of the industry.
- They are responsible for the design, engineering, and construction of specialized vessels and critical infrastructure components. Their innovation in vessel design and fuel system integration directly influences the efficiency and safety of LNG bunkering operations.
- Regulatory Bodies and Classification Societies — These organizations establish and enforce safety standards, environmental regulations, and technical guidelines for LNG bunkering. Classification societies provide independent verification and certification services, ensuring that vessels and bunkering operations comply with international and national standards.
- Their work ensures the safe design, construction, and operation of LNG bunkering infrastructure and vessels, mitigating risks associated with cryogenic fuel handling. They provide the essential framework for trust and compliance within the industry.
Report Coverage & Key Deliverables
The report delivers a comprehensive analysis of the South Korea LNG Bunkering, combining quantitative data with qualitative insights. It offers a meticulous examination of market dynamics, growth drivers, restraints, opportunities, and challenges, providing a holistic view for stakeholders. This detailed coverage ensures that decision-makers gain a profound understanding of the current market landscape and its future trajectory. The study encompasses extensive segmentation analysis, breaking down the market by product type, application, and end-user, to offer granular insights into various sub-segments. Furthermore, it provides in-depth regional and country-level analysis, specifically focusing on South Korea, to highlight specific trends, regulatory impacts, and competitive intensity within the local context. The report is designed to be an indispensable tool for strategic planning, investment decisions, and market entry strategies, offering actionable intelligence to navigate the complexities of the rapidly evolving LNG bunkering sector. By integrating historical data with forward-looking projections, it empowers businesses to identify lucrative avenues, assess competitive threats, and formulate robust strategies for sustainable growth in the South Korean maritime industry.
Report Coverage
- Market Size Estimates (historical and forecast)
- Our analysis provides precise market size estimates spanning the historical period from 2021 to 2025 and comprehensive forecasts extending to 2033. These estimates are derived through a rigorous methodology combining primary research with extensive secondary data analysis, ensuring accuracy and reliability for strategic planning.
- Detailed Segmentation And Revenue Analysis
- The report offers an intricate breakdown of the market across key segments such as product type, application, and end-user. Each segment is thoroughly analyzed for revenue generation, growth potential, and market share, providing granular insights into the most lucrative areas and emerging trends within the South Korea LNG Bunkering market.
- Regional And Country-Level Insights
- While focused on South Korea, the report contextualizes its performance within broader regional trends, identifying key market drivers and differentiating factors. This section critically examines market maturity, regulatory frameworks, and investment landscapes, highlighting opportunities and challenges unique to the South Korean maritime sector.
- Competitive Benchmarking Of Key Players
- A thorough competitive analysis profiles leading companies, assessing their strategic initiatives, market positioning, and product portfolios. This benchmarking offers insights into key differentiators, competitive advantages, and the overall competitive intensity, aiding in the identification of market leaders and potential partners.
- Customization Options Based on Specific Requirements
- We offer flexible customization options, allowing clients to tailor the report's scope to their specific needs. This includes modifications to segment definitions, inclusion of additional country-level analysis, or deeper dives into particular market aspects, ensuring the deliverable perfectly aligns with strategic objectives.
Recent Industry Insights
Recent industry trends in the South Korea LNG Bunkering market underscore a concerted national effort towards decarbonizing its maritime sector and bolstering its position as a global green shipping hub. Over the past 12-18 months, significant developments have focused on expanding bunkering infrastructure, forging strategic partnerships, and advancing regulatory frameworks. There has been a noticeable increase in the number of LNG-fueled vessel orders from South Korean shipowners, signaling a strong commitment to cleaner energy. These trends are further supported by government incentives aimed at promoting the use of eco-friendly marine fuels and investing in state-of-the-art bunkering technologies. The ongoing innovation in bunkering solutions and a proactive approach to environmental compliance are key drivers shaping the future trajectory of the South Korea LNG Bunkering industry trends.
Key Market Developments
- February 2025: Korea Gas Corporation (KOGAS) announced plans to further expand its LNG bunkering facilities at major South Korean ports, aiming to increase supply capacity and meet growing demand from international shipping lines.
- November 2024: Hyundai LNG Shipping partnered with a European energy major to explore new routes for LNG-fueled vessels, enhancing the global reach and operational efficiency of South Korea's LNG bunkering services.
- August 2024: The South Korean government introduced new subsidies and tax incentives for shipowners investing in LNG-fueled vessels, accelerating the transition to cleaner marine fuels across the domestic fleet.
- May 2024: Samsung Heavy Industries unveiled a new design for a high-capacity LNG bunkering vessel, showcasing technological advancements aimed at improving transfer rates and safety during operations.
- January 2024: POSCO International initiated a pilot project to integrate AI-driven logistics for LNG bunkering, optimizing supply chain management and reducing operational costs in South Korean ports.
Analyst Opinion
The South Korea LNG Bunkering market presents an attractive investment proposition, underpinned by strong regulatory tailwinds and a strategic national push towards maritime decarbonization. The market's attractiveness is further enhanced by South Korea's robust shipbuilding industry and its critical position in global trade routes, which naturally foster demand for cleaner marine fuels. While competitive intensity is moderately consolidated, primarily driven by large domestic players and international energy giants, there remains ample room for innovation and strategic partnerships, particularly in developing smaller-scale and more flexible bunkering solutions. The demand-supply balance is currently favorable for growth, with increasing adoption of LNG-fueled vessels outpacing the current infrastructure, creating significant opportunities for capacity expansion. However, careful planning and substantial capital deployment are essential to meet the accelerating demand. The South Korea LNG Bunkering market outlook is positive, driven by a clear governmental vision and the industry's commitment to sustainable practices. Companies that can offer reliable, cost-effective, and environmentally compliant LNG bunkering services are well-positioned for sustained success in this evolving landscape.
Looking ahead, the long-term outlook for the South Korea LNG Bunkering market is exceptionally promising, with innovation playing a pivotal role in shaping its future. Continued advancements in LNG storage technologies, bunkering methodologies, and digital logistics will be crucial for optimizing efficiency and reducing operational costs. The integration of smart port technologies and real-time fuel management systems will further enhance the market's capabilities. However, key risk factors include the evolving landscape of alternative marine fuels, such as ammonia and hydrogen, which could pose a competitive threat in the longer term. Geopolitical factors influencing global LNG prices and supply chain stability also represent significant challenges that market participants must carefully monitor. Strategic implications for market players involve diversifying their service offerings, investing in future-proof technologies, and fostering strong collaborative ecosystems. Companies that can adapt quickly to changing regulations, manage supply chain complexities, and continuously innovate will be best equipped to capitalize on the substantial growth opportunities in the South Korea LNG Bunkering market.