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LPG Tanker Market size was valued at US$ 182.02 Mn. in 2021 and the total revenue is expected to grow at a CAGR of 5.3% from 2022 to 2027, reaching nearly US$ 248.14 Mn.
LPG Tanker Market Overview:
Unlock the full potential of the LPG Tanker market with our in-depth research. Our goal is to deliver a meticulous analysis of market size, considering components, applications, industries, and geographies. Gain valuable insights into the factors driving industry growth, complemented by a comprehensive evaluation of the market's value chain. Stay ahead of the competition and make well-informed decisions with our thorough and dynamic study.
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Market Scope:
Embark on a journey of insightful market analysis with our cutting-edge research technique for estimating and forecasting LPG Tanker market share. We meticulously collect revenue data from key suppliers through trusted secondary research sources, while also considering vendor offerings to develop comprehensive market segmentation. Employing the bottom-up method, we calculate the entire size of LPG Tanker market growth by analyzing income from major firms. Stay ahead of the curve with our accurate and forward-thinking approach, empowering your business with the knowledge to thrive.
Segmentation:
Very Large Gas Carriers (VLGC), Large Gas Carriers (LGC), Medium Gas Carriers (MGC), and Small Gas Carriers (SGC) make up the market. By 2027, the Very Large Gas Carriers (VLGC) segment is estimated to have the greatest market share of%. Longer-distance LPG gas transmission across numerous countries frequently necessitates the employment of very large gas carriers. The development of trade relations for liquefied petroleum gas between nations, particularly those in Western Africa, Europe, and the Middle East, as well as the United States, is the primary driver of the segment's growth. The LGC, on the other hand, is predicted to outperform during the projection period. The global market is also controlled by major gas carriers.
One of the significant market trends that has been seen and is likely to accelerate market expansion is innovation in LGC development. For example, the Belgian shipping company Exmar recently delivered its largest dual-fuel LPG carrier, Flanders Innovation, with an 88,000 cbm capacity. The 230-metre-long, 36.6-metre-wide LPG carrier has a deadweight tonnage of 55,100 tonnes. The vessel's dual fuel system is predicted to reduce CO2 emissions by 38% when compared to IMO reference lines. The key reason predicted to promote growth in the LGC and MGC segments is increased shale gas extraction and production, as well as exporting domestic liquefied petroleum gas.
Global LPG Tanker Market, by Vessel Size (2022-2027)
• Very Large Gas Carriers (VLGC)
• Large Gas Carriers (LGC)
• Medium Gas Carriers (MGC)
• Small Gas Carriers (SGC)
Global LPG Tanker Market, by Refrigeration & Pressurization (2022-2027)
• Ethylene
• Full Refrigerated
• Semi Refrigerated
• Full Pressurized
Key Players:
• StealthGas Inc.
• Dorian LPG Ltd.
• BW Group
• Hyundai Heavy Industries Co. Ltd.
• Kawasaki Heavy Industries Ltd.
• DSME
• Mitsubishi Heavy Industries Ltd.
• The Great Eastern Shipping Co. Ltd.
• Kuwait Oil Tanker Company
• DAE Sun Shipbuilding and Engineering Co. Ltd.
• Namura Shipbuilding Co. Ltd.
• EXMAR
• STX Corporation
• PT Pertamina
• Epic Gas Ltd.
• Meyer Turku
• Hanjin Heavy Industries Ltd.
• Hijos de J. Barreras
Regional Analysis:
Unlock the power of regional market insights with our comprehensive analysis covering North America, Europe, Asia-Pacific, the Middle East, Africa, and South America. Maximize analysts go above and beyond, providing a deeper understanding of competitive strengths and conducting thorough rival assessments for each region. Stay steps ahead of the competition with our cutting-edge competitive analysis, empowering your business to make informed decisions and seize opportunities for growth in diverse markets worldwide.
COVID-19 Impact Analysis on LPG Tanker Market: The report also includes the detailed impact of COVID-19 on the LPG Tanker market.
Key Questions Answered in the LPG Tanker Market Report are:
- Which segment had the largest share in the LPG Tanker market?
- How is the competitive scenario of the LPG Tanker market in 2023?
- What are the key drivers impacting the LPG Tanker market growth?
- Which region holds the maximum share in the LPG Tanker market? •
What will be the compound annual growth rate (CAGR) of the LPG Tanker market during the forecast period (2023-2027)?
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