LPG Tanker Market Size by Vessel (Very Large Gas Carrier, Large Gas Carrier, Medium Gas Carrier, and Small Gas Carrier), By Refrigeration & Pressurization (Semi Refrigerated, Full Refrigerated, Full Pressurized, and Ethylene), Regions, Segmentation, and forecast till 2029.
Pune India, Dec. 06, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the LPG Tanker market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the LPG Tanker market is present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the Vessel, Refrigeration & Pressurization, and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global LPG Tanker market are BW Group, Dorian LPG Ltd., EXMAR, Hyundai Heavy Industries Co., Ltd, Kawasaki Heavy Industries, Ltd, Mitsubishi Heavy Industries, Ltd., Namura Shipbuilding Co., Ltd., PT Pertamina (Persero), StealthGas Inc., The Great Eastern Shipping Co. Ltd., Teekay Corporation among others. To achieve a substantial market share in the worldwide LPG Tanker market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Large volumes of petroleum gases are transported by liquefied petroleum gas (LPG) tankers, which are gas carriers. It consists of many reservoirs that are stacked in cargo holds. The most often used LPG tankers are small pressurized tanks, shielded or chilled seagoing tanks, and semi-pressurized tanks. They can be found in sizes that range from very large to big, big, medium, and tiny, and are propelled by a controllable propeller and geared-diesel system. Additionally, these tankers supply propylene, vinyl chloride, and ammonia. As a result, they are frequently utilized in numerous industries, including oil and gas, petrochemical, automobile, and refinery. Compared to coal, liquefied petroleum gas is a cleaner fuel. Consequently, a switch to LPG as a home fuel is anticipated to increase demand for LPG transportation. Concurrently, there is a growing demand for liquefied petroleum gas for HVAC and cooking applications, which raises the requirement for safe liquefied petroleum gas storage and transportation and consequently increases the demand for LPG tankers in the coming years. In the upcoming years, the market's growth is projected to be driven by a significant increase in shale gas production. Major firms turned their attention to producing oil and gas from shale rock as a result of the instability in crude oil prices, along with advancements in hydraulic fracturing and horizontal drilling techniques. It is also anticipated that shifting attention to shale gas production will accelerate market expansion during the predicted period.
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Scope of LPG Tanker Market Report
Market Share Unit
Vessel, Refrigeration & Pressurization, and Regions
North America, Europe, Asia-Pacific, South America and Middle-East and Africa
BW Group, Dorian LPG Ltd., EXMAR, Hyundai Heavy Industries Co., Ltd, Kawasaki Heavy Industries, Ltd, Mitsubishi Heavy Industries, Ltd., Namura Shipbuilding Co., Ltd., PT Pertamina (Persero), StealthGas Inc., The Great Eastern Shipping Co. Ltd., Teekay Corporation among others.
Very large gas segment is expected to be the fastest growing segment in 2021.
The vessel segment is a very large gas carrier, large gas carrier, medium gas carrier, and small gas carrier. The very large gas carrier segment is expected to witness the highest growth rate during the forecast period. LPG gas is frequently transported over greater distances across numerous nations using very big gas carriers. The main driver of the segment's growth is the expansion of trade ties for liquefied petroleum gas between nations, particularly those in the Middle East and Asia, Western Africa and Europe, and the United States. The LGC is expected to outperform the projected period, though narrowly. The global market is likewise heavily dominated by large gas carriers.
The full pressurized segment is expected to be the fastest-growing segment in 2021.
The refrigeration & Pressurization segment includes semi-refrigerated, full refrigerated, full pressurized, and ethylene. The full pressurized segment is expected to witness the highest growth rate during the forecast period. Full-pressure ships are typically small vessels with cargo capacities under 4000 m3. With a maximum cargo volume of only 4,000m3, entirely pressurized ships are typically employed to transport LPG and ammonia. Furthermore, the recent introduction of fully pressurized LPG carrier sets on the international market is anticipated to fuel market expansion. For instance, the Japanese shipyard Kawasaki Heavy Industries received a contract from Kumiai Navigation in February 2020 to build an LPG carrier. Two VLGCs at Kawasaki, a Capesize bulk carrier, an Ultramax, and a fully pressurized LPG carrier with a 2020 delivery date, were all included in the order book.
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The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the LPG Tanker include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
The Europe region witnessed a major share. Due to government initiatives and poor domestic production, the European market is primarily driven by an increase in LPG demand, which raises the demand for LPG tankers to allow imports. The main regional markets for LPG tankers are North America, the Middle East, and Western Africa because of the rising exports of liquefied petroleum gas to areas like Europe and the Asia Pacific. After Qatar and Australia, North America is one of the main exporters of LPG globally. The market is driven by the region's substantial proven shale gas reserves. North America is anticipated to experience significant growth during the predicted period. Due to its use as a cooking fuel, LPG demand is anticipated to rise in the United States, Canada, and Mexico. In these nations, LPG is used for heating purposes in residential structures throughout the winter.
Germany's LPG tanker market size was valued at USD 16.38 billion in 2021 and is expected to reach USD 24.29 billion by 2029, at a CAGR of 5.3% from 2022 to 2029.
The petrochemical industry in Germany is primarily responsible for expanding the LPG tanker business. While the country's Autogas industry has yet to reach its full potential, consumption of LPG for residential and commercial purposes has moderately increased in recent years.
China LPG tanker’s market size was valued at USD 29.78 billion in 2021 and is expected to reach USD 43.50 billion by 2029, at a CAGR of 5.1% from 2022 to 2029. One of the biggest buyers of international LPG is China. The increase in measures by the top authorities to offer incentives, start-up subsidies, and distribution licenses to encourage increased consumption and usage of LPG fuels, particularly in the transportation sector, would speed up market expansion throughout the projection period.
India's LPG tanker market size was valued at USD 5.96 billion in 2021 and is expected to reach USD 9.32 billion by 2029, at a CAGR of 6.0% from 2022 to 2029. The primary driver for the projection period is a growth in demand for liquefied petroleum gas in the residential, industrial, and transportation sectors. Furthermore, the rapid industrialization in India propels the growth of the LPG Tanker in the region.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increase in the trading of LPG across countries.
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