Global Lpg Tanker Market

By Author: Rupali Dagade
Total Articles: 446
Comment this article

By 2027, the Global LPG Tanker market is expected to reach US $271.09 million, thanks to growth in the Vessel Type, and Pressurization & Refrigeration segment. The report analyzes market dynamics by region and end-user industries.

Global LPG Tanker Market Overview:

The global LPG Tanker market was valued at US $186.52 Mn. in 2019, and it is expected to reach US $271.09 Mn. by 2027 with a CAGR of 6.43% during the forecast period.

A liquefied petroleum gas (LPG) tanker is a type of gas carrier that transports petroleum gases in bulk. It is made up of separate reservoirs that are stacked in cargo holds. Small-pressurized tanks, insulated or refrigerated seagoing tanks, and semi-pressurized tanks are some of the most often used LPG tankers.

They are available in very large, large, medium, and small sizes, and are powered by a controllable-pitch propeller and geared-diesel system. Ammonia, propylene, and vinyl chloride are also transported in these tankers. As a result, they have a wide range of applications in industries such as oil and gas, chemical, automotive, and refinery.

To know ...
... about the Research Methodology :- Request Free Sample Report

The report has covered the market trends from 2015 to forecast the market through 2027. 2019 is considered a base year however 2020's numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.

COVID–19 Influence on Global LPG Tanker Market:

Owing to the COVID-19 pandemic, many LPG production companies were forced to halt operations to comply with new government regulations. This pause in operations has a direct impact on the revenue flow of the LPG Tanker market. The COVID-19 supply chain block of raw materials and intermediates influenced manufacturers. The cost of logistics increased during the first few months of the pandemic. Companies were forced to review their industry strategies as a result of the ongoing COVID-19 pandemic. The report provides more information about each region's impact, allowing users to plan their actions and take significant steps toward recovery after an epidemic.

Global LPG Tanker Market Dynamics:

Growing trade relations & increasing shale gas extraction

The market's growth is driven by increased LPG trading around the world. Shale gas extraction is expected to rise at a rapid pace, driving the sector. Key players have turned their focus to oil and gas production from shale rock as a result of fluctuating crude oil prices and the development of horizontal drilling and hydraulic fracturing processes. As a result of this transition in focus, the market is expected to grow at a CAGR of xx% over the forecast period, as increased shale gas production has encouraged the LPG trade.

Also, LPG demand for HVAC (High Ventilation Air Conditioning) and cooking applications have increased. From 2020 to 2027, increased trade relations between the United States and Japan, and India for shale gas are expected to drive demand for LPG tankers.

The COVID-19 pandemic and volatile price of crude oil

The most important factors in determining the overall costs of LPG are the price and availability of raw materials. Ethane, propane, and butane are among the basic raw materials needed to make LPG. The majority of these basic materials are derivatives based on crude oil that are subject to commodity price volatility. The growing global demand for crude oil, as well as the instability in the Middle East, have a significant impact on LPG pricing.

The LPG tanker market is also impacted by the flammable nature of LPG which is also a key barrier for the market growth. Thus, it is kept in large spherical or pressurized cylindrical tanks. The flammability of the gas increases storage, transportation, and distribution costs to end-users, as well as high manufacturing costs, all of which add to increased energy expenses. LPG manufacturers have responded to rising manufacturing costs by ensuring that price increases are irregularly allocated, with end-users taking the burden of the cost. Thus, it is expected to hamper the growth of the LPG tanker market over the forecast period.

Also, the COVID-19 pandemic put restrictions on the trade and resulted in a decrease in LPG demand across a variety of end-use industries across the globe. However, from 2021 onwards, LPG demand is expected to recover, thanks to increased trade between the United States and the Asia Pacific. Thus, decreased demand in several parts of the world is hindering the growth of the LPG tanker market.

Global LPG Tanker Market Segment Analysis:

Based on Vessel Type, the global LPG Tanker market is segmented into four types as follows, Very Large Gas Carrier (VLGC), Large Gas Carrier (LGC), Medium Gas Carrier (MGC), and Small Gas Carrier (SGC).

In 2019, the very large gas carrier segment was dominant and held 28% of the overall market share. This segment is anticipated to grow at a CAGR of xx% over the forecast period. The segment's growth is expected to be driven by the growing oil and gas industry. Also, the growth of the segment is expected to be supported by interest rate reductions and increased liquidity among investors.

These gas carriers are frequently used to transport LPG across distant locations. The market is expected to grow as LPG traffic between the Middle East, Europe, the United States, and Asian countries increases.

By 2027, it is expected that the large gas carrier segment is expected to hold the most market share. The primary reason driving this segment's rise is increased shale gas production. On the other hand, the small gas carrier is expected to grow significantly thanks to the increased usage of LPG in the residential sector.

Based on Pressurization & Refrigeration, the global LPG Tanker market is segmented into four types as follows, Fully Pressurized, Semi-Pressurized, Fully Refrigerated, and Extra Refrigerated (Ethylene Gas Carriers).

In 2019, the Fully Pressurized segment was dominant and valued at US $59.03 million. From 2021 to 2027, the segment is expected to grow at a CAGR of xx%.

By 2027, fully refrigerated is expected to be the second-largest segment. The full refrigeration segment comprises very large gas carriers that can transport 15,000 m3 to 85,000 m3 of gas over distant locations. Such ships require vessels that can withstand a minimum working temperature of -50°C and a maximum working pressure of 0.28 kg/cm2. VLGC is an easy way to transport LPG. Ethylene carriers are seen as a distinct segment of the market since they require additional refrigeration for safe shipment around the world. A full-pressure ship carrier is a small ship carrier.

Global LPG Tanker Market Regional Insights:

In 2019, Europe was dominant among all the regions accounting for 28% of the overall market share in terms of revenue because of rising imports of propane and butane gas used for household heating purposes, the European market is expected to continue to grow at a steady CAGR of xx% over the forecast period.

In 2019, Asia Pacific ranked as the second-largest geographical market accounting for xx% of the overall market share. The growth of the regional market has been driven by population growth, abundant resource availability, and high energy demands, all of which have been made more affordable thanks to various government subsidies on LPG cylinders. Thanks to increased petrochemical capacity in India, China, India, Thailand, and South Korea, the Asia Pacific market is expected to develop continuously over the forecast period.

North America, the Middle East, and Western Africa are also among the important markets. From 2021 to 2027, the Middle East and Africa are expected to grow at a high CAGR of xx% over the forecast period.

The objective of the report is to present a comprehensive analysis of the global LPG tanker market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global LPG tanker market dynamics, structure by analyzing the market segments and project the global LPG Tanker market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global LPG tanker market make the report investor’s guide.

For more information visit@ https://www.maximizemarketresearch.com/market-report/global-lpg-tanker-market/116990/

Global LPG Tanker Market Scope: Inquire before buying

Global LPG Tanker Market, by Region

• North America
• Europe
• Asia Pacific
• The Middle East and Africa
• South America

Global LPG Tanker Market 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
• Others

Frequently Asked Questions:

1. What is the forecast period considered for the LPG Tanker market report?
Ans. The considered forecast period for the LPG Tanker market is 2021-2027.

2. Which key factors are hindering the growth of the LPG Tanker market?
Ans. The Covid-19 pandemic conditions and volatile price of crude oil are the key factors expected to hinder the growth of the LPG tanker market during the forecast period.

3. What is the compound annual growth rate (CAGR) of the LPG Tanker market for the next 6 years?
Ans. The global LPG tanker market is expected to grow at a CAGR of 6.43% during the forecast period (2021-2027).

4. What are the key factors driving the growth of the LPG Tanker market?
Ans. The increasing extraction of shale gas and growing trade relations between nations are the key factors expected to drive the growth of the LPG Tanker market during the forecast period.

5. Which are the worldwide major key players covered for the LPG Tanker market report?
Ans. Stealth Gas 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, and Others.

This report submitted by Maximize market Research Company
Customization of the report:
Maximize Market Research provides free personalized of reports as per your demand. This report can be personalized to meet your requirements. Get in touch with us and our sales team will guarantee provide you to get a report that suits your necessities.
About Maximize Market Research:
Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Contact info:
Name: Lumawant Godage
Organization Address: MAXIMIZE MARKET RESEARCH PVT. LTD.
Email: sales@maximizemarketresearch.com
Address: Omkar Heights, Sinhagad Road, Manik Baug, Vadgaon Bk,Pune, Maharashtra 411051, India.
Contact: +919607195908