Global LPG Tanker Market by Pressurization (Semi Refrigeration, Full Pressurized, Full Refrigeration), by Vessel (MGC, LGC) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global LPG tanker market was worth USD 185.1 millions in 2019. It is expected to grow at 6.0% compound annual growth rate (CAGR), between 2020 and 2027. This is due to the increasing LPG trade around the world. Market development will continue to be driven by strong growth in shale oil production over the next few years. Major companies have begun to focus their attention on oil & gas production from shale rocks due to volatility in crude oil prices and developments in hydraulic drilling and horizontal fracturing. Market growth is expected to increase as companies shift their focus to producing shale gas. The global production of shale gas remains in a steady phase. Due to the increased production of shale, there has been an increase in LPG trade. The demand for LPG in HVAC and cooking is increasing, which means that there is a lot of demand for safe transportation and storage.

The growth in trade relations between the United States of America and the Asia Pacific region for Shale gas is expected to outpace the demand for LPG tankers during the forecast period. Market growth is expected to be impeded by instabilities in crude oil prices. This will lead to higher prices for and LPG. The sudden onset of the COVID-19 Pandemic led to a slight decline in the demand for liquefied petroleum gases in different sectors.

LPG demand will begin to recover in 2021. LPG trade between the United States and Asian countries will also increase. The COVID-19 pandemic continued to affect Europe's demand for LPG. In April 2020, Sibur, Russia's largest petrochemical firm, took advantage of the opportunity to enter a new market and delivered two cargoes to India.

Refrigeration & Pressurization Insights

In 2019, the full pressurized segment dominated the market and was valued at USD 59.5 million. This segment is expected to grow at the fastest rate of CAGR between 2020 and 2027. The second-largest segment is expected to be full refrigeration by 2007. Full refrigeration is a type of gas carrier that can transport 15,000 m3 up to 85,000m3 gas. They are suitable for long distances and can be transported over large distances.

These vessels can withstand temperatures as low as -50 ^orC, and up to 0.28 kg/cm2. VLGC can easily transport LPG. Because ethylene carriers are a distinct segment of the industry, they require extra refrigeration to ensure safe transport around the globe. The full pressure type is the small ship carrier.

Vessel Insights

VLGC vessels accounted for more than 28% of the market share in 2019. This segment will see steady growth due to changes in oil and gas capital markets.

These gas carriers can be used to transport LPG over longer distances. The main factor driving demand for these gas carriers is the growth of LPG trade relations between countries such as the Middle East, Asia, Western Africa, Europe and the United States.

LGC is expected to be the largest segment in 2027. The main driver of growth in the medium and large gas carrier segments is the increasing production and extraction of shale gas. Due to the growing demand for LPG from the residential sector, SGC will see significant growth in the years ahead.

Regional Insights

Europe dominated the market in 2019, with a share of more than 28%. With a market share of over 28% in 2019, Europe was the largest regional market. This is due to increasing imports for propane and butane gas used domestically to heat homes. Asia Pacific was the second largest regional market in 2019. The key factors driving the region's growth were population growth, abundant resource availability, high energy needs, and easy affordability due to various government subsidies for LPG cylinders.

APAC's market will grow further due to the expansion of petrochemical capacity across India, China and India. Due to the growing exports to LPG from regions such as Europe, Asia Pacific, and North America, North America is also a key market. The fastest CAGR is expected to be in the Middle East & Africa between 2020 and 2027.

Market Share Insights & Key Companies

Due to the presence major corporations and manufacturers, the global market is highly competitive. Over the forecast period, this market will attract many regional companies. Most market players have focused on increasing their vessel capacity and complying with IMO regulations. The following are some of the most prominent players in LPG tanker markets:

• 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 (Persero)

• Epic Gas Ltd.

Up Market Research published a new report titled “LPG Tanker Market research report which is segmented by Pressurization (Semi Refrigeration, Full Pressurized, Full Refrigeration), by Vessel (MGC, LGC), By Players/Companies Epic Gas Ltd, MITSUBISHI HEAVY INDUSTRIES LTD, DSME, Kawasaki Heavy Industries Ltd, StealthGas Inc, STX Corporation, PT Pertamina (Persero), The Great Eastern Shipping Co Ltd, BW Group, Namura Shipbuilding Co Ltd, Hyundai Heavy Industries Co Ltd, Kuwait Oil Tanker Company, DAE Sun Shipbuilding and Engineering Co Ltd, Dorian LPG Ltd, EXMAR”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global LPG Tanker Market Report Segments:

The market is segmented by Pressurization (Semi Refrigeration, Full Pressurized, Full Refrigeration), by Vessel (MGC, LGC).

LPG Tanker Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the LPG Tanker Market

Overview of the regional outlook of the LPG Tanker Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The LPG Tanker Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of LPG Tanker Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Semi Refrigeration

                2. Full Pressurized

                3. Full Refrigeration

                1. MGC

                2. LGC

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the LPG Tanker Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the LPG Tanker Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.