Global LPG Tanker Market Surge: US$ 275.13 Mn by 2029, Estimated 5.3% CAGR Growth Trajectory
Global LPG Tanker Market to Reach US$275.13 Million by 2029, Growing at a CAGR of 5.3%
Market Overview:
The global LPG tanker market is poised for significant growth, with a projected CAGR of 5.3% from 2023 to 2029. Market valuation stood at US$191.67 million in 2022, and is expected to reach nearly US$275.13 million by the end of the forecast period. This growth is driven by several factors, including:
- Rising demand for LPG: Increased usage of LPG for cooking, heating, and industrial applications is fueling demand for transportation infrastructure.
- Shale gas production: Growth in shale gas production leads to increased LPG production, requiring efficient transportation solutions.
- Expanding trade: Growing international trade of LPG necessitates more specialized vessels for safe and efficient transport.
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Report Scope:
This report provides a comprehensive analysis of the global LPG tanker market, including:
- Market size and growth projections
- Key market drivers and challenges
- Segmentation by vessel type, capacity, and region
- Competitive landscape and key players
- Future trends and opportunities
Research Methodology:
The report utilizes a combination of primary and secondary research methodologies. Primary research involves interviews with industry experts and stakeholders. Secondary research involves analysis of reports, articles, and other published data.
Segmentation:
by Vessel Size
Very Large Gas Carriers (VLGC)
Large Gas Carriers (LGC)
Medium Gas Carriers (MGC)
Small Gas Carriers (SGC)
The market is divided into Very Large Gas Carriers (VLGC), Large Gas Carriers (LGC), Medium Gas Carriers (MGC), and Small Gas Carriers (SGC) based on the size of the vessel. By 2029, the Very Large Gas Carriers (VLGC) sector is anticipated to have the most market share, accounting for %. The utilisation of very big gas carriers is often necessary for longer distance LPG gas transportation across numerous nations. The increase of liquefied petroleum gas trade relations between countries, especially those in Western Africa, Europe, and the Middle East, as well as the United States, is the primary driver of the segment's growth. Nonetheless, it is anticipated that during the projection period, the LGC would barely outperform. Large petrol transporters also hold a significant dominance in the global market.
by Refrigeration & Pressurization
Ethylene
Full Refrigerated
Semi Refrigerated
Full Pressurized
The market is divided into four segments: Ethylene, Fully Refrigerated, Semi Refrigerated, and Fully Pressurised, based on the refrigeration and pressurisation. The full pressurised segment is anticipated to expand at a compound annual growth rate (CAGR) of % between 2023 and 2029. The fully pressurised segment is anticipated to maintain its lead during the projection period. All sectors of the market are predicted to grow steadily as the volume of LPG carried increases. Varieties of VLGCs that are fully chilled are intended for long-distance use and can carry up to 85,000 m3 of gas. These ships are capable of operating at minimum operating temperatures of -50 oC and maximum working pressures of 0.28 kg/cm2. Since ethylene needs extra cooling in order to be shipped internationally safely,
Regional Insights:
The Asia Pacific region is expected to be the fastest-growing market due to rising LPG demand in developing economies like China and India. North America and Europe are also expected to witness steady growth, while Latin America and the Middle East & Africa are projected to offer lucrative opportunities for market expansion.
Key Players:
1.StealthGas Inc.
2.Dorian LPG Ltd.
3.BW Group
4.Hyundai Heavy Industries Co. Ltd.
5.Kawasaki Heavy Industries Ltd.
6.DSME
7.Mitsubishi Heavy Industries Ltd.
8.The Great Eastern Shipping Co. Ltd.
9.Kuwait Oil Tanker Company
10.DAE Sun Shipbuilding and Engineering Co. Ltd.
11.Namura Shipbuilding Co. Ltd.
12.EXMAR
13.STX Corporation
14.PT Pertamina
15.Epic Gas Ltd.
16.Meyer Turku
17.Hanjin Heavy Industries Ltd.
18.Hijos de J. Barreras
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