Lpg Tanker Market
PUBLISHED: 2023 ID: SMRC22275
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Lpg Tanker Market

Liquefied Petroleum Gas (LPG) Tanker Market Forecasts to 2028 - Global Analysis By Refrigeration & Pressurization (Full Refrigerated, Semi Refrigerated and Others), Vessel Size (Small Gas Carriers (SGC), Medium Gas Carriers (MGC), Large Gas Carriers (LGC), Very Large Gas Carriers (VLGC)), and Geography

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5.0 (71 reviews)
Published: 2023 ID: SMRC22275

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $195.30 BN

Projected Year Value (2028)

US $298.06 BN

CAGR (2022 - 2028)

7.3%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Europe

Fastest Growing Market

Asia Pacific

 

According to Stratistics MRC, the Global LPG Tanker Market is accounted for $195.30 billion in 2022 and is expected to reach $298.06 billion by 2028 growing at a CAGR of 7.3% during the forecast period. A liquefied petroleum gas (LPG) tanker is a type of gas carrier that transports large quantities of petroleum gases. It is made up of separate reservoirs stacked in cargo holds. Small-pressurized tanks, insulated or refrigerated seagoing tanks, and semi-pressurized tanks are some of the most regularly used LPG tankers. They are available in very large, large, medium, and small sizes and are powered by a variable-pitch propeller and geared-diesel system. These tankers also transport ammonia, propylene, and vinyl chloride. As a result, they have a wide range of applications in industries such as oil and gas, chemical, automotive, and refinery.

According to the Observatory of Economic Complexity (OEC), North America accounted for a share of 15.0% of the global LPG exports valued at USD 40 billion in 2021.



 

Market Dynamics:

Driver:

Growing trade relations & increasing shale gas extraction

Due to growing trading of liquefied petroleum gas across numerous countries, the global market for liquefied petroleum gas tankers is expected to rise significantly. In response to the fluctuation of crude oil prices and the advancement of hydraulic fracturing and horizontal drilling methods, key participants have shifted their focus to oil and gas production from shale rock. As a result of the shift in focus, the market is likely to expand throughout the forecast period, as increased shale gas production has increased LPG trade globally.

Restraint:

Increasing demand and usage of CNG and natural gas

CNG is cleaner and less expensive than LPG, and it is primarily composed of methane. LPG has a higher calorific value than CNG and can catch fire faster. It is used in automobiles as a substitute for gasoline, and it emits fewer greenhouse gases than LPG. Furthermore, it is lighter than air. As a result, it disperses fast in the event of spilling. Regulatory policies, government subsidies, environmental benefits, resource availability, and fuel prices are likely to positively influence CNG adoption while inhibiting the growth of the LPG tanker market over the projection period.

Opportunity:

Technological advancements & substantial infrastructure development

Numerous technological improvements in LPG tankers, such as bow wave resistance systems on the tanker's hull and the integration of semi-membrane tanks, are paving the way for new market opportunities. LPG tanker manufacturers have created engines that are more efficient as a result of the latest emission requirements. Other factors, such as favourable government policies and substantial infrastructure development, are likely to boost market expansion and generate more opportunities, particularly in emerging economies.

Threat:

Volatile crude oil prices resulted in amplified prices of LPG

Volatile crude oil prices increased LPG prices, resulting in lower demand, which is expected to impede market growth throughout the forecast period. The sudden beginning of the COVID-19 pandemic resulted in a small decline in demand for liquefied petroleum gas in a variety of sectors. Demand for liquefied petroleum gas began to revive in 2021, and an increase in liquefied petroleum gas trade between the United States and Asian countries will involve vessels during the forecast period. Therefore, the amplified LPG prices has reduced the demand of LPG in various sectors.

Covid-19 Impact

The COVID-19 epidemic has had a negative impact on the market. International lockdowns triggered by the epidemic have disrupted the supply chain of LPG gas. However, with the resumption of various economic activities, the market is estimated to recover within a couple of years. LPG gas generation is a time-consuming and labor-intensive process that necessitates a large staff. However, COVID-19 has resulted in a labour shortage, significantly impacting LPG production. However, with the resumption of various economic activities, the market is estimated to recover within a couple of years.

The full pressurized segment is expected to be the largest during the forecast period

The full pressurized segment is estimated to have a lucrative growth, due to the increase in LPG transportation. VLGCs with fully-refrigerated capacities range from 15,000 m3 to 85,000 m3. Such ships can operate with vessels that can sustain a maximum working pressure of 0.28 kg/cm2 and a minimum operating temperature of -50 oC. Because ethylene requires additional refrigeration for safe global shipping, carriers are regarded as a unique industry category. In addition, the recent launch of fully pressurized LPG carrier sets in the global market is expected to drive market growth.

The Very Large Gas Carriers (VLGC) segment is expected to have the highest CAGR during the forecast period

The Very Large Gas Carriers (VLGC) segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the growing liquefied petroleum gas trade relationships between countries, such as the Middle East and Asian countries, Western Africa and Europe, and the United States. Very large gas carriers are commonly utilised to carry LPG gas across extensive distances across multiple nations. Furthermore, top LPG tanker firms are acquiring VLGC tankers in order to expand their global reach.

Region with highest share:

Europe is projected to hold the largest market share during the forecast period as the region is on a significant cusp of technological transformation. Due to their huge customer bases and growing number of manufacturers and suppliers of LPG and LPG tankers, Germany, France, and the United Kingdom have been considered as key contributors to the expansion of the region's LPG tanker market. Various governments in Europe are fiercely advocating for a shift in their energy ecosystems through the use of sophisticated and efficient technology, which is predicted to drive the expansion of LPG tankers in the region.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the need of LPG expansion from residential to industrial and transportation uses. This region's market is led by China, Japan, and India. More than 70% of the world's LPG tankers are produced in the Asia-Pacific area, notably in South Korea and Japan. Because sea transportation is significantly more accessible in this region, demand for LPG tankers is likely to increase during the projection period.



Key players in the market

Some of the key players profiled in the LPG Tanker Market include Hyundai Heavy Industries Co., Ltd, Kawasaki Heavy Industries, Ltd, Mitsubishi Heavy Industries, Ltd, The Great Eastern Shipping Co. Ltd, StealthGas Inc., EXMAR, Dorian LPG Ltd, Great Indian Shipping Co. Ltd, BW LPG, STX Corporation, Teekay Corporation, Kuwait Oil Tanker Co. S.A.K and PT Pertamina

Key Developments:

In January 2022, the EU blocked the proposed merger between Hyundai Heavy Industries and DSME on monopoly concerns. The European Commission announced its prohibition of the union would reduce competition in the LNG and LPG carrier market.

In January 2022, Kawasaki Heavy Industries delivered an LPG carrier named Crystal Trinity to Kumiai Navigation. It was Kawasaki's second LPG carrier with a capacity of 84,000 cbm.

In December 2021, StealthGas Inc. spun off its tanker division into a new company under Imperial Petroleum Inc. The management believes that having two companies for distinct sectors will be better for business focus.

In November 2021, Dorian LPG Ltd. announced the charter of three newbuilding dual-fuel Panama LPG vessels. They will be delivered in Q3 2023 for a 7-year employment charter.

In June 2021, EXMAR took delivery of the world's largest dual-fuel LPG carrier, which has a capacity of 88,000 cbm.

In May 2021, BW LPG took control of its Indian JV with Global United Shipping and now has an 85% stake in the company.

In May 2021, The Great Indian Shipping Co. Ltd. bought a second-hand mid-size LPG carrier of 35,000 cbm capacity. This is the company's sixth LPG carrier.

Refrigeration & Pressurizations Covered:
• Full Refrigerated
• Semi Refrigerated
• Full Pressurized
• Ethylene

Vessel Sizes Covered:
• Small Gas Carriers (SGC)
• Medium Gas Carriers (MGC)
• Large Gas Carriers (LGC)
• Very Large Gas Carriers (VLGC)

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

 

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Emerging Markets
3.7 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global LPG Tanker Market, By Refrigeration & Pressurization
5.1 Introduction
5.2 Full Refrigerated
5.3 Semi Refrigerated
5.4 Full Pressurized
5.5 Ethylene

6 Global LPG Tanker Market, By Vessel Size
6.1 Introduction
6.2 Small Gas Carriers (SGC)
6.3 Medium Gas Carriers (MGC)
6.4 Large Gas Carriers (LGC)
6.5 Very Large Gas Carriers (VLGC)

7 Global LPG Tanker Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa

8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies

9 Company Profiling
9.1 Hyundai Heavy Industries Co., Ltd
9.2 Kawasaki Heavy Industries, Ltd
9.3 Mitsubishi Heavy Industries, Ltd
9.4 The Great Eastern Shipping Co. Ltd
9.5 StealthGas Inc.
9.6 EXMAR
9.7 Dorian LPG Ltd
9.8 Great Indian Shipping Co. Ltd
9.9 BW LPG
9.10 STX Corporation
9.11 Teekay Corporation
9.12 Kuwait Oil Tanker Co. S.A.K
9.13 PT Pertamina

List of Tables
1 Global LPG Tanker Market Outlook, By Region (2020-2028) ($MN)
2 Global LPG Tanker Market Outlook, By Refrigeration & Pressurization (2020-2028) ($MN)
3 Global LPG Tanker Market Outlook, By Full Refrigerated (2020-2028) ($MN)
4 Global LPG Tanker Market Outlook, By Semi Refrigerated (2020-2028) ($MN)
5 Global LPG Tanker Market Outlook, By Full Pressurized (2020-2028) ($MN)
6 Global LPG Tanker Market Outlook, By Ethylene (2020-2028) ($MN)
7 Global LPG Tanker Market Outlook, By Vessel Size (2020-2028) ($MN)
8 Global LPG Tanker Market Outlook, By Small Gas Carriers (SGC) (2020-2028) ($MN)
9 Global LPG Tanker Market Outlook, By Medium Gas Carriers (MGC) (2020-2028) ($MN)
10 Global LPG Tanker Market Outlook, By Large Gas Carriers (LGC) (2020-2028) ($MN)
11 Global LPG Tanker Market Outlook, By Very Large Gas Carriers (VLGC) (2020-2028) ($MN)
12 North America LPG Tanker Market Outlook, By Country (2020-2028) ($MN)
13 North America LPG Tanker Market Outlook, By Refrigeration & Pressurization (2020-2028) ($MN)
14 North America LPG Tanker Market Outlook, By Full Refrigerated (2020-2028) ($MN)
15 North America LPG Tanker Market Outlook, By Semi Refrigerated (2020-2028) ($MN)
16 North America LPG Tanker Market Outlook, By Full Pressurized (2020-2028) ($MN)
17 North America LPG Tanker Market Outlook, By Ethylene (2020-2028) ($MN)
18 North America LPG Tanker Market Outlook, By Vessel Size (2020-2028) ($MN)
19 North America LPG Tanker Market Outlook, By Small Gas Carriers (SGC) (2020-2028) ($MN)
20 North America LPG Tanker Market Outlook, By Medium Gas Carriers (MGC) (2020-2028) ($MN)
21 North America LPG Tanker Market Outlook, By Large Gas Carriers (LGC) (2020-2028) ($MN)
22 North America LPG Tanker Market Outlook, By Very Large Gas Carriers (VLGC) (2020-2028) ($MN)
23 Europe LPG Tanker Market Outlook, By Country (2020-2028) ($MN)
24 Europe LPG Tanker Market Outlook, By Refrigeration & Pressurization (2020-2028) ($MN)
25 Europe LPG Tanker Market Outlook, By Full Refrigerated (2020-2028) ($MN)
26 Europe LPG Tanker Market Outlook, By Semi Refrigerated (2020-2028) ($MN)
27 Europe LPG Tanker Market Outlook, By Full Pressurized (2020-2028) ($MN)
28 Europe LPG Tanker Market Outlook, By Ethylene (2020-2028) ($MN)
29 Europe LPG Tanker Market Outlook, By Vessel Size (2020-2028) ($MN)
30 Europe LPG Tanker Market Outlook, By Small Gas Carriers (SGC) (2020-2028) ($MN)
31 Europe LPG Tanker Market Outlook, By Medium Gas Carriers (MGC) (2020-2028) ($MN)
32 Europe LPG Tanker Market Outlook, By Large Gas Carriers (LGC) (2020-2028) ($MN)
33 Europe LPG Tanker Market Outlook, By Very Large Gas Carriers (VLGC) (2020-2028) ($MN)
34 Asia Pacific LPG Tanker Market Outlook, By Country (2020-2028) ($MN)
35 Asia Pacific LPG Tanker Market Outlook, By Refrigeration & Pressurization (2020-2028) ($MN)
36 Asia Pacific LPG Tanker Market Outlook, By Full Refrigerated (2020-2028) ($MN)
37 Asia Pacific LPG Tanker Market Outlook, By Semi Refrigerated (2020-2028) ($MN)
38 Asia Pacific LPG Tanker Market Outlook, By Full Pressurized (2020-2028) ($MN)
39 Asia Pacific LPG Tanker Market Outlook, By Ethylene (2020-2028) ($MN)
40 Asia Pacific LPG Tanker Market Outlook, By Vessel Size (2020-2028) ($MN)
41 Asia Pacific LPG Tanker Market Outlook, By Small Gas Carriers (SGC) (2020-2028) ($MN)
42 Asia Pacific LPG Tanker Market Outlook, By Medium Gas Carriers (MGC) (2020-2028) ($MN)
43 Asia Pacific LPG Tanker Market Outlook, By Large Gas Carriers (LGC) (2020-2028) ($MN)
44 Asia Pacific LPG Tanker Market Outlook, By Very Large Gas Carriers (VLGC) (2020-2028) ($MN)
45 South America LPG Tanker Market Outlook, By Country (2020-2028) ($MN)
46 South America LPG Tanker Market Outlook, By Refrigeration & Pressurization (2020-2028) ($MN)
47 South America LPG Tanker Market Outlook, By Full Refrigerated (2020-2028) ($MN)
48 South America LPG Tanker Market Outlook, By Semi Refrigerated (2020-2028) ($MN)
49 South America LPG Tanker Market Outlook, By Full Pressurized (2020-2028) ($MN)
50 South America LPG Tanker Market Outlook, By Ethylene (2020-2028) ($MN)
51 South America LPG Tanker Market Outlook, By Vessel Size (2020-2028) ($MN)
52 South America LPG Tanker Market Outlook, By Small Gas Carriers (SGC) (2020-2028) ($MN)
53 South America LPG Tanker Market Outlook, By Medium Gas Carriers (MGC) (2020-2028) ($MN)
54 South America LPG Tanker Market Outlook, By Large Gas Carriers (LGC) (2020-2028) ($MN)
55 South America LPG Tanker Market Outlook, By Very Large Gas Carriers (VLGC) (2020-2028) ($MN)
56 Middle East & Africa LPG Tanker Market Outlook, By Country (2020-2028) ($MN)
57 Middle East & Africa LPG Tanker Market Outlook, By Refrigeration & Pressurization (2020-2028) ($MN)
58 Middle East & Africa LPG Tanker Market Outlook, By Full Refrigerated (2020-2028) ($MN)
59 Middle East & Africa LPG Tanker Market Outlook, By Semi Refrigerated (2020-2028) ($MN)
60 Middle East & Africa LPG Tanker Market Outlook, By Full Pressurized (2020-2028) ($MN)
61 Middle East & Africa LPG Tanker Market Outlook, By Ethylene (2020-2028) ($MN)
62 Middle East & Africa LPG Tanker Market Outlook, By Vessel Size (2020-2028) ($MN)
63 Middle East & Africa LPG Tanker Market Outlook, By Small Gas Carriers (SGC) (2020-2028) ($MN)
64 Middle East & Africa LPG Tanker Market Outlook, By Medium Gas Carriers (MGC) (2020-2028) ($MN)
65 Middle East & Africa LPG Tanker Market Outlook, By Large Gas Carriers (LGC) (2020-2028) ($MN)
66 Middle East & Africa LPG Tanker Market Outlook, By Very Large Gas Carriers (VLGC) (2020-2028) ($MN)
 

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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