Westford, USA, Aug. 01, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the LPG tanker market is being significantly influenced by improved LPG trading activities worldwide. With the increasing demand for cleaner energy sources, shale gas extraction is anticipated to witness rapid growth, acting as a significant driver for market expansion over the forecast years.
Browse in-depth TOC on the "LPG Tanker Market"
- Pages - 157
- Tables - 65
- Figures – 75
Liquefied petroleum gas (LPG) is increasingly recognized as a cleaner and more environmentally friendly fuel than coal, prompting a notable shift towards LPG as a domestic fuel source. This transition is expected to significantly impact the demand for the transportation of LPG in the LPG tanker market. As more households and commercial establishments adopt LPG for cooking and heating applications, there is a growing need for efficient and safe transportation and storage of this versatile energy source.
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Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 182.02 Billion |
| 2030 Value Projection | USD 277.66 Billion |
| CAGR | 5.3% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in the LPG Tanker Market
- BW LPG Limited
- Dorian LPG Ltd.
- Navigator Gas LLC
- Norgas Carriers AS
- Avance Gas Holding Ltd.
- Exmar NV
- Petredec Holdings (Eastern) PTE Ltd.
- Epic Gas Ltd.
- StealthGas Inc.
- MOL Chemical Tankers Pte. Ltd.
- Salam Pacific Indonesia Lines (SPIL)
- Mitsui O.S.K. Lines, Ltd.
- Eastern Pacific Shipping Pte. Ltd.
- Geogas Maritime SA
- Pacific Gas Pte. Ltd.
- Global United Shipping India Private Limited
- Bumi Armada Berhad
- GasLog Ltd.
- Teekay LNG Partners L.P.
- Aurora LPG Holdings Plc.
Very Large Gas Carrier Segment is Expected to Grow in the Market Due to Increasing Demand for Transporting LPG Gas
The very large gas carrier segment is poised to experience the highest growth rate in the LPG tanker market during the forecast period. This growth can be attributed to the increasing demand for transporting LPG gas over longer distances across multiple countries. Very large gas carriers, also known as VLGCs, are specially designed to handle the transportation of LPG in large quantities, making them an essential component of the global energy supply chain.
The market in North America is projected to contribute significantly to the global LPG tanker market, representing approximately 15.0% of the total export value amounting to USD 40 billion. The region's prominent role in LPG exports is attributed to its increasing demand for liquefied petroleum gas as a cooking fuel.
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Full Pressurized Segment is Expected to Dominate the Market Due to its Efficient and Flexible Design
The full pressurized segment emerged as the market leader, capturing the largest revenue share of over 32.5% in the LPG tanker market. This dominance is projected to persist throughout the forecast period as well. The full pressurized segment's supremacy can be attributed to its efficient and flexible design, enabling the safe and reliable transportation of LPG in pressurized tanks.
Regional markets in Europe stand as the dominant force in the LPG tanker market, commanding over 29.30% of the total revenue share. The market's robust growth in the region is primarily fueled by a surge in demand for LPG, which has been bolstered by various government initiatives to promote cleaner and more sustainable energy sources.
A comprehensive analysis of the major players in the LPG tanker market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the LPG Tanker Market
- The European Union (EU) took a significant step in safeguarding fair competition by blocking the proposed merger between Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering (DSME) on monopoly concerns in 2022. The European Commission expressed reservations that the merger could reduce competition in the Liquified Natural Gas (LNG) and Liquified Petroleum Gas (LPG) carrier market, potentially impacting pricing and limiting consumer choices. By preventing the union, the EU aimed to maintain a level playing field and ensure a healthy marketplace for LNG and LPG carriers in the region.
- Kawasaki Heavy Industries marked a noteworthy development in its maritime endeavours by transferring an LPG carrier named Crystal Trinity to Kumiai Navigation in 2022. This transfer represented Kawasaki's second LPG carrier with a significant capacity of 84,000 cubic meters, further strengthening its presence in the LPG tanker industry.
Key Questions Answered in LPG Tanker Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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