According to the latest report by IMARC Group “LPG Tanker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, The global LPG tanker market is expected to exhibit a CAGR of 5.24% during 2022-2027.
Liquified petroleum gas (LPG) tanker is a gas carrier used for transporting petroleum gases in bulk quantities. It includes small-pressurized tanks, insulated or refrigerated seagoing tanks, and semi-pressurized tanks employed for transporting ammonia, propylene, and vinyl chloride. At present, it finds extensive applications in various industries, including oil and gas, chemical, automotive, and refinery, across the globe.
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Market Trends:
The growing global population and rising demand for electricity are increasing the production of shale gas. This represents one of the key factors positively influencing the market around the world. In addition, the escalating demand for LPG in heating, ventilation, and air conditioning (HVAC) applications, in confluence with the inflating disposable incomes, is creating a positive market outlook. Moreover, the rising usage of LPG as a raw material for fertilizer and petrochemical production and the increasing adoption of LPG tankers for safe and efficient storage and transportation of LPG over long distances is creating a positive market outlook. Besides this, the rising crude oil and advancements in hydraulic fracturing and horizontal drilling techniques are bolstering the growth of the market. Furthermore, rising infrastructure developments and increasing usage of LPG for cooking in homes are stimulating the growth of the market across the globe.
Breakup by Vessel Size:
- Very Large Gas Carrier
- Large Gas Carrier
- Medium Gas Carriers
- Small Gas Carrier
Breakup by Refrigeration and Pressurization:
- Fully Pressurized
- Semi-pressurized
- Fully Refrigerated
- Extra Refrigerated (Ethylene Gas Carriers)
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- BW Group
- Dorian LPG Ltd.
- EXMAR
- Hyundai Heavy Industries Co. Ltd.
- Kawasaki Heavy Industries Ltd.
- Kuwait Oil Tanker Company S.A.K
- Mitsubishi Heavy Industries Ltd
- StealthGas Inc.
- STX Corporation (Afc Mercury Co. Ltd)
- The Great Eastern Shipping Co. Ltd
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