According to the latest report by IMARC Group “LPG Tanker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The global LPG tanker market is expected to exhibit a growth rate (CAGR) of 5% during 2023-2028.
What is LPG Tanker?
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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What are the growth prospects and trends in the LPG Tanker industry?
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.
What is included in market segmentation?
The report has segmented the market into the following categories:
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
Who are the key players operating in the industry?
The report covers the major market players including:
- 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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