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LPG Tanker Market Growth, Trends 2027 | Industry Forecast Report

LPG Tanker Market Analysis Report By Vessel, By Refrigeration & Pressurization, By Region And Segment Forecasts From 2020 To 2027

Report ID: MN17620141  |  Published: October 2020  |  No of Pages: 140
Format: Electronic (PDF)  |  Industry: Utilities  |  Publisher: Grand View Research

Industry Insights

The global LPG tanker market size was worth USD 185.1 million in 2019. Further, the market is projected to grow at 6.0% CAGR over the forecast duration, 2020 to 2027. Increasing trade of LPG across the world is attributing to the growth of the market. Robust growth in the production of shale gas is further anticipated to propel industry growth. Owing to the fluctuation in the crude oil prices and development of horizontal drilling and hydraulic fracturing methods, key players have shifted their focus towards oil and gas production from shale rock. Therefore, this change in the focus is estimated to drive the market growth as high production of shale gas has bolstered the trade of LPG business. Moreover, LPG demand for HVAC and cooking application has witnessed increased adoption.

 U.S. liquefied petroleum gas tanker market Increasing trade relations of the United States with Japan and India for shale gas is likely to spur the demand for LPG tanker from 2020 to 2027. However, volatility in the market has resulted in the rise in the prices of LPG, which in turn, is projected to restrain the market growth. In addition, COVID-19 pandemic has led to decline in the demand for LPG across various end-use industries.

However, LPG demand is estimated to recover from 2021 and increasing trade between the United States and Asia Pacific is predicted to drive the demand. Regions across the world are also witnessing the reduced demand due to COVID-19. Owing to reduced demand, companies are focusing on capitalizing on the opportunity offered to them. For example, Russia’s major petroleum firm Sibur entered into a new market and delivered two cargos of LPG to India.

Refrigeration & Pressurization Insights

Based on the refrigeration and pressurization, the full-pressurized category held the largest share in the LPG tanker market and accounted for USD 59.03 million in 2019. Further, it is estimated that the segment would grow at the highest CAGR over the forecast years. On the other hand, full refrigeration segment occupied the second position in terms of market value in 2019. Full refrigeration includes a large gas carrier, which can transport 15,000 m3 to 85,000 m3 gas for longer distance.

Vessels used for shipping are designed in a way to work under min temperature of -50 degree C and the maximum pressure of 0.28 kg/cm2. Very Large Gas Carriers (VLGC) are used to transport LPG. Ethylene, on the other hand, require extra refrigeration to transport across the globe.

Vessel  Insights

In 2019, VLGC held the largest share in the market with more than 28.0% in 2019. Increasing oil and gas industry is estimated to propel the segment growth. Further, the reduction in the interest rate and increasing liquidity levels among investors are anticipated to supplement the segment growth.

Often, these gas carriers are used to transport LPG for longer distance. Increasing LPG trade among the Middle East, Europe, the United States and Asian countries is projected to bode well for the market growth.

    Global liquefied tanker petroleum gas market It is estimated that the LGC type would hold the highest share in the market by 2027. Rising production of shale gas is the leading factor attributing to the growth of this segment. On the other hand, SGC is predicted to witness considerable growth owing to the rising use of LPG in the residential sector.

Regional Insights

In 2019, Europe held the maximum share in the LPG tanker market with more than 28.0%. The region is anticipated to register the significant growth due to the increasing imports of butane and propane for domestic application. The Asia Pacific in terms of growth in 2019 followed Europe. Factors such as government subsidies, population growth, urbanization and easy availability led to rising in the demand for LPG for domestic application.

Further, Asia Pacific is projected to register the considerable growth owing to the rapid rise in the petrochemical industry in countries such as India, South Korea, China and India. On the other hand, the Middle East and Africa is projected to witness the highest growth over the forecast years.

COVID-19 Impact Analysis

The market has been adversely affected owing to the COVID-19 outbreak. International lockdowns caused due to the pandemic has led to the disruption of the supply chain of LPG gas. LPG gas production is a labor-intensive procedure and requires the significant workforce. However, COVID-19 has led to the shortage of workforce, thereby, negatively affecting the LPG production.

However, with the resumption of various economic activities, the market is estimated to recover within a couple of years. Key players should focus on merger & acquisition and partnerships to strengthen their position in the market.

LPG Tanker Market Share Insights

Owing to the presence of multinational corporations and major manufacturers, the market is competitive in nature. The market is estimated to provide a lucrative growth opportunity for the regional players. Market players are emphasizing on increasing the capacity of their vessels along with designing the vessels as per IMO regulations. Major market players are BW Group, EXMAR, Epic Gas Ltd., STX Corporation, DSME, StealthGas Inc., Kuwait Oil Tanker Company and Dorian LPG Ltd among others.

Report Scope

Report Attribute

Details

Market size value in 2020

USD 199.40 million

Revenue forecast in 2027

USD 295.5 million

Growth Rate

CAGR of 6.0% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Vessels, refrigeration & pressurization, region

Regional scope

North America; Europe; Asia Pacific; Central and South America; Middle East & Africa

Country scope

The U.S.; Canada; Mexico; The U.K.; Germany; France; Italy; Spain; Russia; China; India; Japan; South Korea; Australia; Saudi Arabia; South Africa; Brazil

Key companies profiled

Stealthgas Inc.; Dorian Lpg Ltd.; Bw Group; Hyundai Heavy Industries Co., Ltd.; Kawasaki Heavy Industries, Ltd.; DSME; Mitsubishi Heavy Industries, Ltd.; The Great Eastern Shipping Co. Ltd.; Kuwait Oil Tanker Company; Dae Sun Shipbuilding & Engineering Co. Ltd.; Namura Shipbuilding Co., Ltd.; Exmar; Stx Corp.; PtPertamina (Persero); Epic Gas Ltd.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs.


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis on latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Million Insights has segmented the global LPG tanker market report on the basis of vessel, refrigeration & pressurization and region:

• Vessel Outlook (Revenue, USD Million, 2016 - 2027)
    • Very Large Gas Carrier
    • Large Gas Carrier
    • Medium Gas Carriers
    • Small Gas Carrier

• Refrigeration & Pressurization Outlook (Revenue, USD Million, 2016 - 2027)
    • Ethylene
    • Full Refrigerated
    • Semi Refrigerated
    • Full Pressurized

• Regional Outlook (Revenue, USD Million, 2016 - 2027)
    • North America
        • The U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • The U.K.
        • France
        • Italy
        • Russia
        • Spain
    • Asia Pacific
        • China
        • India
        • Japan
        • Australia
        • South Korea
    • Central and South America
        • Brazil
    • The Middle East and Africa
        • Saudi Arabia
        • South Africa

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