The global LPG tanker market size is estimated to be valued USD 295.5 million by 2027, according to a new report by Million Insights. The market is projected to grow at 6.0% CAGR over the forecast duration. Supportive initiatives by governments to replace the coal as a fuel owing to increasing concern pertaining to greenhouse gas emission are anticipated to drive the market growth over the forecast years.
Other factors such as increasing shale gas production and rising trade of LPG owing to its increasing use as a cooking gas are supplementing the growth of the LPG tankers. Volatility in crude oil prices and the advent of new technology in the production of LPG is further estimated to proliferate the market growth.
Europe was the leading shareholders followed by the Asia Pacific in 2019. Further, Asia Pacific is projected to register the significant growth over the forecast duration owing to the increasing demand for LPG as cooking gas in emerging countries such as India, Bangladesh, Pakistan and China.
The LPG tankermarket key participants are STX Corporation, Kuwait Oil Tanker Company, EXMAR, Epic Gas Ltd, DSME, BW Group, StealthGas Inc., MITSUBISHI HEAVY INDUSTRIES, LTD., Dorian LPG Ltd. and others.
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Further key findings from the report suggest:
• In 2019, the market was worth USD 185.1 million and anticipated to register 6.0% growth over the forecast years.
• The large gas carriers held the maximum share in the market in 2019.
• Europe accounted for the highest share in the market followed by Asia Pacific.
• North America is estimated to register considerable growth over the forecast duration.
Million Insights has segmented the global liquefied petroleum gas (LPG) tanker market based on vessel, refrigeration & pressurization and region:
LPG Tanker Vessel Outlook (Revenue, USD Million, 2016 - 2027)
• Very Large Gas Carrier (VLGC)
• Large Gas Carrier (LGC)
• Medium Gas Carriers (MGC)
• Small Gas Carrier (SGC)
LPG Tanker Refrigeration & Pressurization Outlook (Revenue, USD Million, 2016 - 2027)
• Full Refrigerated
• Semi Refrigerated
• Full Pressurized
LPG Tanker Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South Korea
• Central and South America
• Middle East & Africa
• Saudi Arabia
• South Africa
List of Key Players of LPG Tanker Market
• StealthGas Inc.
• Dorian LPG Ltd.
• BW Group
• Hyundai Heavy Industries Co., Ltd.
• Kawasaki Heavy Industries, Ltd.
• MITSUBISHI HEAVY INDUSTRIES, LTD.
• The Great Eastern Shipping Co. Ltd.
• Kuwait Oil Tanker Company
• DAE Sun Shipbuilding and Engineering Co. Ltd.
• Namura Shipbuilding Co., Ltd.
• STX Corporation
• PT Pertamina (Persero)
• Epic Gas Ltd.