About LPG Tanker
LPG tanker is defined as the gas tanker ship, which is particularly designed for transporting liquefied petroleum gas in bulk. It has the capacity of more than 110000m3 and an average overall length approximately 120 m. Increasing LPG trade across various countries, strong growth of shale gas production, growing demand for LPG gas for residential purpose for cooking and heating applications are likely to be a prime driver for the global LPG Tanker market.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 5.2% |
The LPG tanker market is fragmented with numerous players focusing on technique and quality of the product due to which the global LPG Tanker market can witness an upsurge in the forecast period. Some major players of this market are EXMAR (India), Great Eastern Shipping Company Limited (India), Dorian LPG Ltd. (United States), among others. Analyst at AMA Research estimates that Japan Manufacturers will contribute the maximum growth to Global LPG Tanker market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
EXMAR, (India), Great Eastern Shipping Company Limited (India), Dorian LPG Ltd. (United States), Dorian Hellas (Greece), Navigator Holdings Ltd. (United Kingdom), Pertamina (Indonesia), DSME (South Korea), Hyundai Heavy Industries (South Korea), Kawasaki Heavy Industries (Japan) and Mitsubishi Heavy Industries (Japan) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Nakilat (Qatar), Teekay LNG Partners (Bermuda) and Others.
Segmentation Overview
AMA Research has segmented the market of Global LPG Tanker market by , Application (Residential Use, Commercial Use and Other) and Region.
On the basis of geography, the market of LPG Tanker has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Comparison, the sub-segment i.e. Fully refrigerated will boost the LPG Tanker market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Size, the sub-segment i.e. Very Large Gas Carriers will boost the LPG Tanker market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rise in LPG Fleet Consolidation and Development of Efficient LPG Tankers and Upsurge in Adoption of IOT for LPG Fleet Management
Market Growth Drivers:
Rising Demand for Natural Gas is Driven By Various Industries Such as Fertilizers and Petrochemical and Increasing Adoption and a Feedstock in Petrochemical Plants
Challenges:
Issue related to Fluctuations in oil and gas prices
Restraints:
Stringent Safety Regulation Regarding Tanker
Opportunities:
Growing Demand from Emerging Economics such as India, China and others
Market Leaders and their expansionary development strategies
In September 2023, Elgas has signed an agreement to acquire Rivet Energy, Australia’s largest LPG tanker fleet operator and its long-standing bulk transport provider. Rivet Energy is a leading provider of gas and liquid fuel transportation and distribution services. The company currently services 100% of Elgas’ bulk haulage requirements across Australia.
In June 2019, the LPG tankers have got authorized by the United States catch fire off Crimea. In addition, it also involved in a ship-to-ship transfer, which is outside the Kerch Strait. Hence, it will affect the growth of the LPG tanker market in the future
Key Target Audience
Manufacturers of LPG Tanker, Suppliers of LPG Tanker, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.