LPG Tanker Market Size Worth $286.48 Million by 2030: Grand View Research, Inc.

SAN FRANCISCO, April 18, 2022 /PRNewswire/ -- The global LPG tanker market size is expected to reach USD 286.48 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.3% from 2022 to 2030. Strong growth in shale gas production is likely to propel the market growth over the coming years. The volatility of crude oil prices coupled with developments in hydraulic fracturing and horizontal drilling methods resulted in major companies shifting their attention towards the production of oil and gas from shale rock. Change in focus towards the production of shale gas is further projected to enhance market growth over the estimated period. The Very Large Gas Carriers (VLGC) segment led the market in 2021. However, the Large Gas Carrier (LGC) is anticipated to take over the forecast period by a small margin. Very large gas carriers are widely used for the transportation of liquified petroleum gas (LPG) for longer distances across various countries.

Key Insights & Findings from the report:

• In terms of revenue, the VLGC segment accounted for the maximum revenue share in 2021 and is projected to expand further at a steady growth rate over the forecast period.
• The full-pressurized segment dominated the market and accounted for more than 32.5% of the global revenue share in 2021.
• In 2021, Europe was the dominant regional market on account of the increasing demand for LPG.
• Various strategic initiatives were recorded over the past few years to boost the growth of the market.
• For instance, In August 2021 Ultragas ApS merged with Navigator gas and has created a combined fleet of 56 ships. This merger was done to stay competitive in the market and reduce the current competition.
• The liquified petroleum gas market is becoming increasingly centralized with a lot of mergers and acquisitions taking place between the players.

Read 80-page market research report, "LPG Tanker Market Size, Share & Trends Analysis Report By Vessel Size (VLGC, LGC, MGC, SGC), By Refrigeration & Pressurization (Full-pressurized, Semi-refrigerated), By Region (Europe, MEA), And Segment Forecasts, 2022 - 2030", published by Grand View Research.

LPG Tanker Market Growth & Trends

Growing liquefied petroleum gas trade relationships between various regions, such as the Middle East and Asian countries, Western Africa and Europe, and the United States, is the major factor projected to boost the VLGC segment growth. The full-pressurized segment led the market in 2021 and will maintain its lead throughout the forecast period. The market is anticipated to have a steady growth in all segments as the amount of LPG transported increases.

The supply chain of the LPG and ancillary industries was affected due to the shutdown of production facilities, especially in Asia Pacific, as it was the epicenter of the COVID-19. The manufacturing and energy & power sectors globally experienced a considerable slowdown due to the COVID-19. In addition, local and international travel restrictions, quarantine requirements, and lockdowns further delayed shipments of LPG that were in process of being delivered. The market growth is determined by improved LPG trading around the globe. Shale gas extraction is likely to rise at a rapid pace, which will drive growth over the forecast years. Factors including capacity expansion of shale gas from untapped stocks enhanced global gas trade, and ongoing usage of liquefied petroleum gas as a cooking fuel is contributing to the development of the market for liquefied petroleum gas tankers.

LPG Tanker Market Segmentation

Grand View Research has segmented the global LPG tanker market based on vessel size, refrigeration & pressurization, and region:

LPG Tanker Vessel Size Outlook (Revenue, USD Million, 2019 - 2030)

• Very Large Gas Carriers (VLGC)
• Large Gas Carriers (LGC)
• Medium Gas Carriers (MGC)
• Small Gas Carriers (SGC)

LPG Tanker Refrigeration & Pressurization Outlook (Revenue, USD Million, 2019 - 2030)

• Ethylene
• Full Refrigeration
• Semi Refrigeration
• Full Pressurized

LPG Tanker Regional Outlook (Revenue, USD Million, 2019 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• Spain
• Italy
• France
• Russia
• Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Central & South America
• Brazil
• Middle East and Africa
• Saudi Arabia
• South Africa

List of Key Players of the Liquefied Petroleum Gas (LPG) Tanker Market

• BW Group
• Dorian LPG Ltd.
• EXMAR
• Hyundai Heavy Industries Co., Ltd.
• Kawasaki Heavy Industries, Ltd.
• Mitsubishi Heavy Industries, Ltd.
• Namura Shipbuilding Co., Ltd.
• PT Pertamina (Persero)
• StealthGas Inc.
• The Great Eastern Shipping Co. Ltd.

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Browse through Grand View Research's Distribution & Utilities Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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