LPG Tanker Market Size is projected to reach USD 286 Million by 2030, growing at a CAGR of 5%: Straits Research

The European LPG tanker market is expected to witness robust growth as the region is on a significant cusp of technological transformation. The global liquefied petroleum gas tanker market size was estimated at USD 182 million in 2021 and is expected to reach USD 286 million by 2030 at a CAGR of 5% during the forecast period (2022 – 2030)

/EIN News/ — New York, United States, June 22, 2022 (GLOBE NEWSWIRE) — A liquefied petroleum gas (LPG) tanker is a gas transporter that transports massive volumes of petroleum gases. It is made up of separate reservoirs stacked in cargo holds. Small-pressurized tanks, shielded or refrigerated seagoing tanks, and semi-pressurized tanks are the most regularly used LPG tankers. Liquefied petroleum gas is a cleaner fuel compared to coal. Hence a shift toward LPG as a domestic fuel is expected to drive the demand for the transportation of LPG. Concurrently, the need for liquefied petroleum gas for HVAC and cooking applications is on the rise, generating increased demand for transportation and safe storage of liquefied petroleum gas, leading to high demand for LPG tankers in the upcoming years.

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Growing Trade Relations & Increasing Shale Gas Extraction to Drive the Global LPG Tanker Market
Due to the growing trafficking of liquefied petroleum gas throughout multiple regions, the international demand for liquefied petroleum gas tankers is expected to rise rapidly throughout the forecast period. As a possible consequence of volatile crude oil prices and advancements in hydraulic fracturing and horizontal drilling procedures, key actors have changed their attention to oil and gas generation from shale rock. Consequently, an expansion in shale gas commercial relations between the United States, Japan, and India from 2020 to 2027 is projected to raise the market for LPG tankers. 

Due to its non-toxic, cost-effective, clean, handy, approachable, and portable characteristics, LPG is used in motor fuel, business and residential purposes, refinery, and petrochemical. Factors such as shale gas capacity expansion from new supplies, increased global gas trade, and continued use of liquefied petroleum gas as a fuel for cooking are all supporting the industry’s growth for liquefied petroleum gas tankers.

Technological Advancements in LPG Tanker to Provide Lucrative Opportunities for the Global LPG Tanker Market

The substantial growth of the oil & gas industry and increasing shale gas production across the world are significant factors contributing to a positive outlook for the LPG tanker market. Numerous technological advancements in LPG tankers, such as the bow wave resistance systems on the hull of the tanker and the integration of semi-membrane tanks, are opening new avenues for the market. 

Due to the latest emission regulations, LPG tanker manufacturers have developed engines with higher efficiency. Other factors such as favorable government policies and extensive infrastructural developments, especially in emerging economies, are expected to drive market growth and create more opportunities.

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Impact of COVID-19

The shutdown of manufacturing plants had a significant influence on the production chain of the LPG and auxiliary industries, particularly in the Asia Pacific, which was the epicenter of the COVID-19 and among the most hit areas in the world by the pandemic. COVID-19 caused a significant slowdown in the industrial and energy & power industries worldwide. Furthermore, domestic and international restrictions on travel, quarantine regulations, and lockdowns prolonged the delivery of LPG cargoes.

Due to constrained manufacturing in nations severely hit by COVID-19, LPG producers faced obstacles and shortfalls of LPG. End consumers and service vendors in affected regions have problems obtaining and supplying LPG. Production interruptions also contributed to price increases in some world regions, albeit for a brief time in 2020. Although most of the world’s major LPG-consuming nations have government-regulated LPG pricing, the sudden and acute scarcity severely damaged them.

Market Recovery Timeline

The expansion of the COVID-19 hampered the growth of the worldwide LPG tanker industry due to lower operational costs by end-users and disruptions in LPG availability due to manufacturing delays and logistic concerns. Furthermore, LPG producers have taken additional steps to provide their services to end customers who have long-term contracts with service providers. Currently, merchants prefer digital tools and adhere to social distancing conventions. They employ protective kits during onsite assessments or when providing maintenance services to end-users on an as-needed basis. 

However, global mobility and economic activity are expected to expand throughout time. This will increase industrial and commercial consumption for alternative energies, resulting in increased demand for LPG from end-users to assure the continuity of their individual manufacturing units’ operations.

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Regional Insights

The LPG tanker market has been divided into five regions: North America, Central and South America, Europe, Asia-Pacific, and the Middle East and Africa. The European LPG tanker market will expand rapidly as the region undergoes significant technical innovation. The European LPG tanker market was valued at USD 52 million in 2021. Germany, the United Kingdom, Spain, Italy, France, and Russia compose the European market. Germany, France, and the United Kingdom have been highlighted as essential contributors to developing the region’s LPG tanker market, owing to their huge consumer population and the growing number of manufacturers and distributors of LPG and LPG tankers.

Asia-Pacific accounted for the second-largest share of 27% in the global LPG tanker market and was valued at USD 49 million in 2021. China, Japan, and India dominate the market in Asia pacific. More than 70% of the world’s largest LPG tankers are built-in Asia-Pacific, notably in South Korea and Japan. Asia-Pacific is primarily made up of emerging economies that are rapidly industrializing. The demand for LPG tankers is likely to rise as the usage of LPG spreads beyond domestic to industrial and commercial applications. The rapid rise of industry in China, Japan, and India has fueled the demand for LPG tankers in these countries.

Key Highlights

• The global liquefied petroleum gas tanker market was estimated at USD 182 million and is expected to reach USD 286 million by 2030 at a CAGR of 5% during the forecast period (2022 – 2030).
• Based on the vessel, the liquified petroleum gas (LPG) tanker market has been segmented into the very large gas carrier, large gas carrier, medium gas carrier, and small gas carrier. In terms of revenue, very large gas carrier segment dominated the global market and was valued at USD 53 million in 2021 and is expected to reach USD 77 million by 2030, growing at a CAGR of 4%. 
• Based on refrigeration & pressurization, the LPG tanker market has been segmented into ethylene (extra refrigerated), full refrigerated, semi refrigerated, and full pressurized. The full pressurized segment led the market in 2021 and is expected to maintain its dominance over the forecast period. The full pressurized segment of the LPG tanker market was valued at USD 59 million in 2021 and is projected to reach USD 101 million by 2030, at a CAGR of 6% over the forecast period. 

Global LPG Tanker Market: Segmentation

 By Vessel

• Very Large Gas Carrier
• Large Gas Carrier
• Medium Gas Carrier
• Small Gas Carrier

By Refrigeration & Pressurization

• Ethylene
• Full Pressurized
• Semi Refrigerated
• Full Refrigerated

By Region

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

Key Players in the Global LPG Tanker Market

Some of the key players in the global LPG market are

• StealthGas Inc.
• Dorian LPG Ltd.
• Teekay Corporation
• PT Pertamina (Persero)
• STX Corporation
• Namura Shipbuilding Co., Ltd
• DAE SUN SHIPBUILDING & ENGINEERING Co., Ltd.
• Kuwait Oil Tanker Co. S.A.K
• BW LPG
• Hyundai Heavy Industries
• Great Indian Shipping Co. Ltd

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TABLE OF CONTENT

1          Introduction

1.1      Market Definition

1.2      Market Scope

2          Research Methodology

2.1      Primary Research

2.2      Research Methodology

2.3      Assumptions & Exclusions

2.4      Secondary Data Sources

3          Executive Summary

4          Market Overview

4.1      Report Segmentation & Scope

4.2      Value Chain Analysis: LPG Tanker Market

4.2.1  Vendor Matrix

4.3      Key Market Trends

4.3.1  Drivers

4.3.2  Restraints

4.3.3  Opportunities

4.4      Porter’s Five Forces Analysis

4.4.1  Bargaining Power of Suppliers

4.4.2  Bargaining Power of Buyers

4.4.3  Threat of Substitution

4.4.4  Threat of New Entrants

4.4.5  Competitive Rivalry

4.5      Environment & Regulatory Landscape

4.6      Forecast Factors & Relevance of Impact

4.7      Macro-Economic & Geopolitical Scenario

4.8      Parent Market Overview

4.9      Technology Landscape

4.10   Market Share Analysis

4.11   Potential Venture Analysis

4.12   Regional Price Trends

4.13   Raw Material Trends

4.14   Cost Structure Analysis

4.14.1            Labor Cost

4.14.2            Consumables

4.14.3            Maintenance Cost

4.15   Covid-19 Impact Analysis:

4.15.1            Pre and Post Covid-19 Market Scenario Analysis

4.15.2            Market Recovery Timeline and Challenge

4.15.3            Measures Taken by Top Players

4.15.4            Quarterly Market Revenue and Growth Forecast till 2021

4.15.4.1        North America

4.15.4.2        Europe

4.15.4.3        Asia-Pacific

4.15.4.4        Central and South America and the Caribbean

4.15.4.5        The Middle East and Africa

5              Vessel Overview

5.1      Introduction

5.1.1  Market Size & Forecast (Value & Volume)

5.2      Very Large Gas Carrier

5.2.1  Market Size & Forecast (Value & Volume)

5.3      Large Gas Carrier

5.3.1  Market Size & Forecast (Value & Volume)

5.4      Medium Gas Carrier

5.4.1  Market Size & Forecast (Value & Volume)

5.5      Small Gas Carrier

5.5.1  Market Size & Forecast (Value & Volume)

6              Refrigeration & Pressurization Overview

6.1      Introduction

6.1.1  Market Size & Forecast (Value & Volume)

6.2      Ethylene

6.2.1  Market Size & Forecast (Value & Volume)

6.3      Full Pressurized

6.3.1  Market Size & Forecast (Value & Volume)

6.4      Semi Refrigerated

6.4.1  Market Size & Forecast (Value & Volume)

6.5      Full Refrigerated

6.5.1  Market Size & Forecast (Value & Volume)

7             Regional Overview

7.1      Introduction

7.1.1  Market Size & Forecast (Value & Volume)

7.2      North America

7.2.1  Economic Overview

7.2.2  Market Scenario

7.2.3  U.S.

7.2.4  Canada

7.2.5  Mexico

7.3      Central and South America and the Caribbean

7.3.1  Economic Overview

7.3.2  Market Scenario

7.3.3  Brazil

7.3.4  Argentina

7.3.5  Colombia

7.3.6  Rest of Central and South America and the Caribbean

7.4      Europe

7.4.1  Economic Overview

7.4.2  Market Scenario

7.4.3  Germany

7.4.4  France

7.4.5  The U.K.

7.4.6  Italy

7.4.7  The Rest Of Europe

7.5      Asia-Pacific (APAC)

7.5.1  Economic Overview

7.5.2  Market Scenario

7.5.3  China

7.5.4  Japan

7.5.5  India

7.5.6  Australia

7.5.7  South Korea

7.5.8  Rest Of APAC

7.6      Middle East

7.6.1  Economic Overview

7.6.2  Market Scenario

7.6.3  South Arabia

7.6.4  The UAE

7.6.5  Qatar

7.6.6  Oman

7.6.7  Turkey

7.6.8  The Rest Of Middle East

7.7      Africa

7.7.1  Economic Overview

7.7.2  Market Scenario

7.7.3  Nigeria

7.7.4  South Africa

7.7.5  The Rest Of Africa

8          Competitive Landscape — Manufacturers & Suppliers

8.1      Competition Dashboard

8.2      Industry Structure

8.3      StealthGas Inc.

8.3.1  Business Overview

8.3.2  Financial Performance

8.3.3  Recent Developments

8.3.4  Portfolio

8.4      Dorian LPG Ltd.

8.5      Teekay Corporation

8.6      PT Pertamina (Persero)

8.7      STX Corporation

8.8      Namura Shipbuilding Co., Ltd

8.9      DAE SUN SHIPBUILDING & ENGINEERING Co., Ltd.

8.10   Kuwait Oil Tanker Co. S.A.K

8.11   BW LPG

8.12   Hyundai Heavy Industries

8.13   Great Indian Shipping Co. Ltd

9          Conclusion & Recommendation

10       Acronyms & Abbreviations

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Market News

• In January 2022, the EU blocked the proposed merger between Hyundai Heavy Industries and DSME on monopoly concerns. The European Commission announced its prohibition of the union would reduce competition in the LNG and LPG carrier market.
• In November 2021, Dorian LPG Ltd. announced the charter of three newbuilding dual-fuel Panama LPG vessels. They will be delivered in Q3 2023 for a 7-year employment charter.
• In May 2021, BW LPG took control of its Indian JV with Global United Shipping and now has an 85% stake in the company.
• In May 2021, The Great Indian Shipping Co. Ltd. bought a second-hand mid-size LPG carrier of 35,000 cbm capacity. This is the company’s sixth LPG carrier
• In August 2021, Mitsubishi concluded a technical cooperation agreement with Namura Shipbuilding to construct a very large LPG carrier. Based on this agreement, Both the companies will jointly develop a new type of VLGC. This new carrier can transport ammonia and LPG at the same time.

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