LPG Tanker Market Scope
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.
The market study is being classified, by Application (Residential Use, Commercial Use and Other) and major geographies with country level break-up. According to AMA, the Global LPG Tanker market is expected to see growth rate of 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. Research Analyst at AMA predicts that Japan Manufacturers will contribute to the maximum growth of Global LPG Tanker market throughout the predicted period.
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 profiled in the study. Additionally, the Manufacturers which are also part of the research are Nakilat (Qatar) and Teekay LNG Partners (Bermuda).
AdvanceMarketAnalytics has segmented the market of Global LPG Tanker market by Type, Application 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.
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
- Rise in LPG Fleet Consolidation and Development of Efficient LPG Tankers
- Upsurge in Adoption of IOT for LPG Fleet Management
- Rising Demand for Natural Gas is Driven By Various Industries Such as Fertilizers and Petrochemical
- Increasing Adoption and a Feedstock in Petrochemical Plants
- Growing Demand from Emerging Economics such as India, China and others
- Stringent Safety Regulation Regarding Tanker
- Issue related to Fluctuations in oil and gas prices
Key Target AudienceManufacturers of LPG Tanker, Suppliers of LPG Tanker, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others
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