Global LPG Tanker Market Expected to Reach US$ 289.72 Mn. by 2030: Rising Demand for LPG Transport

The LPG tanker market, valued at US$ 201.82 million in 2023, is anticipated to witness substantial growth, with total revenue projected to reach nearly US$ 289.72 million by 2030, growing at a CAGR of 5.3% from 2024 to 2030. This growth is driven by several factors, including the increasing demand for LPG as a clean and efficient fuel source, particularly in residential, commercial, and industrial applications. Additionally, the expanding use of LPG as a feedstock in petrochemical production and the growing adoption of LPG as an alternative fuel in the transportation sector are expected to contribute to the market's growth. Furthermore, the development of new LPG production facilities and infrastructure, coupled with advancements in LPG shipping technologies, is likely to bolster the growth of the LPG tanker market during the forecast period.

Global LPG Tanker Market Report Scope and Research Methodology:

The global LPG tanker market report encompasses a comprehensive analysis of the market landscape, providing insights into key trends, drivers, challenges, and opportunities shaping the industry. The scope of the report includes a detailed examination of the market segmentation based on tanker type, vessel size, application, and geography. In addition, the report offers a thorough assessment of the competitive landscape, profiling major players and their strategies to gain a competitive edge in the market. The research methodology involves a blend of primary and secondary research, including interviews with industry experts, company executives, and key stakeholders, to gather valuable insights and ensure the accuracy and reliability of the data presented in the report.

Explore the intricacies of this comprehensive market analysis: https://www.maximizemarketresearch.com/market-report/global-lpg-tanker-market/116990/

What are Global LPG Tanker Market Dynamics:

The global LPG tanker market dynamics are influenced by several factors. The growth of the market is expected to be driven by a significant increase in shale gas production, with major firms focusing on producing oil and gas from shale rock due to the instability in crude oil prices and advancements in hydraulic fracturing and horizontal drilling techniques. This shift towards shale gas production is anticipated to accelerate market growth during the forecast period. Additionally, the increasing trade ties between the United States and the Asia-Pacific (APAC) regions for shale gas, facilitated by the lower cost of transportation, are expected to drive demand for liquefied petroleum gas (LPG) tankers.
The demand for LPG tankers is further supported by the increased demand for liquefied petroleum gas from petrochemical companies, driven by the instability in crude oil prices. However, the unstable crude oil prices have led to amplified LPG prices and reduced demand, which may hamper market growth. The COVID-19 pandemic also had an impact, initially causing a slight decrease in demand for LPG in many sectors. However, as the situation stabilizes, demand is expected to rebound, particularly with increased trade of LPG between the United States and Asian nations.
Despite the potential for growth, new orders for LPG tankers are expected to remain low in 2022 due to the lingering effects of the pandemic on companies. Overall, while challenges exist, the market for LPG tankers is poised for growth, driven by factors such as shale gas production and increasing trade ties, particularly between the United States and APAC regions.

Request a complimentary sample copy or access the summary of the report: https://www.maximizemarketresearch.com/request-sample/116990

Global LPG Tanker Market Regional Insights:

The European region is poised to dominate the LPG tanker market during the forecast period from 2024 to 2030, holding the largest market share by 2030. This dominance is driven by factors such as government initiatives and limited domestic production, leading to an increase in LPG demand and the need for LPG tankers for imports.
Meanwhile, North America is expected to experience rapid growth, with a projected CAGR during the forecast period. In 2023, North America accounted for 15.0% of global LPG exports, valued at USD 40 billion. The United States, Canada, and Mexico are expected to see increased demand for LPG as a cooking fuel and for heating purposes in residential structures, particularly during winter.
The report aims to provide a comprehensive analysis of the Global LPG Tanker Market to industry stakeholders. It presents the past and current status of the industry, along with the forecasted market size and trends, in a format that simplifies complex data. Additionally, the report covers all aspects of the industry, including a detailed study of key players, including market leaders, followers, and new entrants.

Submit your request for a free inquiry report today: https://www.maximizemarketresearch.com/inquiry-before-buying/116990

What is Global LPG Tanker Market Segmentation:

The global LPG tanker market is segmented based on vessel size and refrigeration/pressurization methods. Vessel size categories include Very Large Gas Carriers (VLGC), Large Gas Carriers (LGC), Medium Gas Carriers (MGC), and Small Gas Carriers (SGC). These categories reflect the capacity and capabilities of the tankers to transport varying quantities of liquefied petroleum gas (LPG).
Regarding refrigeration and pressurization, the segmentation includes Ethylene, Full Refrigerated, Semi-Refrigerated, and Full Pressurized tankers. These categories indicate the different technologies and methods used to maintain the LPG in its liquid state during transportation, ensuring safe and efficient delivery to various destinations. Each type of tanker and refrigeration/pressurization method has its advantages and is suitable for different shipping requirements and market conditions in the LPG industry.

Request a customized report tailored to your specific requirements: https://www.maximizemarketresearch.com/request-sample/116990

Who are Global LPG Tanker Market Key Players:

1.StealthGas Inc.
2.Dorian LPG Ltd.
3.BW Group
4.Hyundai Heavy Industries Co. Ltd.
5.Kawasaki Heavy Industries Ltd.
6.DSME
7.Mitsubishi Heavy Industries Ltd.
8.The Great Eastern Shipping Co. Ltd.
9.Kuwait Oil Tanker Company
10.DAE Sun Shipbuilding and Engineering Co. Ltd.
11.Namura Shipbuilding Co. Ltd.
12.EXMAR
13.STX Corporation
14.PT Pertamina
15.Epic Gas Ltd.
16.Meyer Turku
17.Hanjin Heavy Industries Ltd.
18.Hijos de J. Barreras
Don't miss out on the trending research published by Maximize Market Research:

5G IoT Market https://www.maximizemarketresearch.com/market-report/global-5g-iot-market/30498/

Commercial Vehicles Market https://www.maximizemarketresearch.com/market-report/global-commercial-vehicles-market/112685/

Temperature Sensor Market https://www.maximizemarketresearch.com/market-report/temperature-sensor-market/2806/

Cosmeceuticals Market https://www.maximizemarketresearch.com/market-report/cosmeceuticals-market/126239/

Global Content Delivery Network Market https://www.maximizemarketresearch.com/market-report/content-delivery-network-market/642/

Maximize Market Research:

3rd Floor, Navale IT Park, Phase 2

Pune Banglore Highway, Narhe,

Pune, Maharashtra 411041, India

+91 96071 95908, +91 9607365656

Maximize Market Research is a versatile market research and consulting firm staffed with professionals from diverse industries. Our expertise spans a wide range of sectors, including medical devices, pharmaceuticals, science and engineering, electronic components, industrial equipment, technology, communication, automotive, chemicals, consumer goods, beverages, personal care, and automation. We offer a comprehensive suite of services, including industry-validated market assessments, technical trend analysis, strategic guidance, competitive analysis, production and demand analysis, and client impact assessments. Our goal is to provide our clients with actionable insights and strategic recommendations to help them navigate complex market landscapes and achieve their business objectives.

This release was published on openPR.