IMARC Group’s report titled “LPG Tanker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The global LPG tanker market is expected to exhibit a growth rate (CAGR) of 5% during 2023-2028.
LPG tankers are constructed with specific features to ensure the secure containment and transportation of liquefied gas. They are typically cylindrical or spherical and have specialized tanks or cargo holds designed to withstand the high pressures and low temperatures at which LPG is stored. They are constructed from materials that provide excellent insulation to maintain the temperature and prevent the gas from escaping. They employ various safety measures, including advanced monitoring and control systems, to ensure the safe handling of the cargo. They continuously monitor the pressure, temperature, and gas levels within the tanks, allowing the crew to take appropriate measures to prevent incidents or leaks. Additionally, they are equipped with state-of-the-art fire suppression systems and other safety equipment to mitigate the risks associated with transporting flammable substances. Their size can vary, ranging from small coastal vessels to large ocean-going carriers capable of transporting significant volumes of LPG. They are designed to comply with international maritime regulations and undergo rigorous inspections and maintenance to ensure their seaworthiness and adherence to safety standards. These tankers are also utilized to transport ammonia, propylene, and vinyl chloride. As a result, LPG tankers find extensive applications in the oil and gas, chemical, automotive and refinery industries across the globe.
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LPG Tanker Market Trends and Drivers:
The global LPG tanker market is primarily driven by the increasing demand for liquefied petroleum gas (LPG) as a clean and efficient energy source. LPG is widely used for residential, commercial, and industrial purposes, including cooking, heating, and fueling vehicles. Moreover, the escalating demand for LPG due to the rising global population and urbanization, particularly in emerging economies, is another major growth-inducing factor. Apart from this, the expanding petrochemical industry, which utilizes LPG as a feedstock to produce plastics, chemicals, and other materials, has augmented the demand for LPG tanker services as petrochemical plants require a steady supply of LPG, which needs reliable and efficient transportation. Additionally, LPG is transported across borders to meet the demand in different regions, requiring a well-established network of LPG tankers for import and export activities. In line with this, the increasing international trade of LPG has catalyzed market growth. Besides this, numerous technological advancements in LPG tanker design and operations, including the development of larger and more efficient vessels with advanced safety features, improved transportation capacity, and reduced operational costs, are fueling the market growth. Furthermore, several favorable government initiatives promoting LPG as a cleaner alternative to traditional fuels and supportive regulations and subsidies are contributing to the market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Vessel Size:
- Very Large Gas Carrier
- Large Gas Carrier
- Medium Gas Carriers
- Small Gas Carrier
Breakup by Refrigeration and Pressurization:
- Fully Pressurized
- Semi-pressurized
- Fully Refrigerated
- Extra Refrigerated (Ethylene Gas Carriers)
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- BW Group
- Dorian LPG Ltd.
- EXMAR
- Hyundai Heavy Industries Co. Ltd.
- Kawasaki Heavy Industries Ltd.
- Kuwait Oil Tanker Company S.A.K
- Mitsubishi Heavy Industries Ltd
- StealthGas Inc.
- STX Corporation (Afc Mercury Co. Ltd)
- The Great Eastern Shipping Co. Ltd.
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