LPG Tanker Market to grow by USD 61.19 million from 2022 to 2027 | The increase in the supply of natural gas drives the market -Technavio

NEW YORK, Aug. 28, 2023 /PRNewswire/ -- The LPG tanker market size is estimated to increase by USD 61.19 million from 2022 to 2027. The market's growth momentum will be progressing at a CAGR of  3.81%. Discover some insights on market size, historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report -Request a free sample report

LPG tanker market – Company Analysis
Company Landscape - The LPG tanker market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer LPG tanker in the market are Air and Gas Holdings Pty Ltd., Bosco India, BW Group, DAE SUN SHIPBUILDING and ENGINEERING CO. LTD., Dorian LPG Ltd., Exmar NV, GLOBE GAS EQUIPMENTS INDUSTRY PVT. LTD., HD Hyundai Co. Ltd., Kawasaki Heavy Industries Ltd., Krison Engineering Works, Kuwait Oil Tanker Co. SAK, Mitsubishi Heavy Industries Ltd., Nakilat, Namura Shipbuilding Co. Ltd., Solvang ASA, StealthGas Inc., STX Corp., The Great Eastern Shipping Co. Ltd., PT Pertamina Persero, and Teekay Corp. and others.

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• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Company Offerings -

• BW Group - The company operates LPG vessels and very large gas carriers with a total carrying capacity of over 3 million cubic meters.
• DAE SUN SHIPBUILDING and ENGINEERING CO. LTD - The company offers an LPG carrier which is designed to carry 3500 cubic meters of LPG fuel. 
• Dorian LPG Ltd. - The company offers LPG carriers that are designed to carry butane, propane, butadiene and propylene gases, thus used for various chemical processes.
• For details on the vendor and its offerings – Request a free sample report

LPG Tanker Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on application (Residential and Commercial), type (Very large gas carrier, Large gas carrier, Medium gas carrier, and Small gas carrier), and geography (Europe, North America, APAC, South America, and Middle East and Africa). 

Geography Overview
By geography, the global LPG tanker market is segmented into Europe, North America, APAC, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global LPG tanker market.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a free Sample Report

LPG Tanker Market – Market Dynamics
Leading Drivers 

The increase in the supply of natural gas is notably driving the market growth. With a rise in the supply of coalbed methane, shale gas, and tight gas, natural gas is the fastest-growing fossil fuel. Thus, the production of unconventional oil and gas resources such as natural gas has increased significantly in the global oil and gas industry. According to the International Energy Agency, natural gas consumption grew from 3,630 billion cubic meters in 2016 to 4,000 bcm in 2022.   Since 2008, shale oil and gas extraction has been successful in countries such as the US which has led to an upsurge in the global oil and gas supply. Globally, Russia is the second-largest producer of natural gas, and there is substantial under-utilized natural gas production capacity in the Yamal peninsula. These initiatives will likely drive market growth during the forecast period. 

Key Trends - Technological advances are an emerging trend shaping market growth.

Major challenges - Fluctuations in crude oil prices is the significant challenge hindering the LPG tanker market growth. 

Driver, Trend & Challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, find some insights from a free sample report!

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Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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SOURCE Technavio