LPG Tanker Market to Record Sturdy Growth by 2024
Shale gas production is in an unstoppable phase in some parts of the world, and this will be a high-impact driver for the global LPG tanker market. The market for LPG tankers is expected to display strong growth until the end of the forecast period of this report on account of several other factors as well. With the high production of shale gas, there has been a concurrent increase in the trade of LPG. At the same time, the demand for LPG for cooking and HVAC applications is on the rise, fueling the demand for safe storage and transportation of LPG. This has subsequently led to the demand for LPG tankers to swing upward.
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As a result of the several positive factors acting on the market, several LPG carries and tanker companies have either already expanded their capacities or are planning to do so in the near future. This report examines how the rapid expansion of the gas energy market will impact the dynamics of the global LPG tanker market.
In order to present a highly objective analysis, the report makes used of a balanced mix of primary and secondary research and backs it with the independent analysis of our seasoned research analysts. The report reveals the most lucrative regional markets for LPG tankers and which type of LPG tankers will see the highest demand.
LPG Tanker Market: Trends
The top three trends that are giving the global LPG tanker market a boost are: Increased shale gas production from hitherto untapped reserves, an upswing in international gas trade, and the continued use of LPG as a cooking fuel.
The volatility in crude oil prices has prompted the industry to extracting shale gas and oil. This has been possible on a large scale because of the technological improvements in fracking practices. The amount of shale gas moving from the U.S. to countries in the Asia Pacific and North Africa regions is on the rise not just because demand is rising, but also because transportation costs have now reduced owing to a fall in oil prices. However, the erratic behavior of crude oil prices has led to the prices of LPG becoming stronger, which has diluted demand to some degree. This factor could hurt the demand for LPG tankers.
However, the overall outlook of the global LPG tanker market remains positive in the short term.
LPG Tanker Market: Segmentation
Gas tankers can be fully pressurized, fully refrigerated, or semi-pressurized. Carriers for ethylene are regarded as a separate segment in the market because these require extra refrigeration.
The capacity of such carries can range from as low as 500 cubic meters to over 10,000 cubic meters. Thus, the type of gas tanker selected would directly depend on the volume of LPG that is to be transported or stored. By size, the types of LPG tankers available on the market are small, medium, large, and very large gas carriers.
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LPG Tanker Market: Region-wise Outlook
By geography, the global market for LPG tankers can be segmented into: North America, Asia Pacific, Europe, and Rest of the World. Because the Middle East has conventionally been the hub for oil production, the LPG gas tanker market in the region has been relatively large. However, with shale oil production showing a spike in the U.S. and Canada, oil and gas companies in these countries are now spending more on transporting the resource. That will, consequently, cause the demand for LPG tankers to rise in these countries.
The demand for energy is at an all-time high in emerging APAC countries. This will also create million-dollar opportunities for the LPG tanker market in the region.
Top players in this space include, but are not limited to: Great Eastern Shipping Company Ltd., Navigator Holdings Ltd., EXMAR, and Pertamina.
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