According to the latest report by IMARC Group “LPG Tanker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, The global LPG tanker market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 5% during the forecast period (2021-2026).
Liquified petroleum gas (LPG) tanker includes insulated or refrigerated seagoing tank, small-pressurized tank, and semi-pressurized tank. It operates using a controllable-pitch propeller and geared-diesel set. It is mainly used for transporting petroleum gases, ammonia, vinyl chloride, and propylene in bulk quantities in various end-use industries across the globe.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
There is currently significant growth in the oil and gas industry around the world. This, in confluence with the rising shale gas production, represents one of the key factors bolstering the growth of the market. Apart from this, there is an increase in the demand for LPG tankers worldwide on account of the rising sales of heating, ventilation, and air condition (HVAC) systems. Moreover, LPG is increasingly being used as feedstock in the manufacturing of petrochemicals and fertilizers. Besides this, the market is also driven by technological advancements undertaken by leading players to expand their market reach.
Breakup by Vessel Size:
Breakup by Refrigeration and Pressurization:
Market Breakup by Region: