LPG tanker market is anticipated to witness significant growth over the forecast period owing to rising global LPG trade. The shale gas boom in the U.S. is expected to further propel the demand for LPG which in turn is expected to positively impact the market growth over the next seven years. Moreover, fluctuating crude oil prices along with advancements in technology with respect to hydraulic fracturing and horizontal drilling is anticipated to spur the market growth over the forecast period. Furthermore, rising demand for LPG in household for heating and cooking applications is expected to act as a key driver for market growth.
Natural gas is expected to be the future fuel owing to its increasing demand on account of it being cheaper and cleaner, which is expected to augment market expansion. Liquefaction of natural gas leads to reduction in the volume which is a cheaper and safer way to transport natural gas leading to higher demand for LPG tankers. In addition, growing use of LPG in petrochemical plants and refineries is expected to fuel the market growth. North America is expected to contribute significantly owing to the recent shale gas boom and supportive government policies mainly in the U.S. and Canada. U.S. is expected to export LPG over the next seven years owing to its huge production and advanced technology to extract oil and gas from shale rocks. Asia Pacific is expected to augment the demand for LPG tanker market owing to its high demand and usage for gas in household sector mainly on account of fluctuating crude oil prices and lower gas prices in comparison to gas.
Moreover, increasing dependence on imports to meet their energy requirements is expected to spur market in countries including China, Japan, Korea and India over the forecast period. Furthermore, increasing trade between MEA & Asia Pacific is expected to spur the market demand. Rising global demand for gas is expected to have a positive impact on the LPG tanker markets in MEA and Latin American countries owing to huge reserves of natural and shale gas. Europe is anticipated to grow on account of increasing propane and butane gas demand for domestic heating purposes. However, recent fall in crude oil prices and high flammability and toxicity of LPG is expected to restrain the market growth over the forecast period.
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Global key players include Great Eastern Shipping Company, EXMAR, Dorian LPG Ltd., Navigator Holdings Ltd., Pertamina, Dorian Hellas, Teekay Tankers Ltd., Mitsubishi Heavy Industries, Kawasaki Shipbuilding Corporation, Namura Shipbuilding and Avance Gas. Advancement in technology is expected to make LPG transport safer owing to introduction of double hull tankers. Moreover, spot contracts and contract of affreightments is expected to spur the market growth.
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