Global very large gas carrier market is expected to witness high growth over the forecast period owing to increasing LPG transportation demand globally. North America already witness high LPG distribution demand owing to shale gas plays in the region.
Other regions mainly Asia Pacific owing to shale gas developments in China is expected to drive global very large gas carrier market growth in the future on account of increase in natural gas production levels.
U.S. has established as major LPG exporter which in turn has increased waterborne LPG exports mainly to Asia Pacific countries. Such as trend is expected to continue and establish as key market driver for global demand over the forecast period.
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The market is also expected to drive in the future owing to developments in oil & gas capital markets such as decrease in interest rates, rise in income prospective and increase in liquidity levels among major investors.
Such carriers has a capability of carrying around 80,000 cubic meters of LPG which means the transportation facility on account of its huge capacity is helpful in enhancing profitability margins by lowering logistics cost which is an advantage for developing economies such as India, China, Vietnam and South Korea.
Decrease in transportation cost is also projected in the future mainly for trading activities between U.S to Asia Pacific which is also expected to positively impact global industry demand in the future. In additions, expensive LPG from Middle East has further increased LPG trading from U.S. to Asia Pacific region resulting into high market growth over the forecast period.
Transit route for trading products between North America and Asia Pacific is expected to enlarge owing to opening of Panama Canal which is expected to increase transportation between regions resulting into high global market growth over the forecast period.
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But the enlargement of Panama Canal is expected to witness high freight rates of ships. But the positive factor is that it will help in decreasing overall transportation cost. Increasing environment problems such as pollution and high carbon emission levels is driving need for cleaner fuel sources such as LPG.
This trend for cleaner energy source in the global environment is also expected to increase global very large gas carrier demand over the forecast period. Global demand for these carriers purely depends upon overall LPG demand which is uncertain for long term period.
Therefore, uncertainty in long term LPG demand is expected to restrain global industry growth over the forecast period. Global market is segmented on the bases of product being carried from source to destination points.
Cargo type segment contains number of liquefied chemical gases on the basis of their chemical properties and hazardous nature. LPG accounts for major market share in terms of cargo segment and the category is expected to witness high growth over the forecast period.
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