U.S. Lpg Tanker Market Size & Outlook, 2022-2030
U.S. lpg tanker market, 2017-2030 (US$M)
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U.S. lpg tanker market highlights
- The U.S. lpg tanker market generated a revenue of USD 33.7 million in 2022 and is expected to reach USD 42.1 million by 2030.
- The U.S. market is expected to grow at a CAGR of 2.8% from 2023 to 2030.
- In terms of segment, very large gas carriers was the largest revenue generating vessel size in 2022.
- Medium Gas Carriers is the most lucrative vessel size segment registering the fastest growth during the forecast period.
Lpg tanker market data book summary
| Market revenue in 2022 | USD 33.7 million |
| Market revenue in 2030 | USD 42.1 million |
| Growth rate | 2.8% (CAGR from 2022 to 2030) |
| Largest segment | Very large gas carriers |
| Fastest growing segment | Medium Gas Carriers |
| Historical data | 2017 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Very Large Gas Carriers, Large Gas Carriers, Medium Gas Carriers, Small Gas Carriers |
| Key market players worldwide | BW LPG Ltd, Dorian LPG Ltd, Exmar NV, Kawasaki Heavy Industries Ltd, Mitsubishi Heavy Industries Ltd, Namura Shipbuilding Co Ltd, StealthGas Inc, Hyundai Heavy Industries, PT Pertamina, Great Eastern Shipping Co. |
Other key industry trends
- In terms of revenue, U.S. accounted for 17.7% of the global lpg tanker market in 2022.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. lpg tanker market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 14.4 million by 2030.
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LPG Tanker Market Scope
LPG Tanker Market Companies
| Name | Profile | # Employees | HQ | Website |
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U.S. lpg tanker market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to lpg tanker market will help companies and investors design strategic landscapes.
Very large gas carriers was the largest segment with a revenue share of 27.6% in 2022. Horizon Databook has segmented the U.S. lpg tanker market based on very large gas carriers, large gas carriers, medium gas carriers, small gas carriers covering the revenue growth of each sub-segment from 2017 to 2030.
Innovations in horizontal drilling and hydraulic fracturing processes for increasing oil & gas extraction in the U.S. have made oil & gas production a highlighting factor for the energy landscape of the country. According to the Observatory of Economic Complexity (OEC), the U.S. ranked at the top position in terms of the production and exports of LPG.
It contributed a share of 10.8% to the global LPG exports. According to the U.S. Energy Information Administration (EIA), the propane exports from the country witnessed an increase of 13% in 2020 as compared with the exports in 2019. This increase in propane exports from the U.S. was driven by the surged demand for solid heating and petrochemicals in Asia.
Heating demand is a result of the temperature difference between indoor and outdoor air. As the U.S. experienced warmerthan-normal heating seasons in both, the first and final months of 2020, it resulted in reduced domestic consumption and increased exports. Thus, the surging propane or LPG exports are expected to fuel the growth of the market for LPG tankers in the U.S. that are employed to ship large quantities of LPG.
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Horizon Databook provides a detailed overview of country-level data and insights on the U.S. lpg tanker market , including forecasts for subscribers. This country databook contains high-level insights into U.S. lpg tanker market from 2017 to 2030, including revenue numbers, major trends, and company profiles.
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U.S. lpg tanker market size, by vessel size, 2017-2030 (US$M)
U.S. LPG Tanker Market Outlook Share, 2022 & 2030 (US$M)
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