Very Large Gas Carrier Trends and Forecast
The future of the global very large gas carrier market looks promising with opportunities in the LPG producer, energy company, petrochemical company, trader & distributor, retail & commercial consumer, and government agency markets. The global very large gas carrier market is expected to reach an estimated $13.4 billion by 2030 with a CAGR of 9.3% from 2024 to 2030. The major drivers for this market are growing consumption of liquefied natural gas, expansion in petrochemical production, and increasing output of shale gas.
• Lucintel forecasts that dual fuel will remain the largest segment over the forecast period.
• Within this market, petrochemical company is expected to witness the highest growth.
• APAC is expected to witness highest growth over the forecast period.
United States: ExxonMobil announced plans to expand LNG export capacity in Texas by 2025, boosting demand for VLGCs. The U.S. government has also been supporting LNG infrastructure development through various incentives.
Japan: Mitsubishi Corporation launched new eco-friendly VLGCs, targeting a 30% reduction in emissions by 2030. The government is backing initiatives for greener maritime transport solutions.
South Korea: Hyundai Heavy Industries secured a contract for building state-of-the-art VLGCs with enhanced fuel efficiency. The government aims to position South Korea as a leading shipbuilding hub through strategic investments.
China: China National Offshore Oil Corporation (CNOOC) announced the construction of a major LNG terminal in Guangdong. The Chinese government is promoting LNG imports to reduce coal dependence and improve air quality.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Very Large Gas Carrier by Segment
The study includes a forecast for the global very large gas carrier by type, cargo type, end use, and region.
Very Large Gas Carrier Market by Type [Shipment Analysis by Value from 2018 to 2030]:
• Fully Pressurized
• Semi-Ref Vessels
• Fully Refrigerated
• Eco-Friendly
• Dual Fuel
• Others
Very Large Gas Carrier Market by Cargo Type [Shipment Analysis by Value from 2018 to 2030]:
• Liquefied Petroleum Gas
• Ammonia
• Ethylene
• Propylene
• Butane
• Propane
• Others
Very Large Gas Carrier Market by End Use [Shipment Analysis by Value from 2018 to 2030]:
• LPG Producers
• Energy Companies
• Petrochemical Companies
• Traders & Distributors
• Retail & Commercial Consumers
• Government Agencies
• Others
Very Large Gas Carrier Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Very Large Gas Carrier Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies very large gas carrier companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the very large gas carrier companies profiled in this report include-
• Hyundai Samho Heavy Industries
• Mitsui O.S.K. Lines (MOL)
• Avance Gas
• Nippon Yusen Kabushiki Kaisha
• Navigator Gas
• Epic Gas
• Petredec Limited
• Exmar
• StealthGas
• Norgas Carriers
Recent Development in the Very Large Gas Carrier Market
BW LPG: Announced the successful retrofitting of dual-fuel engines on its fleet, enabling the use of LPG as a cleaner fuel option. This initiative aims to reduce emissions and comply with stricter environmental regulations.
Dorian LPG: Invested in advanced digital solutions for fleet management, enhancing operational efficiency and safety. The company also entered into long-term charter agreements, securing steady revenue streams and market presence.
Hyundai Heavy Industries: Secured a significant contract to build eco-friendly VLGCs with improved fuel efficiency and reduced greenhouse gas emissions. This aligns with global trends towards sustainability and supports South KoreaÄX%$%Xs ambition to be a leader in green shipbuilding.
Mitsui O.S.K. Lines (MOL): Collaborated with other industry players to develop and implement next-generation VLGCs equipped with advanced emissions control technologies. MOL is also focusing on expanding its fleet to meet increasing demand in the Asian market.
ExxonMobil: Launched an initiative to expand its LNG export capacity in the United States, indirectly driving the demand for VLGCs. This expansion is part of ExxonMobil’s broader strategy to capitalize on the growing global LNG market and strengthen its supply chain logistics.
Features of the Global Very Large Gas Carrier Market
Market Size Estimates: Very large gas carrier market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Very large gas carrier market size by type, cargo type, end use, and region in terms of value ($B).
Regional Analysis: Very large gas carrier market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, cargo types, end uses, and regions for the very large gas carrier market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the very large gas carrier market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the very large gas carrier market size?
Answer: The global very large gas carrier market is expected to reach an estimated $13.4 billion by 2030.
Q2. What is the growth forecast for very large gas carrier market?
Answer: The global very large gas carrier market is expected to grow with a CAGR of 9.3% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the very large gas carrier market?
Answer: The major drivers for this market are growing consumption of liquefied natural gas, expansion in petrochemical production, and increasing output of shale gas.
Q4. What are the major segments for very large gas carrier market?
Answer: The future of the very large gas carrier market looks promising with opportunities in the LPG producer, energy company, petrochemical company, trader & distributor, retail & commercial consumer, and government agency markets.
Q5. Who are the key very large gas carrier market companies?
Answer: Some of the key very large gas carrier companies are as follows:
• Hyundai Samho Heavy Industries
• Mitsui O.S.K. Lines (MOL)
• Avance Gas
• Nippon Yusen Kabushiki Kaisha
• Navigator Gas
• Epic Gas
• Petredec Limited
• Exmar
• StealthGas
• Norgas Carriers
Q6. Which very large gas carrier market segment will be the largest in future?
Answer: Lucintel forecasts that dual fuel will remain the largest segment over the forecast period.
Q7. In very large gas carrier market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the very large gas carrier market by type (fully pressurized, semi-ref vessels, fully refrigerated, eco-friendly, dual fuel, and others), cargo type (liquefied petroleum gas, ammonia, ethylene, propylene, butane, propane, and others), end use (LPG producers, energy companies, petrochemical companies, traders & distributors, retail & commercial consumers, government agencies, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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