As cited by the business intelligence report titled ‘Global LPG Tanker Market Size study, by Vessel (Large Gas Carrier, Medium Gas Carriers, Small Gas Carrier), by Refrigeration & Pressurization (Full Refrigerated, Semi Refrigerated, Full Pressurized) and Regional Forecasts 2020-2027’, available with Market Study Report, global LPG tanker market was worth USD 185 million in 2019 and is projected to exhibit 6% CAGR over 2020-2027, subsequently reaching a valuation of USD 295 million by the end of the forecast period.
 

As per the report findings, escalating demand for LPG in HVAC (heating, ventilation and air conditioning) as well as cooking applications, increasing production of natural gas across the globe, and favorable government subsidies on LPG cylinders are augmenting global LPG tanker market size.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/3002331/
 

Moreover, rapid development in the global energy vertical, and rising inclination of energy-based companies towards using natural resources as power sources owing to growing environmental concerns are stimulating global LPG tanker market outlook.
 

For those unaware, LPG tankers, commonly known as LPG carriers are gas tanker ships which are used for the bulk transfer of LPG. They are also utilized to carry other gases, mainly ammonia, vinyl chloride, and propylene.
 

Speaking of the factors restricting global LPG tanker market growth, volatile gas prices and high costs associated with the tankers will continue to barricade business development during the stipulated timeframe.
 

Based on vessel type, the market is bifurcated into small gas carrier, medium gas carriers, and large gas carrier.
 

With regards to refrigeration & pressurization, the industry vertical is split into full pressurized, semi pressurized, and full refrigerated.
 

Elaborating on the geographical reach, Europe currently captures majority of global LPG tanker market share and is slated to show strong growth trends over the forecast period. Escalating energy demand, high concentration of market vendors, and easy affordability of the carriers are stimulating the regional industry growth.
 

Meanwhile, Asia-Pacific is touted to register the a robust annual growth rate over 2020-2027, on account of increasing passenger vehicle production and favorable government initiatives in emerging economies like India and China.
 

Top players influencing worldwide LPG tanker market trends are DAE Sun Shipbuilding and Engineering Co. Ltd., Dorian LPG Ltd., StealthGas, Inc., BW Group, Kawasaki Heavy Industries, Ltd., Namura Shipbuilding Co., Ltd., Hyundai Heavy Industries Co., Ltd., Mitsubishi Heavy Industries, Ltd., Kuwait Oil Tanker Co., and Great Eastern Shipping Co. Ltd.