United States LPG Tanker Market Trends, Competition Forecast and Opportunities to 2029 Featuring Kinder Morgan, Enterprise Products Partners, Phillips 66 Partners, Dorian LPG, Navigator Gas
Dublin, March 25, 2024 (GLOBE NEWSWIRE) -- The "United States LPG Tanker Market, By Region, By Competition Forecast & Opportunities, 2019-2029F" report has been added to * ResearchAndMarkets.com's* offering.
The LPG Tanker Market in the United States has garnered significant attention due to its projected robust growth rate, manifesting a CAGR of 5.7% from now until 2029. This uptrend is primarily driven by the escalating demand for cleaner energy sources, such as liquefied petroleum gas (LPG), and the country's expanding export capacities, particularly within the dynamic South region.
Recent figures have spotlighted the U.S. as a burgeoning leader in this sector, harboring a market valuation of USD 18.4 billion in 2023. Across the nation, the call for LPG tankers is rising sharply, a reflection of America's growing prominence as a major LPG producer and its pivotal role in the global LPG trade sphere.
*Key Market Drivers: An Overview*
*1. Clean Energy Consumption Upsurge:* Industries and residential consumers across the U.S. are increasingly employing LPG for its relatively eco-friendlier properties. The switch to cleaner energy solutions is one of the primary catalysts pushing forward the tanker market.
*2. Surge in LPG Production:* The country's extensive shale gas reserves have been capitalized upon, resulting in an LPG surplus necessitating an expanded tanker fleet to manage the enhanced export volumes.
*3. International Market Engagement:* The U.S. is seizing opportunities in LPG exports amidst growing international demand, particularly in Asian and European markets, advancing the sector's growth.
*4. Regulatory Support:* Market growth is further facilitated by favorable governmental policies and regulations bolstering energy exports.
*Market Challenges and Trends*
The United States LPG Tanker Market contends with various challenges, including infrastructure limitations, compliance and safety standards, and market volatility. Despite these hurdles, trends such as the increasing global LPG trade, technology-driven enhancements in fleet operations, and shifts toward clean fuel highlight the market's dynamic nature. Furthermore, industry players are unwavering in their commitment to improving logistics and supply chain efficiencies, adapting to emerging regulatory directives.
*Segmental and Regional Market Insights*
The Large Gas Carrier segment reigns supreme in the market, bolstered by the need to transport vast LPG quantities, particularly in the export-driven South U.S. region. The Gulf Coast, with its advanced infrastructure and strategic location, remains at the vanguard of the U.S. LPG export operations.
· Fully Refrigerated vessels continue to dominate due to their superior long-haul performance and technological advancements.
· The South U.S. region, a leading geographic market player, is set to sustain its dominance throughout the upcoming years.
*Emerging Market Dynamics*
With the USA firmly establishing itself as a significant LPG market player, factors such as the growing push for cleaner energy solutions, robust production capacity, and positive trade prospects shape the country's competitive landscape. The continued market evolution reflects the response to the global need for sustainable fuel alternatives, emphasizing the U.S. commitment to leading in LPG transport through innovation and strategic infrastructure development.
*Key Attributes*
*Report Attribute* *Details*
No. of Pages 90
Forecast Period 2023-2029
Estimated Market Value (USD) in 2023 $18.4 Billion
Forecasted Market Value (USD) by 2029 $25.89 Billion
Compound Annual Growth Rate 5.7%
Regions Covered United States
*A selection of companies mentioned in this report includes:*
· Kinder Morgan
· Enterprise Products Partners
· Phillips 66 Partners
· Dorian LPG Ltd.
· Navigator Gas
· BW LPG Limited
· Avance Gas Holding Ltd.
· StealthGas Inc.
· Exmar
· Nippon Yusen Kabushiki Kaisha
For more information about this report visit https://www.researchandmarkets.com/r/u7mwsw
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*Attachment*
· U.S. LPG Tanker Market
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