Report : Asia Pacific C-Type LNG Carrier Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type (Cylindrical, Bi-Lobe, and Tri-Lobe) and Application (Marine, Oil and Gas, Petrochemical, and Others)   

At 9.0% CAGR, the Asia Pacific C-Type LNG Carrier market is speculated to be worth US$ 3,323.67 Million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific C-type LNG carrier market was valued at US$ 1,982.88 million in 2022 and is expected to reach US$ 3,323.67 million by 2028, registering a CAGR of 9.0% from 2022 to 2028. Surge in new shipbuilding contracts and new fleet expansion and rising demand for natural gas from several industries are the critical factors attributed to the market expansion.

Market players are building new LNG carriers due to the rising demand for LNG. For instance, in January 2022, TGE Marine proudly announced the completion of the tank building phase for two large LNG cargo tanks at Jiangnan Shipyard. Also, in August 2022, NYK Line announced long-term time-charter contract with Qatar Energy for seven new LNG carriers. The companies also executed shipbuilding contracts for the seven 174,000 m3 LNG carriers with Hyundai Heavy Industries Co., Ltd. Thus, rise in new shipbuilding contracts among the leading players drives the C-type LNG carrier market growth.  Furthermore, in July 2022, Gaztransport & Technigaz (GTT) had achieved a tank design contract from Samsung Heavy Industries (SHI), its South Korean partner, for designing a series of new LNG carriers. Within the contract, the Gaztransport & Technigaz (GTT) company supposed to design the tank of 14 new LNGCs. Two of the ships are on behalf of a shipowner from Asia, while the other 12 are on behalf of an American shipowner. Similarly, in November 2021, Jiangsu Yangzijiang Shipbuilding launched the LNG-powered MSC Washington, which features a 12,300-cbm type C bi-lobe LNG tank. Thus, such contracts for the manufacturing of LNG carriers and expansion of new fleets bolster the C-type LNG carrier market growth.

On the contrary, operational, and financial challenges associated with LNG carriers hurdles the growth of Asia Pacific C-type LNG carrier market.

  • Based on product type, the Asia Pacific C-type LNG carrier market is segmented into cylindrical, bi-lobe and tri-lobe. The cylindrical segment registered the largest market share in 2022 with a market share of 49.4%, amassing US$5 980.19 million. It is projected to garner US$ 1,878.67 million by 2028 to expand at 11.5% CAGR during 2022–2028.
  • Based on application, the Asia Pacific C-type LNG carrier market is segmented into marine, petrochemicals, oil and gas and others. With 39.3% share of the domain marine segment registered the largest market share in 2022. It accrued US$ 778.79 million in 2022 and is estimated to generate US$ 1746.67 million by 2028 to grow at a CAGR of 14.4% over the forecast period.

Our regional analysis states that Japan captured 32% market share in 2022. It was assessed at US$ 634.42 million in 2022 and is likely to hit US$ 1,173.73 million by 2028, exhibiting a CAGR of 10.8% during the forecast period.

Key players dominating the Asia Pacific C-type LNG carrier market are China Shipbuilding Trading Co., Ltd.; DSME Co., Ltd.; Gaslog Ltd.; GAS Entec; HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.; Knutsen OAS Shipping; Komarine Co.; Mitsubishi Heavy Industries, Ltd.; and TGE Marine Gas Engineering GmbH; Torgy LNG AS, among others.

A few key market developments in the region by top market players are:

  • In 2022, Daewoo Shipbuilding & Marine Engineering Co. (DSME) has received a 1.07 trillion-won (US$850 million) order to build four liquefied natural gas (LNG) carriers under a deal with a Qatar state oil firm which will be done by 2025.
  • In 2021, Gaslog has planned to go private by delisting. GasLog is selling 45% of its outstanding shares to BlackRock for $248 million as a part of its delisting strategy.

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