LNG Carrier Containment Market Size, Share, Trends, Growth 2032

LNG Carrier Containment Industry Prospective:

The global LNG carrier containment market size was evaluated at $13.67 billion in 2023 and is slated to hit $22.13 billion by the end of 2032 with a CAGR of nearly 5.5% between 2024 and 2032.

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LNG Carrier Containment Market: Overview

The increased demand for natural gas from a variety of industries, as well as the increasing number of residential and commercial applications of LNG, are the primary factors driving the market for LNG carrier containment. In addition, during the course of the recent past, there has been a meteoric rise in the demand for LNG as a fuel for automobiles. This has contributed to the strengthening of supportive government rules for cleaner fuel, which aim to minimize reliance on petroleum fuels.

The market for LNG carrier containment has benefited from technological developments that have been implemented for the purpose of making the liquefaction of natural gas more cost-effective and safe, as well as the transportation of LNG. However, the inconsistency of natural gas prices, the absence of infrastructure supportive of the liquefaction of natural gas, and the length of time needed for supply and acceptance of LNG in developing nations are all factors that could limit the market growth.

LNG Carrier Containment Market: Growth Factors

Liquefied natural gas, more popularly known as LNG, is a composition of methane and ethane to transfer natural gas to a liquid state for its easier and safe transportation. Liquefaction of natural gas enables its large-scale inter-continent transport after compression to a liquid state. LNG was previously introduced for convenient transportation of natural gas. Over the last few years, it has gained significant attention as an automobile fuel. LNG carrier containment is a tank ship specially designed for LNG transportation with properties to bear extraordinary tank pressure levels and prevent any type of gas contamination. The design and structure of the LNG cargo containment tank vary according to chemical and physical parameters of the gas, which depends on the varied needs of end-users. A typical LNG carrier containment comprises four to six tanks that are located along the vessel’s centerline.

The LNG carrier containment market is majorly driven by the rising demand for natural gas from various industries and LNG’s growing number of residential and commercial applications. Furthermore, LNG has witnessed an exponential increase in its demand as an automobile fuel in recent past, which has bolstered supportive government regulations for cleaner fuel that aims to reduce dependence on petroleum fuels. Technological advancements that were introduced for cost-efficient and safe liquefaction of natural gas and LNG transportation have also contributed to the LNG carrier containment market.

However, the volatility in prices of natural gas, the lack of supportive infrastructure for liquefaction of natural gas, and time-consuming delivery and reception of LNG in developing economies may restrain the market. Alternatively, the construction of new LNG export terminals in Australia is expected to fuel the LNG carrier containment market development in the years ahead.

In order to offer a comprehensive view of the global LNG carrier containment market, we have included a detailed value chain analysis. To understand the competitive landscape within the market, an analysis of Porter’s Five Forces model for the global LNG carrier containment market has additionally been included. The study includes a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

The study also includes the market share of the key participants operating in the global LNG carrier containment market. Moreover, the report covers the strategic development in the market along with acquisitions & mergers, agreements partnerships, collaborations & joint ventures, and regional growth of key market players on a global basis.

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LNG Carrier Containment Market: Segmentation

The global LNG carrier containment market is fragmented on the basis of carrier type, propulsion type, and capacity.

By carrier type, the market is segmented into moss type and membrane type. In 2018, membrane type held a major share of the global market and is expected to hold its foremost market position with a higher CAGR over the forecast period.

According to propulsion type, the LNG carrier containment market includes steam turbine, ME-GI, DFDE, SSD, steam reheat, XDF, TFDE, and others. Steam turbine segment dominated the global market in 2018 and is expected to hold its market position in the future as well.

On the basis of capacity, the global market comprises above 1,80,000 cubic meters, 1,50,000 to 1,80,000 cubic meters, 1,25,000 to 1,49,999 cubic meters, and 30,000 to 1,24,999 cubic meters. In 2018, the above 1,80,000 cubic meters segment held the largest market share globally.

LNG Carrier Containment Market: Report Scope

LNG Carrier Containment Market: Regional Insights

The regional segment includes North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.

The Asia Pacific region held the largest share of the LNG carrier containment market globally in 2018. Moreover, the region is expected to witness the fastest CAGR over the forecast time period.

LNG Carrier Containment Market: Competitive Space

Some major players in the LNG carrier containment market are

• Gaztransport & Technigaz
• Mitsui O.S.K Lines
• Teekay LNG Partners
• NYK Line
• Gaslog
• MISC Berhad
• Dynagas LNG Partners
• BW Gas
• Samsung Heavy Industries
• Hudong-Zhonghua Shipbuilding
• Kawasaki Heavy Industries.

This report segments the global LNG carrier containment market into:

Global LNG Carrier Containment Market: Carrier Type Analysis

• Membrane Type
• Moss Type

Global LNG Carrier Containment Market: Propulsion Type Analysis

• Steam Turbine
• ME-GI
• DFDE
• SSD
• Steam Reheat
• XDF
• TFDE
• Others

Global LNG Carrier Containment Market: Capacity Analysis

• 30,000 to 1,24,999 Cubic Meters
• 1,25,000 to 1,49,999 Cubic Meters
• 1,50,000 to 1,80,000 Cubic Meters
• Above 1,80,000 Cubic Meters

Global LNG Carrier Containment Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa