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)

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)

The C-type LNG carrier market in Asia Pacific is expected to grow from US$ 1,982.88 million in 2022 to US$ 3,323.67 million by 2028. It is estimated to grow at a CAGR of 9.0% from 2022 to 2028.

Growing LNG Liquefaction Capacity

In 2021, China, was a major contributor in the trading as its net import of LNG volume increased by 10.4 million metric ton per year, while the countries in Asia Pacific increased the trading volume of LNG which climbed from 68. million metric ton per year in 2020 to 79.3 million metric ton per year in 2021. Also, as per the data from Global Trade Tracker and China’s General Administration of Customs, in 2021, China imported LNG in a large amount of averaged 10.5 billion cubic feet per day (Bcf/d), an increase of 19% compared with 2020. Thus, the increase in LNG import is augmenting the need for LNG liquefaction which is further strengthening the demand for LNG carrier for transportation purpose, which is helping the C-type LNG carrier market to grow.

As per the IGU-World-LNG-Report-2022, as of April 2022, LNG liquefaction of 136.2 million Tonnes Per Annum (MTPA) capacity was under construction or approved for development. However, only 7.7 MTPA of overall capacity is expected to come online in the second half of 2022, and the rest is anticipated to come between 2023 and 2027. Also, according to the same report, global liquefaction capacity reached 459.9 MTPA in 2021, and the utilization rate was 80.4% on average, compared to 74.6% in 2020.

Market Overview

Asia Pacific accounted for the largest share of the LNG market in 2021. This can be attributed to the increasing demand for natural gas due to high industrial growth and the adoption of clean energy sources. The region is expected to dominate the C-Type LNG carrier market during the forecast period. Most of the demand in the region comes from China. For instance, in 2020, the Chinese government announced plans to build the country's largest LNG carrier with a capacity of 270,000 cubic meters to meet the country's growing demand for clean fuel. However, China's LNG imports are still highly dependent on foreign LNG carriers, with over 65% dependence on external capacity. Hence, the growing need for LNG is anticipated to fuel the market over the forecast period.

Furthermore, regional companies are partnering with storage tank manufacturers to ensure that LNG is installed and transported efficiently. For instance, McDermott International's CB&I Storage Solutions division has won a contract to build an LNG import plant in Batangas, the Philippines. Atlantic Gulf and Pacific Company were awarded the contract (AG&P). It is for designing, procuring, and building a liquefied natural gas (LNG) storage tank for AG&P's LNG import and regasification terminal in the Philippines. The facility will first have a capacity of up to 3 million tonnes per annum of re-gasified LNG. It will also have a scalable onshore regasification capability of 420 mmscfd and a storage capacity of about 200,000 cm.

In addition, the supply of ships in the Pacific is extremely limited, and with winter approaching, shippers who need LNG ships to cover their short positions need to pay heavily for it. For instance, the Asia Pacific barrel daily rate last hit a record high of around US$ 175,000 a day in mid-January 2021 and has ranged between US$ 50,000 and US$ 70,000 a day for most of 2021. Hence, the rising gas rate is fueling the demand for LNG carriers to minimize the rate, resulting in market expansion.

Asia Pacific C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific C-Type LNG Carrier Market Segmentation

The Asia Pacific C-type LNG carrier market is segmented into product type, application, and country.

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. Based on application, the Asia Pacific C-type LNG carrier market is segmented into marine, petrochemicals, oil and gas and others. The marine segment registered the largest market share in 2022. Based on country, the market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Japan dominated the market share in 2022. 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 are the leading companies operating in the c-type LNG carrier market in the region.

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