The C-type LNG carriermarket 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.
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.
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.
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'ss 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 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.
Table of Contents
1. Introduction1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 APAC C-Type LNG Carrier Market - By Product Type
1.3.2 APAC C-Type LNG Carrier Market - By Application
1.3.3 APAC C-Type LNG Carrier Market - By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC C-Type LNG Carrier Market Landscape
4.1 Market Overview
4.2 APAC PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. APAC C-Type LNG Carrier Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing LNG Liquefaction Capacity Globally
5.1.2 Surge in New Shipbuilding Contracts and New Fleet Expansion
5.2 Key Market Restraints
5.2.1
Operational and Financial Challenges Associated with LNG Carriers5.3 Key Market Opportunities5.3.1 Increasing Demand for Clean Energy
5.4 Trends
5.4.1 Rising Demand for Natural Gas from Several Industries
5.5 Impact analysis of Drivers and Restraints
6. C-Type LNG Carrier Market - APAC Analysis
6.1 APAC C-Type LNG Carrier Market Overview
6.2 APAC C-Type LNG Carrier Market Forecast and Analysis
7. APAC C-Type LNG Carrier Market Revenue and Forecast to 2028 - Product Type
7.1 Overview
7.2 APAC C-Type LNG Carrier Market, By Product (2021 And 2028)
7.3 Cylindrical
7.3.1 Overview
7.3.2 Cylindrical: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
7.4 Bi-lobe Shaped Tanks
7.4.1 Overview
7.4.2 Bi-lobe Shaped Tanks: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
7.5 Tri-lobe Shaped Tanks
7.5.1 Overview
7.5.2 Tri-lobe Shaped Tanks: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
8. APAC C-Type LNG Carrier Market Analysis - By Application
8.1 Overview
8.2 APAC C-Type LNG Carrier Market, By Application (2021 And 2028)
8.3 Marine
8.3.1 Overview
8.3.2 Marine: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
8.4 Oil and Gas
8.4.1 Overview
8.4.2 Oil and Gas: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
8.5 Petrochemical
8.5.1 Overview
8.5.2 Petrochemical: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: C-Type LNG Carrier Market Revenue and Forecast To 2028 (US$ Million)
9. APAC C-Type LNG Carrier Market - Country Analysis
9.1 Overview
9.1.1 APAC C-Type LNG Carrier Market Breakdown, by Country
9.1.1.1 Australia C-Type LNG Carrier Market, Revenue and Forecast to 2028 (US$ million)
9.1.1.1.1 Australia C-Type LNG Carrier Market Breakdown, By Product Type
9.1.1.1.2 Australia C-Type LNG Carrier Market Breakdown, By Application
9.1.1.2 China C-Type LNG Carrier Market, Revenue and Forecast to 2028 (US$ million)
9.1.1.2.1 China C-Type LNG Carrier Market Breakdown, By Product Type
9.1.1.2.2 China C-Type LNG Carrier Market Breakdown, By Application
9.1.1.3 India C-Type LNG Carrier Market, Revenue and Forecast to 2028 (US$ million)
9.1.1.3.1 India C-Type LNG Carrier Market Breakdown, By Product Type
9.1.1.3.2 India C-Type LNG Carrier Market Breakdown, By Application
9.1.1.4 Japan C-Type LNG Carrier Market, Revenue and Forecast to 2028 (US$ million)
9.1.1.4.1 Japan C-Type LNG Carrier Market Breakdown, By Product Type
9.1.1.4.2 Japan C-Type LNG Carrier Market Breakdown, By Application
9.1.1.5 South Korea C-Type LNG Carrier Market, Revenue and Forecast to 2028 (US$ million)
9.1.1.5.1 South Korea C-Type LNG Carrier Market Breakdown, By Product Type
9.1.1.5.2 South Korea C-Type LNG Carrier Market Breakdown, By Application
9.1.1.6 Rest of APAC C-Type LNG Carrier Market, Revenue and Forecast to 2028 (US$ million)
9.1.1.6.1 Rest of APAC C-Type LNG Carrier Market Breakdown, By Product Type
9.1.1.6.2 Rest of APAC C-Type LNG Carrier Market Breakdown, By Application
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 Merger and Acquisition
10.4 New Product Launch
11. Company Profiles
11.1 Mitsubishi Heavy Industries, Ltd.
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Komarine Co.
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Torgy LNG AS
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 GAS Entec
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 TGE Marine Gas Engineering GmbH
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 China Shipbuilding Trading Co., Ltd.
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Knutsen OAS Shipping
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 DSME Co., Ltd.
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Gaslog Ltd.
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
12.1 About the Publisher
12.2 Word Index
List of Tables
Table 1. APAC C-Type LNG Carrier Market, Revenue and Forecast, 2019-2028 (US$ Million)
Table 2. APAC C-Type LNG Carrier Market, Revenue and Forecast To 2028 - By Country (US$ million)
Table 3. Australia C-Type LNG Carrier Market, Revenue and Forecast to 2028 - By Product Type (US$ million)
Table 4. Australia C-Type LNG Carrier Market, Revenue and Forecast to 2028 - By Application (US$ million)
Table 5. China C-Type LNG Carrier Market, Revenue and Forecast to 2028 - By Product Type (US$ million)
Table 6. China C-Type LNG Carrier Market, Revenue and Forecast to 2028 - By Application (US$ million)
Table 7. India C-Type LNG Carrier Market, Revenue and Forecast to 2028 - By Product Type (US$ million)
Table 8. India C-Type LNG Carrier Market, Revenue and Forecast to 2028 - By Application (US$ million)
Table 9. Japan C-Type LNG Carrier Market, Revenue and Forecast to 2028 - By Product Type (US$ million)
Table 10. Japan C-Type LNG Carrier Market, Revenue and Forecast to 2028 - By Application (US$ million)
Table 11. South Korea C-Type LNG Carrier Market, Revenue and Forecast to 2028 - By Product Type (US$ million)
Table 12. South Korea C-Type LNG Carrier Market, Revenue and Forecast to 2028 - By Application (US$ million)
Table 13. Rest of APAC C-Type LNG Carrier Market, Revenue and Forecast to 2028 - By Product Type (US$ million)
Table 14. Rest of APAC C-Type LNG Carrier Market, Revenue and Forecast to 2028 - By Application (US$ million)
Table 15. List of Abbreviation
List of Figures
Figure 1. APAC C-Type LNG Carrier Market Segmentation
Figure 2. APAC C-Type LNG Carrier Market Segmentation - Country
Figure 3. APAC C-Type LNG Carrier Market Overview
Figure 4. APAC C-Type LNG Carrier Market, By Product Type
Figure 5. APAC C-Type LNG Carrier Market, By Application
Figure 6. APAC C-Type LNG Carrier Market, By Country
Figure 7. APAC: PEST Analysis
Figure 8. APAC C-Type LNG Carrier Market Ecosystem Analysis
Figure 9. Expert Opinion
Figure 10. APAC C-Type LNG Carrier Market: Impact Analysis of Drivers and Restraints
Figure 11. APAC C-Type LNG Carrier Market, Forecast and Analysis (US$ Million)
Figure 12. APAC C-Type LNG Carrier Market, By Product (2021 and 2028)
Figure 13. APAC Cylindrical: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. APAC Bi-lobe Shaped Tanks: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. APAC Tri-lobe Shaped Tanks: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 16. APAC C-Type LNG Carrier Market, By Application (2021 and 2028)
Figure 17. APAC Marine: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. APAC Oil and Gas: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. APAC Petrochemical: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. APAC Others: C-Type LNG Carrier Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. APAC C-Type LNG Carrier Market, by Key Country - Revenue (2021) (US$ million)
Figure 22. APAC C-Type LNG Carrier Market Breakdown, by Country, 2021 & 2028 (%)
Figure 23. Australia C-Type LNG Carrier Market, Revenue and Forecast To 2028 (US$ million)
Figure 24. China C-Type LNG Carrier Market, Revenue and Forecast To 2028 (US$ million)
Figure 25. India C-Type LNG Carrier Market, Revenue and Forecast To 2028 (US$ million)
Figure 26. Japan C-Type LNG Carrier Market, Revenue and Forecast To 2028 (US$ million)
Figure 27. South Korea C-Type LNG Carrier Market, Revenue and Forecast To 2028 (US$ million)
Figure 28. Rest of APAC C-Type LNG Carrier Market, Revenue and Forecast To 2028 (US$ million)
Companies Mentioned
- 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.
- TGE Marine Gas Engineering GmbH
- Torgy LNG AS
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 117 |
| Published | December 2022 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 1982.88 Million |
| Forecasted Market Value ( USD | $ 3323.67 Million |
| Compound Annual Growth Rate | 9.0% |
| Regions Covered | Asia Pacific |
| No. of Companies Mentioned | 10 |
