C-Type LNG Carrier Market Size & Share | Global Analysis 2028

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

Publication Month : Sep 2022

  • Report Code : TIPRE00029686
  • Category : Automotive and Transportation
  • Status : Published
  • No. of Pages : 150
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The C-type LNG carrier market size was valued US$ 3,920.84 million in 2021. It is expected to grow at a CAGR of 7.5% during 2022–2028.

The C-type tanks are insulated cylindrical, bi-lobe-shaped, or tri-lobe-shaped tanks that can be fully or partially pressurized, depending on the liquefied gas to be stored. These tanks are found onboard small and mid-sized LPG carriers and small-scale LNG carriers. Type C tanks can store LNG at a higher pressure than Type A and Type B tanks, though space optimization in these tanks is lower. The growing consumption of LNG across the world from many end users, such as the power generation industry and industrial activities, is increasing the LNG liquefaction capacity. The surge in newbuild contracting and fleet expansion and the increase in demand for clean energy supported by favorable government regulations for reducing carbon emissions are propelling the demand for LNG, driving the C-type LNG carrier market. The rise in energy demand is propelling the need for LNG across Asia Pacific countries. The traditional markets, such as Japan and South Korea, have held their leading position in terms of LNG consumption, as their domestic markets have changed under the influence of liberalization policies, which have led to different opportunities for the transportation of LNG.

Owing to the rising need for LNG transportation, many industry players are looking forward to building the next generation of cargo containment systems. The surge in long-term contracts in 2021, owing to a rise in trading activities after a decrease experienced in 2020. For instance, in 2021, China-based Sinopec Corp signed the most long-term LNG contracts, gaining 5 million tonnes per annum (MTPA) of imported LNG; Vitol Group signed the second-highest number of long-term LNG contracts, gaining 4.3 mtpa LNG; and Royal Dutch Shell signed the third highest, gaining 4.0 mtpa LNG. As per the Wood Mackenzie report, in the next decade, around two-thirds of expected growth in LNG demand will come from China, India, Pakistan, and Bangladesh, which are the world’s fastest-growing markets for LNG imports. Alongside China, India is also expected to dominate Asia’s LNG regasification capacity in the coming years, accounting for around 60% of the region’s total capacity between 2020 and 2024. Therefore, the significant demand for LNG is expected to increase the transportation activities of LNG, which is likely to drive the need for LNG carriers in the coming years. However, as per the IEA report, by 2025, gas prices are projected to increase, which may hinder the demand for LNG and hamper the market growth.

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C-Type LNG Carrier Market: Strategic Insights

Market Size Value inUS$ 3,920.84 Million in 2021
Market Size Value byUS$ 6,469.02 Million by 2028
Growth rateCAGR of 7.54% from 2022 to 2028
Forecast Period2022-2028
Base Year2021
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Impact of COVID-19 Pandemic on C-Type LNG Carrier Market Growth

The COVID-19 pandemic negatively impacted the global C-type LNG carrier market. In North America, the COVID-19 pandemic impacted LNG investment and near- and longer-term fundamentals. For example, in the US market, there has been surged in importance over the past decade because of the shale boom. COVID-19 has delayed construction and liquefaction projects, impacting the production of LNG carriers, and LNG projects could be an attractive option for cutting costs. The growing demand for c-type LNG carriers from the rapidly expanding economies of Asia Pacific is expected to be a key driving force in producing momentum for a worldwide economic recovery from the effects of the COVID-19 pandemic. Along with China, India is expected to lead Asia's LNG regasification capacity additions in the next few years, accounting for 60.0% of the region's total between 2020 and 2024. Amid the COVID-19 pandemic, changes in the LNG carrier market will be significant for LNG importing countries as they may have to rely on large portfolio players. Governments may have to step in more directly if they need volumes to grow beyond 2025. Japan's commitment of US$ 10 billion toward LNG infrastructure is the first step in this direction. An average liquefaction train costs nearly US$ 8 billion (4 million tons at US$ 2,000/ton). All these initiatives are expected to fuel the c-type LNG carrier market growth post-pandemic.

Lucrative Regions: C-Type LNG Carrier Market Share

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Market Insight – C-Type LNG Carrier Market

Surge in New Shipbuilding Contracts and New Fleet 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 a 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, the rise in new shipbuilding contracts among the leading players is driving the C-type LNG carrier market.

Furthermore, in July 2022, Gaztransport & Technigaz (GTT) received a tank design contract from Samsung Heavy Industries (SHI), its South Korean partner, for designing a series of new LNG carriers. As per the contract, the Gaztransport & Technigaz (GTT) company will design the tank of 14 new LNGCs. Two of the ships are for a shipowner from Asia, while the other 12 are for 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 are bolstering the C-type LNG carrier market growth.

Product Type-based Insights

The C-type LNG carrier market is segmented based on product type and application. Based on product type, the C-type LNG carrier market is segmented into cylindrical, bi-lobe, and tri-lobe. The cylindrical segment held the largest market share in 2021, as it holds flexibility and strength over the temperature range of 50ºC–180ºC.

Players operating in the C-type LNG carrier market are mainly focused on the development of advanced and efficient products.

  • In January 2022, Hyundai Samho Heavy Industries received an order worth US$ 1.3 billion for building seven ships—six very large container ships and one LNG carrier. Six 15,000 TEU (Twenty-foot Equivalent Unit) liquefied natural gas-powered container ships are projected to be delivered gradually to Europe-based shipping company in the first half of 2024.
  • In June 2022, Daewoo Shipbuilding & Marine Engineering Co. (DSME) received a KRW 1.07 trillion (US$ 850 million) order to build four LNG carriers under a deal with a Qatar state oil firm, which will be done by 2025.

The analysis of the C-type LNG carrier market is based on product type and application. Based on product type, the market is segmented into cylindrical, bi-lobe, and tri-lobe. Based on application, the market is segmented into marine, oil and gas, petrochemical, and others.

The C-type LNG carrier market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. In 2021, Asia Pacific led the market with a substantial revenue share, followed by Europe and North America. The C-type LNG carrier market analysis helps to understand the upcoming trends, new technologies, and macro and micro factors that influence the market growth.

The key players profiled in the C-type LNG carrier market study include DSME Co. Ltd; Hyundai Heavy Industries Co. Ltd; Mitsubishi Heavy Industries Ltd; TGE Marine AG; Gas Entec; Komarine Co.; Torgy LNG AS; China Shipbuilding Trading Co., Ltd.; Knutsen OAS Shipping; and HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD. The C-type LNG carrier market report provides detailed market insights which help the key players to strategize their growth.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product Type, Application, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

What will be the global market size for C-Type LNG carrier market by 2028?

The market for C-Type LNG carrier was valued at US$ 6,469.02 Mn in 2028.

Which is the leading product type segment in the global C-Type LNG carrier market?

The cylindrical segment held the largest share in 2021.

Which country is holding the major market share of global C-Type LNG carrier market?

The country of China is anticipated to hold the largest market share in 2021.

Which countries are registering a high growth rate during the forecast period?

The countries anticipated to grow with the highest CAGR are US, Germany, Japan, Saudi Arabia, and Argentina.

Which is the fastest growing regional market?

Asia Pacific (APAC) is anticipated to grow with the highest CAGR over the forecast period.

Which are the key players holding the major market share of global C-Type LNG carrier market?

DSME Co. Ltd; Hyundai Heavy Industries Co. Ltd; Mitsubishi Heavy Industries Ltd; TGE Marine AG; and Gas Entec

What are the future trends of the global C-Type LNG carrier market?

Rising Demand for Natural Gas from Several Industries.

What are the driving factors impacting the global C-Type LNG carrier market?

The driving factors for the market are:
Growing LNG Liquefaction Capacity Globally
Surge in New Shipbuilding Contracts and New Fleet Expansion

What is the estimated global market size for the global C-Type LNG carrier market in 2021?

The market for C-Type LNG carrier was valued at US$ 3,920.84 Mn in 2021.

What is the incremental growth rate of the global C-Type LNG carrier market during the forecast period?

The incremental growth rate of the global C-Type LNG carrier market is 7.5%.

The List of Companies - C-Type LNG Carrier Market

  1. China Shipbuilding Trading Co., Ltd
  2. DSME Co., Ltd
  3. GAS Entec
  4. Gaslog Ltd
  6. Knutsen OAS Shipping
  7. Komarine Co
  8. Mitsubishi Heavy Industries, Ltd.
  9. TGE Marine Gas Engineering GmbH
  10. Torgy LNG AS

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

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Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

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Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

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  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

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