Mounting Global Demand for Natural Gas Drives Market for Liquefied Natural Gas Carriers.

Contrary to general perception, natural gas is used in an amazing number of applications other than for cooking and heating purposes in households. Natural gas is one of the three primary fossil fuels used for electricity generation (coal and oil being the other two) and is important because it is the one that emits the least carbon dioxide of the three. A large number of manufacturing processes also use natural gas as both a source of heat and raw material. As a raw material, natural gas is used in the production of products such as plastics, fabrics, fertilizers, pharmaceuticals, and a variety of chemicals. As a source of heat, natural gas finds application in the manufacture of steel, glass, bricks, tiles, ceramics, paper, and many other commodities.

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The vast array of applications of natural gas presents the need for its transportation in a reliable and efficient manner. The mounting demand for this fossil fuel from the ever-increasing global LNG carriers market population has also led to the need for an effective transport mechanism for natural gas across the globe. Natural gas is liquefied to reduce its volume and make it more viable for transportation. The liquefied natural gas (LNG) thus developed is easily transported over short or long distances with the help of specialized LNG carriers.

Global LNG Carriers Market: Vast Array of Applications Drives Increased Demand

The mounting global demand for natural gas, which is touted as the fuel of the 21st century, is leading to expansion of the overall market for LNG carriers. The improvement in design of LNG carriers over the years of intensive research and development activities is also a key driver for the LNG carriers market. Some of the key factors restraining the growth of the market to a certain extent include issues related to infrastructure and supplies from Russia and North America, which are the key suppliers of LNG. Geopolitical issues are also endangering LNG supply to Asia Pacific from Russia and North America.

Nevertheless, China garners the image of being capable enough to acquire supplies of natural gas from countries that are not very politically sensitive. As a result, the China natural gas industry presents immense growth possibilities for the global LNG carriers market.

Global LNG Carriers Market: Asia Pacific Emerges as Market of the Future

Geographically, the global market for LNG carriers can be segmented into key suppliers and importers of natural gas. The key exporters of LNG include Qatar, Australia, Malaysia, and Africa. The key importers of LNG on a global front include China, Japan, and South Korea. In North America, the U.S. is a prime exporter of shale gas due to huge domestic production.

In spite of the numerous environmental concerns that Japan is attempting to solve, a continuous rise in the consumption of natural gas has been seen in recent years in the country. India and China are also among the leading consumers of natural gas in Asia Pacific. Owing to the numerous growth opportunities presented in the Asia Pacific market, the region is projected to be the future hub of LNG carrier companies.

Key Vendors in the Global LNG Carrier Market

The competitive landscape of the global LNG carrier market features a large number of companies amid a fierce struggle for a share in the market. Some of the key businesses in the landscape are NYK Lines, Shell Royal Dutch plc, MiscBerhad, Mitsui O.S.K. Lines, Ltd., Kawasaki Kisen Kaisha, Ltd., Teekay Corporation, GasLog Ltd, Golar LNG Limited, BW Group, and Maran Gas Maritime Inc. Some of the key shipbuilders operating in the global market for LNG carriers include Hyundai Samho Heavy Industries Co., Ltd., DSME Co., Ltd., Samsung Heavy Industries Co. Ltd., Kawasaki Heavy Industries, Ltd., STX Offshore & Shipbuilding Co. Ltd, Mitsubishi Heavy Industries, Ltd., and Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. 

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