Global LPG Tanker Market to Grow at 4.5% During 2024-2032, Propelled by Increased LPG Trade Activities

April 26, 2023 | Other Reports

According to the latest report by IMARC Group, titled "­LPG Tanker Market Report by Vessel Size (Very Large Gas Carrier, Large Gas Carrier, Medium Gas Carriers, Small Gas Carrier), Refrigeration and Pressurization (Fully Pressurized, Semi-pressurized, Fully Refrigerated, Extra Refrigerated (Ethylene Gas Carriers)), and Region 2024-2032," the global LPG tanker market is projected to grow at a CAGR of 4.5% during 2024-2032. A liquefied petroleum gas (LPG) tanker is a vessel specially designed to enable the bulk transportation of petroleum gases. It contains numerous separate reservoirs stacked in cargo holds. Some standard product variants include small-pressurized, insulated, refrigerated seagoing, and semi-pressurized tanks. These tankers are usually made from carbon steel, and the wall thickness is based on industrial requirements. They can be further segregated into single- or double-hull tankers, depending on safety preconditions. LPG tankers are cleaner, easier to maintain, provide higher efficiency, and avoid technical difficulties during transportation; thus, they are used to carry and move ammonia, propylene, and vinyl chloride. Apart from this, LPG tankers are widely employed in several sectors, such as oil and gas, petrochemical, automotive, and refinery. Currently, they are available in very large, medium, and small sizes that can be powered by a controllable-pitch propeller or a geared diesel system.

Global LPG tanker Market Trends:

The considerable growth in LPG gas trading activities due to the rising product demand in the petrochemical sector represents a prime factor driving the market growth. Moreover, the shifting focus toward oil & gas production from shale rock owing to volatile crude oil prices and the uptake of hydraulic fracturing and horizontal drilling processes is favoring the market growth. This, in turn, has fostered the trade of LPG, thus facilitating the demand for effective bulk liquid handling systems across the globe. Additionally, LPG is clean, cost-efficient, portable, convenient, and non-toxic, on account of which it is frequently used as an alternative to coal and wood. Furthermore, the increasing adoption of LPG for heating, ventilation, and air conditioning (HVAC) and cooking applications and as a feedstock for producing fertilizers and petrochemicals is propelling the market growth. In line with this, significant technological advancements in LPG tankers, including the advent of semi-membrane tanks and their large-scale integration with bow wave resistance systems on the tanker's hull, are supporting the market growth. Apart from this, stringent regulations and guidelines regarding emissions are pushing manufacturers to introduce engines with higher efficiency, employ cleaner fuels, and undertake extensive infrastructural developments, which is positively influencing the market growth.

Market Summary:

  • On the basis of the vessel size, the market is segregated into very large, large, medium, and small gas carriers.
  • Based on the refrigeration and pressurization, the market is categorized into fully pressurized, semi-pressurized, fully refrigerated, and extra refrigerated (ethylene gas carriers).
  • On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being BW Group, Dorian LPG Ltd., EXMAR, Hyundai Heavy Industries Co. Ltd., Kawasaki Heavy Industries Ltd., Kuwait Oil Tanker Company S.A.K, Mitsubishi Heavy Industries Ltd, StealthGas Inc., STX Corporation (Afc Mercury Co. Ltd) and The Great Eastern Shipping Co. Ltd.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Vessel Size, Refrigeration and Pressurization, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered BW Group, Dorian LPG Ltd., EXMAR, Hyundai Heavy Industries Co. Ltd., Kawasaki Heavy Industries Ltd., Kuwait Oil Tanker Company S.A.K, Mitsubishi Heavy Industries Ltd, StealthGas Inc., STX Corporation (Afc Mercury Co. Ltd) and The Great Eastern Shipping Co. Ltd.
Customization Scope 10% Free Customization
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Global LPG Tanker Market to Grow at 4.5% During 2024-2032, Propelled by Increased LPG Trade Activities
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