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 marketsizeis expected to exhibit a growth rate (CAGR) of 4.5% during 2024-2032.
Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Growth Rate (2024-2032)
4.5%
Liquified Petroleum Gas (LPG) tanker refers to a gas carrier used for transporting petroleum gases in bulk quantities. It consists of independent reservoirs arranged in cargo holds. Some of the commonly used LPG tankers include small-pressurized tanks, insulated or refrigerated seagoing tanks and semi-pressurized tanks. They are driven by a controllable-pitch propeller and geared-diesel set and are available in very large, large, medium and small-sized variants. These tankers are also used for transporting ammonia, propylene and vinyl chloride. As a result, they find extensive applications across various industries, including oil and gas, chemical, automotive and refinery.
LPG Tanker Market Trends:
Significant growth in the oil and gas industry, along with increasing shale gas production across the globe, is one of the key factors creating a positive outlook for the market. Furthermore, the rising demand of LPG for heating, ventilation and air conditioning (HVAC) applications is providing a thrust to the market growth. LPG tankers are widely used for safe and convenient storage and transportation of gas over long distances. In line with this, the increasing demand of LPG as a feedstock for the manufacturing of fertilizers and petrochemicals is also contributing to the growth of the market. Additionally, various technological advancements, such as the integration of semi-membrane tanks and bow wave resistance systems on the hull of the tanker, are acting as other growth-inducing factors. Manufacturers are also installing engines with higher horsepower and improved fuel efficiency that consume lesser fuel and offer enhanced speed. Other factors, including the implementation of favorable government policies, along with extensive infrastructural developments, especially in the developing economies, are anticipated to drive the market toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global LPG tanker market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on vessel size and refrigeration and pressurization.
Breakup by Vessel Size:
Very Large Gas Carrier
Large Gas Carrier
Medium Gas Carriers
Small Gas Carrier
Breakup by Refrigeration and Pressurization:
Fully Pressurized
Semi-pressurized
Fully Refrigerated
Extra Refrigerated (Ethylene Gas Carriers)
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles 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 Coverage:
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
Report Price and Purchase Option
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
We expect the global LPG tanker market to exhibit a CAGR of 4.5% during 2024-2032.
The rising demand for LPG as an alternative to coal and wood, as it is clean, cost-efficient, portable, convenient, and non-toxic, is primarily driving the global LPG tanker market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous production activities for LPG tankers.
Based on the vessel size, the global LPG tanker market has been segmented into very large gas carrier, large gas carrier, medium gas carriers, and small gas carrier. Among these, very large gas carrier currently holds the majority of the total market share.
Based on the refrigeration and pressurization, the global LPG tanker market can be divided into fully pressurized, semi-pressurized, fully refrigerated, and extra refrigerated (ethylene gas carriers). Currently, fully pressurized exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global LPG tanker market include 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.
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