What is the current LNG Carriers Market size?

The LNG Carriers Market is projected to register a CAGR of greater than 3.60% during the forecast period (2024-2029) Read More

Who are the key players in LNG Carriers Market?

Royal Dutch Shell PLC, Nippon Yusen Kabushiki Kaisha, MISC Berhad, Mitsui O.S.K. Lines Ltd and Seapeak are the major companies operating in the LNG Carriers Market. Read More

Which is the fastest growing region in LNG Carriers Market?

Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in LNG Carriers Market?

In 2024, the Asia Pacific accounts for the largest market share in LNG Carriers Market. Read More

What years does this LNG Carriers Market cover?

The report covers the LNG Carriers Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the LNG Carriers Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What are the major challenges faced by the LNG Carrier Market?

The major challenges faced by the LNG Carrier Market are a) Fluctuations in charter rates of carriers b) Stringent regulations on domestic and international trade c) High manufacturing costs associated with LNG carriers due to the need for specialized infrastructure and insulation Read More

LNG Carriers Market Trends

Statistics for the 2023 & 2024 LNG Carriers market trends, created by Mordor Intelligence™ Industry Reports. LNG Carriers trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of LNG Carriers Industry

Membrane-Type Containment to Dominate the Market

The membrane-type segment held the largest market share owing to its higher carrying capacity and other advantages. This containment segment is expected to dominate the global market throughout the forecast period.
Gaztransport and Technigaz (GTT) designed the most common membrane tank systems. Several GTT systems have already been implemented onboard LNG carriers for many years, and other designs from different companies have been developed.
Moreover, in December 2022, Samsung Heavy Industries (Shi) awarded Gaztransport & Technigaz (GTT) two contracts for the tank design of seven new LNG carrier vessels. The contracts were awarded on behalf of both a European and an American shipowner. Each LNG vessel will be 174,000m3 in size. The vessels are expected to be delivered in the first and fourth quarters of 2026 and 2027.
By 2021, 518 units of the active fleet had a GTT membrane-type containment system which accounted for 81% of the current fleet count. It continued to lead the order book as the preferred containment option.
Due to technological advancements, membrane-type containment has a superior capacity to bear the immense pressure of LNG and its compact shape to carry large LNG volumes compared to moss-type containment.

LNG Carrier Market: Share of Existing Fleet, in units, by Containment Type, Global, 2021

Understand The Key Trends Shaping This Market

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Asia-Pacific to Dominate the Market

The Asia-Pacific accounted for the largest LNG carrier market share due to increased demand for natural gas because of high industrial growth and the adoption of clean energy sources. Therefore, the region is expected to continue its dominance in the market throughout the forecast period. Most of the demand in the region came from China.
Meanwhile, China has accelerated its policy of reducing emissions and pollution through coal-to-gas conversion, increasing its LNG consumption by 15.0%. Several other Asian countries and regions, notably South Korea and Chinese Taipei, will dramatically expand LNG imports in 2021. As of 2021, Asia Pacific accounts for 72% share of total global LNG imports
China imported 109.5 billion cubic meters of liquefied natural gas (LNG) in 2021, an 16.8% increase compared to 2021. Therefore, China became a vital contributor to the global LNG industry's development and prosperity. Net LNG imports in Asia Pacific in 2021 increased by 7.3%.
The growing LNG consumption by various end-user industries, such as manufacturing, petrochemicals, and fertilizers, is on a consistent rise in China and South Korea. Japan prevalently consumes LNG for power generation. These countries are expected to aid in the growth of the Asia-Pacific market.