LPG Tanker Market Size (2024 - 2029)

The LPG Tanker Market is projected to experience growth over the forecast period, driven by increased shale gas production and rising demand for LPG in HVAC applications. Despite challenges posed by unstable crude oil prices leading to higher LPG prices and reduced demand, technological advancements in tanker design are anticipated to offer new opportunities. North America is expected to lead the market, reflecting the region's growing demand for LPG.

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Market Size of LPG Tanker Industry

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LPG Tanker Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 226.82 Billion
Market Size (2029) USD 296.45 Billion
CAGR (2024 - 2029) 5.50 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

LPG Tanker Market Major Players

*Disclaimer: Major Players sorted in no particular order

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LPG Tanker Market Analysis

The LPG Tanker Market size is estimated at USD 226.82 billion in 2024, and is expected to reach USD 296.45 billion by 2029, growing at a CAGR of 5.5% during the forecast period (2024-2029).

  • Over the medium term, the factors expected to drive the market include strong growth in shale gas production over the coming years and the rising demand for LPG for heating, ventilation, and air conditioning (HVAC) applications.
  • However, unstable crude oil prices led to amplified LPG prices and reduced demand, which are expected to restrain market growth throughout the forecast period.
  • Nevertheless, several technological advancements, such as the integration of semi-membrane tanks and bow wave resistance systems on the tanker hull, are expected to create opportunities during the forecast period.
  • North America is expected to dominate the market during the forecast period, mainly due to the growing demand for LPG.

LPG Tanker Industry Segmentation

A liquified Petroleum Gas (LPG) tanker is a gas transporter that carries massive volumes of petroleum gases and is made up of separate reservoirs stacked in cargo holds. Small pressurized tanks, shielded or refrigerated seagoing tanks, and semi-pressurized tanks are the commonly used LPG tankers.

The LPG tanker market is segmented by vessel size, refrigeration, pressurization, and geography (North America, Europe, Asia Pacific, South America and Middle East and Africa). By vessel size, the market is segmented into very large gas carrier, large gas carrier, medium gas carrier, and small gas carrier. By refrigeration and pressurization, the market is segmented into fully pressurized, semi-pressurized, fully refrigerated, and extra refrigerated. The report also covers the market size and forecasts for the LPG tanker market across major regions, such as Asia-Pacific, North America, Europe, South America, the Middle East, and Africa. For each segment, the market sizing and forecasts have been done based on revenue (USD).

Vessel Size
Very Large Gas Carrier
Large Gas Carrier
Medium Gas Carrier
Small Gas Carrier
Refrigeration and Pressurization
Fully Pressurized
Semi-pressurized
Fully Refrigerated
Extra Refrigerated
Geography [Market Size and Demand Forecast till 2028 (for regions only)]
North America
United States
Canada
Rest of North America
Europe
Germany
France
United Kingdom
Italy
Rest of Europe
Asia-Pacific
China
India
Australia
Japan
Rest of Asia-Pacific
Middle East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Chile
Rest of South America
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LPG Tanker Market Size Summary

The LPG tanker market is poised for significant growth over the forecast period, driven by robust shale gas production and increasing demand for LPG in HVAC applications. Despite challenges such as fluctuating crude oil prices impacting LPG demand, technological advancements like semi-membrane tanks and bow wave resistance systems are expected to offer new opportunities. North America is anticipated to lead the market, fueled by rising LPG demand and government initiatives promoting LPG use in transportation and cooking sectors. The region's substantial contribution to LPG production, particularly from the United States, Canada, and Mexico, reinforces its dominant position in the market.

The market is characterized by the extensive use of Very Large Gas Carriers (VLGC) for long-distance LPG transportation, with growing trade relationships between regions such as the Middle East, Asia, Western Africa, and Europe. Recent developments in VLGC construction, including orders and deliveries of advanced dual-fuel carriers, highlight the sector's innovation. Government policies in North America, such as incentives and fuel subsidies, are expected to further boost market growth. The moderately consolidated market features key players like Samsung Heavy Industries, Mitsubishi Heavy Industries, and others, who are actively involved in expanding their fleets and enhancing carrier designs.

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LPG Tanker Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Strong Growth in Shale Gas Production

        2. 1.5.1.2 Rising demand of LPG for heating, ventilation and Air conditioning

      2. 1.5.2 Restraints

        1. 1.5.2.1 Unstable Crude Oil Prices

    6. 1.6 Supply Chain Analysis

    7. 1.7 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Vessel Size

      1. 2.1.1 Very Large Gas Carrier

      2. 2.1.2 Large Gas Carrier

      3. 2.1.3 Medium Gas Carrier

      4. 2.1.4 Small Gas Carrier

    2. 2.2 Refrigeration and Pressurization

      1. 2.2.1 Fully Pressurized

      2. 2.2.2 Semi-pressurized

      3. 2.2.3 Fully Refrigerated

      4. 2.2.4 Extra Refrigerated

    3. 2.3 Geography [Market Size and Demand Forecast till 2028 (for regions only)]

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of North America

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 France

        3. 2.3.2.3 United Kingdom

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 India

        3. 2.3.3.3 Australia

        4. 2.3.3.4 Japan

        5. 2.3.3.5 Rest of Asia-Pacific

      4. 2.3.4 Middle East and Africa

        1. 2.3.4.1 Saudi Arabia

        2. 2.3.4.2 United Arab Emirates

        3. 2.3.4.3 South Africa

        4. 2.3.4.4 Rest of Middle East and Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Chile

        4. 2.3.5.4 Rest of South America

LPG Tanker Market Size FAQs

The LPG Tanker Market size is expected to reach USD 226.82 billion in 2024 and grow at a CAGR of 5.5% to reach USD 296.45 billion by 2029.

In 2024, the LPG Tanker Market size is expected to reach USD 226.82 billion.

LPG Tanker Market Report Snapshots

LPG Tanker Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)