Global LPG Tanker Market Analysis Based On Vessel Size, Refrigeration & Pressurization, And Region

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Apr 4

LPG Tanker Industry Overview

The global LPG tanker market size was valued at USD 182.02 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.3% from 2022 to 2030. Strong growth in shale gas production is likely to propel the market growth over the coming years. Crude oil price volatility coupled with developments in hydraulic fracturing and horizontal drilling methods resulted in major companies shifting their attention towards the production of oil and gas from shale rock. Change in focus toward the production of shale gas is further projected to enhance market growth over the estimated period. The growing trade relationships between the U.S. and the APAC region for shale gas owing to the reduced cost of transportation is likely to outgrow the demand for liquified petroleum gas (LPG) tankers over the forecast period.

Instability in crude oil prices caused an increasing demand for liquefied petroleum gas from petrochemical industries, which is likely to fuel demand for liquefied petroleum gas tankers over the estimated period. However, volatile crude oil prices resulted in amplified prices of LPG resulting in weaker demand, which is projected to hinder market growth over the projected period. The abrupt onset of the COVID-19 pandemic caused a slight decrease in demand for liquefied petroleum gas in various sectors. Liquefied petroleum gas demand started to recover in 2021 and a rise in liquefied petroleum gas trade on the route of Unite States to Asian countries will engage vessels in the projection period. Also, new orders are likely to remain low in 2022 due to the impact of COVID-19 on the companies.

Gather more insights about the market drivers, restrains and growth of the Global LPG Tanker market

However, several vessels are already on the order book and will complete their LPG transportation to mentioned locations. Companies operating in the country are renovating their existing fleets. They are continuously launching LPG carriers based on the latest technologies to sustain the challenging environment. For instance, in December 2021, NYK announced the development of its first two dual-fuel free VLGC tankers from Kawasaki Heavy Industries. They are expected to be delivered by 2024. These vessels will be equipped with separate cargo tanks designed to carry LPG and ammonia simultaneously to flexibly respond to various trade patterns.

Browse through Grand View Research's Distribution & Utilities Industry Research Reports.

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LPG Tanker Market Segmentation

Grand View Research has segmented the global LPG tanker market based on vessel size, refrigeration & pressurization, and region:

LPG Tanker Vessel Size Outlook (Revenue, USD Million, 2019 - 2030)

Very Large Gas Carriers (VLGC)
Large Gas Carriers (LGC)
Medium Gas Carriers (MGC)
Small Gas Carriers (SGC)

LPG Tanker Refrigeration & Pressurization Outlook (Revenue, USD Million, 2019 - 2030)

Ethylene
Full Refrigeration
Semi Refrigeration
Full Pressurized

LPG Tanker Regional Outlook (Revenue, USD Million, 2019 - 2030)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies profiled:

Some of the prominent players operating in the global LPG tanker market are:

BW Group
Dorian LPG Ltd.
EXMAR
Hyundai Heavy Industries Co., Ltd
Kawasaki Heavy Industries, Ltd
Mitsubishi Heavy Industries, Ltd.
Namura Shipbuilding Co., Ltd.
PT Pertamina (Persero)
StealthGas Inc.
The Great Eastern Shipping Co. Ltd.

Order a free sample PDF of the LPG Tanker Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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