The global LPG tanker market size is expected to reach USD 286.48 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a 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.
LPG Tanker Market Report Highlights
- In terms of revenue, the VLGC segment accounted for the maximum revenue share in 2021 and is projected to expand further at a steady growth rate over the forecast period
- The full-pressurized segment dominated the market and accounted for more than 32.5% of the global revenue share in 2021
- In 2021, Europe was the dominant regional market on account of the increasing demand for LPG
- Various strategic initiatives were recorded over the past few years to boost the growth of the market
- For instance, In August 2021 Ultragas ApS merged with Navigator gas and has created a combined fleet of 56 ships. This merger was done to stay competitive in the market and reduce the current competition
- The liquefied petroleum gas market is becoming increasingly centralized with a lot of mergers and acquisitions taking place between the players
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The volatility of crude oil prices 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 towards the production of shale gas is further projected to enhance market growth over the estimated period. The Very Large Gas Carriers (VLGC) segment led the market in 2021. However, the Large Gas Carrier (LGC) is anticipated to take over the forecast period by a small margin. Very large gas carriers are widely used for the transportation of liquefied petroleum gas (LPG) for longer distances across various countries. Growing liquefied petroleum gas trade relationships between various regions, such as the Middle East and Asian countries, Western Africa and Europe, and the United States, is the major factor projected to boost the VLGC segment growth. The full-pressurized segment led the market in 2021 and will maintain its lead throughout the forecast period. The market is anticipated to have a steady growth in all segments as the amount of LPG transported increases.
The supply chain of the LPG and ancillary industries was affected due to the shutdown of production facilities, especially in Asia Pacific, as it was the epicenter of the COVID-19. The manufacturing and energy & power sectors globally experienced a considerable slowdown due to the COVID-19. In addition, local and international travel restrictions, quarantine requirements, and lockdowns further delayed shipments of LPG that were in process of being delivered. The market growth is determined by improved LPG trading around the globe. Shale gas extraction is likely to rise at a rapid pace, which will drive growth over the forecast years. Factors including capacity expansion of shale gas from untapped stocks enhanced global gas trade, and ongoing usage of liquefied petroleum gas as a cooking fuel is contributing to the development of the market for liquefied petroleum gas tankers.
LPG Tanker Market Insights By Geographical Regions:
Europe dominated the global liquified petroleum gas tanker market in 2021 and accounted for the largest revenue share of over 29.30%. The market in Europe is primarily driven by a rise in the demand for LPG due to government initiatives and low domestic production for LPG, which leads to higher demand for LPG tankers to facilitate import. North America, the Middle East, and Western Africa are the key regional markets for LPG tankers on account of the growing exports of liquefied petroleum gas to regions, such as Europe and the Asia Pacific. Asia Pacific accounted for the second-largest share in 2021. The market in this region is led by China, Japan, and India. More than half of the LPG tankers in the world are manufactured in the Asia Pacific region, specifically in South Korea and Japan.
Industry Share Analysis By Major Manufacturers:
The market is characterized by the presence of several key players and a few mid-sized and small-scale regional players. Many of the companies have their own sector that they focus on and have a very high penetration in that sector. 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.
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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:
Vessel Size Outlook
- Very Large Gas Carriers (VLGC); Large Gas Carriers (LGC); Medium Gas Carriers (MGC); Small Gas Carriers (SGC)
Refrigeration & Pressurization Outlook
- Ethylene; Full Refrigeration; Semi Refrigeration; Full Pressurized
Regional Outlook
- North America
- U.S.; Canada; Mexico
- Europe
- Germany; U.K.; Spain; Italy; France; Russia
- Asia Pacific
- China; India; Japan; South Korea; Australia
- Central & South America
- Brazil
- Middle East & Africa
- Saudi Arabia; South Africa
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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