Product Code: GVR-4-68039-034-2
LPG Tankers Market Growth & Trends:
The global LPG tankers market size is anticipated to reach USD 286.48 million by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 5.4% from 2025 to 2030. Strong growth in shale gas production is likely to propel the market growth over the coming years. 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 liquified 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 Tankers Market Report Highlights:
- In terms of revenue, the VLGC segment accounted for the maximum revenue share in 2024 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 2024.
- In 2024, 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 created a combined fleet of 56 ships. This merger was done to stay competitive in the market and reduce the current competition.
- The liquified petroleum gas market is becoming increasingly centralized with a lot of mergers and acquisitions taking place between the players.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Projects & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
- 1.7. List of Abbreviations
Chapter 2. Executive Summary
- 2.1. Market Outlook, 2024 (USD Million)
- 2.2. Segmental Outlook
- 2.3. Competitive Landscape Snapshot
Chapter 3. LPG Tankers Market Variables, Trends, and Scope
- 3.1. Market Lineage Outlook
- 3.2. Penetration & Growth Prospects Mapping
- 3.3. Industry Value Chain Analysis
- 3.4. Regulatory Framework
- 3.4.1. Standards & Compliances
- 3.4.2. Regulatory Impact Analysis
- 3.5. Market Dynamics
- 3.5.1. Market Driver Analysis
- 3.5.2. Market Restraint Analysis
- 3.5.3. Market Challenges Analysis
- 3.5.4. Market Opportunity Analysis
- 3.6. Business Environment Analysis
- 3.6.1. Industry analysis - porter's five forces analysis
- 3.6.2. Industry analysis - Pestle analysis
Chapter 4. LPG Tankers Market: Vessel Size Estimates & Trend Analysis
- 4.1. Vessel Size Movement Analysis & Market Share, 2024 & 2030
- 4.2. Very Large Gas Carriers
- 4.2.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 4.3. Large Gas Carriers
- 4.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 4.4. Medium Gas Carriers
- 4.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 4.5. Small Gas Carriers
- 4.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 5. LPG Tankers Market: Refrigeration & Pressurization Estimates & Trend Analysis
- 5.1. Refrigeration & Pressurization Movement Analysis & Market Share, 2024 & 2030
- 5.2. Ethylene (Extra refrigeration)
- 5.2.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.3. Full refrigeration
- 5.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.4. Semi refrigeration
- 5.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.5. Full pressurized
- 5.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.6. Others
- 5.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 6. LPG Tankers Market: Regional Estimates & Trend Analysis
- 6.1. Key Takeaways
- 6.2. Regional Movement Analysis & Market Share, 2024 & 2030
- 6.3. North America
- 6.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.3.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.3.4. U.S.
- 6.3.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3.4.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.3.4.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.3.5. Canada
- 6.3.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3.5.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.3.5.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.3.6. Mexico
- 6.3.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3.6.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.3.6.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.4. Europe
- 6.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.1.1. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.4.1.2. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.4.2. Germany
- 6.4.2.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.2.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.4.2.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.4.3. U.K.
- 6.4.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.3.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.4.3.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.4.4. France
- 6.4.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.4.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.4.4.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.4.5. Italy
- 6.4.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.5.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.4.5.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.4.6. Spain
- 6.4.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.6.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.4.6.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.4.7. Russia
- 6.4.7.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.7.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.4.7.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.5. Asia Pacific
- 6.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.5.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.5.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.5.4. China
- 6.5.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.5.4.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.5.4.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.5.5. India
- 6.5.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.5.5.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.5.5.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.5.6. Japan
- 6.5.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.5.6.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.5.6.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.5.7. Australia
- 6.5.7.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.5.7.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.5.7.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.6. Central & South America
- 6.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.6.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.6.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.6.4. Brazil
- 6.6.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.6.4.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.6.4.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.6.5. Argentina
- 6.6.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.6.5.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.6.5.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.7. Middle East & Africa
- 6.7.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.7.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.7.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.7.4. Saudi Arabia
- 6.7.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.7.4.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.7.4.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.7.5. South Africa
- 6.7.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.7.5.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.7.5.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
- 6.7.6. UAE
- 6.7.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.7.6.2. Market estimates and forecasts, by Vessel Size, 2018 - 2030 (USD Million)
- 6.7.6.3. Market estimates and forecasts, by Refrigeration & Pressurization, 2018 - 2030 (USD Million)
Chapter 7. Competitive Landscape
- 7.1. Key Players & Recent Developments & Their Impact on the Industry
- 7.2. Key Company/Competition Categorization (Key innovators, Market leaders, emerging players)
- 7.3. List of key Component Suppliers and Channel Partners
- 7.4. Company Market Share & Position Analysis, 2024
- 7.5. Company Heat Map Analysis
- 7.6. Competitive Dashboard Analysis
- 7.7. Strategy Mapping
- 7.7.1. Expansion
- 7.7.2. Collaboration/ Partnerships/ Agreements
- 7.7.3. New Vessel Size launches
- 7.7.4. Mergers & Acquisitions
- 7.7.5. Research & Development
- 7.7.6. Others
- 7.8. Company Listing / Profiles
- 7.8.1. BW Group
- 7.8.1.1. Company Overview
- 7.8.1.2. Financial Performance
- 7.8.1.3. Product Benchmarking
- 7.8.2. Dorian LPG Ltd.
- 7.8.3. EXMAR
- 7.8.4. Hyundai Heavy Industries Co., Ltd
- 7.8.5. Kawasaki Heavy Industries, Ltd
- 7.8.6. Mitsubishi Heavy Industries, Ltd.
- 7.8.7. Namura Shipbuilding Co., Ltd.
- 7.8.8. PT Pertamina (Persero)
- 7.8.9. StealthGas Inc.
- 7.8.10. The Great Eastern Shipping Co. Ltd.