LPG Tanker Market Size, Share, Growth Analysis, By Vessel Size(Very large, large, medium, small gas carrier), By Refrigeration & pressurization(Ethylene, Full Refrigerated, Semi Refrigerated, Full Pressurized), By Region - Industry Forecast 2024-2031

LPG Tanker Market size was valued at USD 172.55 billion in 2022 and is poised to grow from USD 182.02 billion in 2023 to USD 277.66 billion by 2031, growing at a CAGR of 5.3% in the forecast period (2024-2031).

LPG tanker market is highly competitive and fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Moreover, the presence of several key players, as well as a few mid-sized and small-scale regional players, characterises the market. Many of the companies specialise in one industry and have a high level of penetration in that industry. Stealth Gas Inc., for example, has the world's largest fleet of small gas carriers and dominates the Mediterranean Sea region. They have 44 small gas carriers that they own and operate. Dorian LPG operates primarily from the United States and has one of the largest VLGC fleets. LPG tankers are almost entirely manufactured in South Korea and Japan, with more than 80% of ships manufactured in this region. 'BW LPG Limited', 'Dorian LPG Ltd.', 'Navigator Gas LLC', 'Norgas Carriers AS', 'Avance Gas Holding Ltd.', 'Exmar NV', 'Petredec Holdings (Eastern) PTE Ltd.', 'Epic Gas Ltd.', 'StealthGas Inc.', 'MOL Chemical Tankers Pte. Ltd.', 'Salam Pacific Indonesia Lines (SPIL)', 'Mitsui O.S.K. Lines, Ltd.', 'Eastern Pacific Shipping Pte. Ltd.', 'Geogas Maritime SA', 'Pacific Gas Pte. Ltd.', 'Global United Shipping India Private Limited', 'Bumi Armada Berhad', 'GasLog Ltd.', 'Teekay LNG Partners L.P.', 'Aurora LPG Holdings Plc.'

The LPG tanker market is being driven by growing trade relations and increased shale gas extraction. Because of increased trading of liquefied petroleum gas across various countries, the global market for liquefied petroleum gas tankers is expected to grow significantly. Due to volatile crude oil prices and the advancement of hydraulic fracturing and horizontal drilling processes, key participants have shifted their focus to oil and gas production from shale rock. As a result of the shift in focus, the market is expected to grow during the forecast period, as augmented shale gas production has boosted LPG trade globally.

The top three trends driving the global LPG tanker market are increased shale gas production from previously untapped reserves, increase in international gas trade and continued use of LPG as a cooking fuel.

In 2021, Europe dominated the liquified petroleum gas tanker market, accounting for over 29.30% of revenue. The market in Europe is primarily driven by increased demand for LPG as a result of government initiatives and low domestic LPG production, which leads to increased demand for LPG tankers to facilitate import. Because of the growing exports of liquefied petroleum gas to regions such as Europe and Asia Pacific, North America, the Middle East, and Western Africa are the key regional markets contributor for LPG tankers. After Qatar and Australia, North America is one of the world's top LPG exporters. The presence of abundant validated that shale gas reserves in the region drives the market.