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 (liquefied petroleum gas) tanker is a transporter that transports large amounts of petroleum gases. It consists of individual reservoirs stacked in cargo holds. The most commonly used LPG tankers are small-pressurized tanks, shielded or refrigerated seagoing tanks, and semi-pressurized tanks. They are available in very large, large, medium, and small sizes, with a manageable propeller and geared-diesel system. Ammonia, propylene, and vinyl chloride are also delivered by these tankers. As a result, they are widely used in a variety of industries such as oil and gas, petrochemical, automotive, and refinery. In some parts of the world, shale gas production is unstoppable, and this will be a significant driver for the global LPG tanker market. With the increased production of shale gas, there has been an increase in LPG trade. Simultaneously, demand for LPG for cooking and HVAC applications is increasing, fueling the need for safe LPG storage and transportation. This has resulted in an increase in demand for LPG tankers.

LPG is used in motor fuel, business and residential purposes, refinery, and petrochemical as it is non-toxic, cost-effective, clean, handy, approachable, and portable. Factors such as increased shale gas capacity from new supplies, increased global gas trade, and the continued use of liquefied petroleum gas as a cooking fuel all contribute to the growth of the liquefied petroleum gas tanker market.

US LPG Tanker Market is poised to grow at a sustainable CAGR for the next forecast year.