LPG Tanker Market Summary, Key Buying Criteria, Revenue Growth Prospects and PESTEL Analysis

LPG Tanker Industry Overview

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.

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.

LPG Tanker Market Segmentation

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

Based on the Vessel Size Insights, the market is segmented into Very Large Gas Carriers (VLGC), Large Gas Carriers (LGC), Medium Gas Carriers (MGC), and Small Gas Carriers (SGC)

• The VLGC segment led the market and accounted for 29.03% of the global revenue share in 2021. Very large gas carriers are widely used for the transportation of LPG gas for longer distances across various countries.
• Growing liquefied petroleum gas trade relationships between countries, such as the Middle East and Asian countries, Western Africa and Europe, and the United States, is the major factor boosting the segment growth.
• Some of the key trends observed in the market include innovation in LGC development, which is expected to boost market growth.
• Growing extraction and production of shale gas with exporting domestic liquefied petroleum gas is the main factor expected to propel the growth of the LGC and MGC segments.
• The demand for SGC is projected to observe considerable growth over the coming years owing to the growing LPG demand from residential segments.

Based on the Refrigeration & Pressurization Insights, the market is segmented into Ethylene, Full Refrigeration, Semi Refrigeration, and Full Pressurized

• The full pressurized segment led the market and accounted for the largest revenue share of more than 32.5% in 2021. The full pressurized segment 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 semi refrigerated segment is expected to grow at a steady CAGR over the forecast period. These vessels are similar to full-pressure vessels as they have a Type C tank.

LPG Tanker Regional Outlook

• North America
• Europe
• Asia Pacific
• South & Central America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

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. For instance, Stealth Gas Inc. has the largest fleet of small gas carriers in the world and they dominate the Mediterranean Sea region. They own and operate 44 small gas carriers. Dorian LPG has one of the largest VLGC fleets and operates mostly out of the U.S. The LPG tankers are almost entirely made by the companies in South Korea and Japan with more than 80% of ships being made in this region.

Some prominent players in the global LPG Tanker market include:

• 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.