The LPG Tanker Market size was valued at USD 185.22 million in 2022 and is expected to grow to USD 282.10 million by 2030 with a growing CAGR of 5.4% over the forecast period of 2023-2030.
Liquefied petroleum gas (LPG) tankers are gas carriers that are used to carry large amounts of petroleum gases. LPG tankers are made up of many reservoirs that are stacked inside cargo holds. Small pressurised tanks, shielded or chilled seagoing tanks, and semi-pressurized tanks are the most often used LPG tankers. They are powered by a controlled propeller and geared-diesel system and come in sizes ranging from very large to gigantic, big, medium, and small. These tankers also deliver ammonia, vinyl chloride, and propylene. They are so extensively used in many different industries, including the oil and gas, petrochemical, automotive, and refinery sectors. Liquefied petroleum gas is a cleaner fuel than coal. Consequently, it is projected that switching to LPG as a residential fuel will boost LPG demand.
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The need for LPG tankers will rise in the next years as a result of the increased demand for liquefied petroleum gas for HVAC and culinary applications, which increases the need for secure liquefied petroleum gas storage and transportation. The market is anticipated to develop in the shale gas output. Due to the volatility of crude oil prices, improvements in hydraulic fracturing, and horizontal drilling techniques, major companies have turned their focus to generating oil and gas from shale rock.
KEY DRIVERS:
Growing Trade Relations
High Production of Shale gas
Technological Improvements
Due to a number of additional variables as well, the market for LPG tankers is anticipated to continue to develop rapidly through the conclusion of the forecast period of this study. Shale gas output has increased significantly, and LPG trading has grown along with it. Moreover, as the need for LPG for HVAC and culinary equipment grows, so does the need for LPG to be transported and stored safely.
RESTRAIN:
CNG market is growing faster than LPG
Increasing demand for the use of CNG and natural gas.
Compared to CNG, LPG has a larger calorific value and burns more quickly. It produces less greenhouse emissions than LPG and is used as a petrol alternative in cars. It is furthermore lighter than air. Therefore, if it spills, it spreads very rapidly. It is often used in cars and locomotives, is typically less expensive than LPG, and presents a threat to the expansion of the LPG tanker industry. Light-duty trucks, medium-duty trucks, and large commercial vehicles in the United States have all been equipped with CNG.
OPPORTUNITY:
Energy consumption in developing APAC nations is at an all-time high.
Technological Advancement in LPG Tanker
CHALLENGES:
High Pricing LPG
Rising demand for natural gas and CNG
Energy-related payments are now exempt from financial sanctions imposed on Russia by the US, EU, UK, and others, which should allow ongoing flows on existing contracts, but a lot of global trade firms are avoiding doing new business with Russia. LPG shipments from the Baltic and Black Seas have steadily decreased as local petrochemical usage increased. From 3.5 MMt/y, Russian seaborne exports were about 1 MMt/y in 2021. Exports were expected to rise to 1.5 MMt/y in 2022 along with increased gas output before the conflict, but the future of that expansion is now questionable. The Baltic Sea accounts for over 75% of Russia's exports of LPG via sea. The Mediterranean and Eastern Europe each receive roughly 30% of it, with two thirds going to Northwest Europe. Due of the tiny total amounts, it looks that Europe will be the region to have the most impact.
IMPACT OF ONGOING RECESSION
A recession would affect the industrial and power production sectors' needs for natural gas. The industrial sector is often capital-intensive and can only quickly adjust to economic disruptions. by making marginal changes to manufacturing, such as shifts worked, personnel, closed plants, and, thus, the quantity of energy used. This industry directly uses natural gas. and indirectly through the use of electricity. over the past eight years, the industrial sector's demand for natural gas has largely decreased, and This pattern would only get worse during a recession. The amount of natural gas used in the power generation industry might change during a recession. by decreasing the need for power in other areas sectors. Throughout much of the nation, natural gas is typically the source of marginal generation, Consequently, the age group most likely to see the immediate impacts of a decline in demand.
By Vessel Size
Very Large Gas Carriers (VLGC)
Large Gas Carriers (LGC)
Medium Gas Carriers (MGC)
Small Gas Carriers (SGC)
By Refrigeration & Pressurization
Ethylene
Full Refrigerated
Semi Refrigerated
Full Pressurized
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Europe dominated the liquefied petroleum gas tanker market, With approximately 29.30% of market revenue in 2021. Government initiatives and limited domestic LPG production are the main factors driving the industry in Europe, which results in increasing need for LPG tankers to transport the fuel. encourage import. Because liquefied petroleum gas shipments to places like Europe are expanding and the major geographical markets are in Asia Pacific, North America, the Middle East, and Western Africa. supporter of LPG tankers.
In 2021, North America will export LPG worth $40 billion, or 15.0% of the world's total LPG exports. Furthermore, Due to its usage as a cooking fuel, LPG demand is anticipated to increase in the United States, Canada, and Mexico fuel. LPG is also employed in these nations' residential structures' heating systems throughout the winter. Asia Pacific was the second-largest region in 2021 in terms of revenue. China, Japan, and India are the most common the marketplace here. Asia Pacific produces more than 70% of the world's LPG tankers, especially in Japan and South Korea.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Due to monopolistic concerns, the EU banned the proposed combination of Hyundai Heavy Industries and DSME in January 2022. The European Commission declared that by forbidding the union, the market for LNG and LPG carriers would be less competitive.
Crystal Trinity, an LPG carrier by Kawasaki Heavy Industries, was delivered to Kumiai Navigation in January 2022. It was Kawasaki's second LPG carrier and had an 84,000 cbm capacity.
The Great Indian Shipping Co. Ltd. purchased a used mid-size LPG carrier with a 35,000 cbm capacity in May 2021. This is the sixth LPG carrier for the corporation.
The world's biggest dual-fuel LPG carrier, with a capacity of 88,000 ebm, was delivered to EXMAR in June 2021.
The Major Players are 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., and other players are listed in a final report.
| Report Attributes | Details |
| Market Size in 2022 | US$ 185.22 Mn |
| Market Size by 2030 | US$ 282.10 Mn |
| CAGR | CAGR of 5.4 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Vessel Size (Very Large Gas Carriers (VLGC), Large Gas Carriers (LGC), Medium Gas Carriers (MGC), ‘Small Gas Carriers (SGC) • By Refrigeration & Pressurization (Ethylene, Full Refrigerated, Semi Refrigerated, Full Pressurized) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | 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. |
| Key Drivers | • Growing Trade Relations • High Production of Shale gas • Technological Improvements |
| Market Restraints | • CNG market is growing faster than LPG • Increasing demand for the use of CNG and natural gas. |
Ans: LPG Tanker Market is anticipated to expand by 5.4 % from 2023 to 2030.
Ans: USD 282.10 million is expected to grow by 2030.
Ans: LPG Tanker Market size was valued at USD 185.22 million in 2022
Ans: Europe is dominating the market.
Ans: Energy consumption in developing APAC nations is at an all-time high and Technological Advancement in LPG Tanker.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. LPG Tanker Market Segmentation, By Vessel Size
8.1 Very Large Gas Carriers (VLGC
8.2 Large Gas Carriers (LGC)
8.3 Medium Gas Carriers (MGC)
8.4 Small Gas Carriers (SGC)
9. LPG Tanker Market Segmentation, By Refrigeration & Pressurization
9.1 Ethylene
9.2 Full Refrigerated
9.3 Semi Refrigerated
9.4 Full Pressurized
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America LPG Tanker Market by Country
10.2.2North America LPG Tanker Market by Vessel Size
10.2.3 North America LPG Tanker Market by Refrigeration & Pressurization
10.2.4 USA
10.2.4.1 USA LPG Tanker Market by Vessel Size
10.2.4.2 USA LPG Tanker Market by Refrigeration & Pressurization
10.2.5 Canada
10.2.5.1 Canada LPG Tanker Market by Vessel Size
10.2.5.2 Canada LPG Tanker Market by Refrigeration & Pressurization
10.2.6 Mexico
10.2.6.1 Mexico LPG Tanker Market by Vessel Size
10.2.6.2 Mexico LPG Tanker Market by Refrigeration & Pressurization
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe LPG Tanker Market by Country
10.3.1.2 Eastern Europe LPG Tanker Market by Vessel Size
10.3.1.3 Eastern Europe LPG Tanker Market by Refrigeration & Pressurization
10.3.1.4 Poland
10.3.1.4.1 Poland LPG Tanker Market by Vessel Size
10.3.1.4.2 Poland LPG Tanker Market by Refrigeration & Pressurization
10.3.1.5 Romania
10.3.1.5.1 Romania LPG Tanker Market by Vessel Size
10.3.1.5.2 Romania LPG Tanker Market by Refrigeration & Pressurization
10.3.1.6 Hungary
10.3.1.6.1 Hungary LPG Tanker Market by Vessel Size
10.3.1.6.2 Hungary LPG Tanker Market by Refrigeration & Pressurization
10.3.1.7 Turkey
10.3.1.7.1 Turkey LPG Tanker Market by Vessel Size
10.3.1.7.2 Turkey LPG Tanker Market by Refrigeration & Pressurization
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe LPG Tanker Market by Vessel Size
10.3.1.8.2 Rest of Eastern Europe LPG Tanker Market by Refrigeration & Pressurization
10.3.2 Western Europe
10.3.2.1 Western Europe LPG Tanker Market by Country
10.3.2.2 Western Europe LPG Tanker Market by Vessel Size
10.3.2.3 Western Europe LPG Tanker Market by Refrigeration & Pressurization
10.3.2.4 Germany
10.3.2.4.1 Germany LPG Tanker Market by Vessel Size
10.3.2.4.2 Germany LPG Tanker Market by Refrigeration & Pressurization
10.3.2.5 France
10.3.2.5.1 France LPG Tanker Market by Vessel Size
10.3.2.5.2 France LPG Tanker Market by Refrigeration & Pressurization
10.3.2.6 UK
10.3.2.6.1 UK LPG Tanker Market by Vessel Size
10.3.2.6.2 UK LPG Tanker Market by Refrigeration & Pressurization
10.3.2.7 Italy
10.3.2.7.1 Italy LPG Tanker Market by Vessel Size
10.3.2.7.2 Italy LPG Tanker Market by Refrigeration & Pressurization
10.3.2.8 Spain
10.3.2.8.1 Spain LPG Tanker Market by Vessel Size
10.3.2.8.2 Spain LPG Tanker Market by Refrigeration & Pressurization
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands LPG Tanker Market by Vessel Size
10.3.2.9.2 Netherlands LPG Tanker Market by Refrigeration & Pressurization
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland LPG Tanker Market by Vessel Size
10.3.2.10.2 Switzerland LPG Tanker Market by Refrigeration & Pressurization
10.3.2.11 Austria
10.3.2.11.1 Austria LPG Tanker Market by Vessel Size
10.3.2.11.2 Austria LPG Tanker Market by Refrigeration & Pressurization
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe LPG Tanker Market by Vessel Size
10.3.2.12.2 Rest of Western Europe LPG Tanker Market by Refrigeration & Pressurization
10.4 Asia-Pacific
10.4.1 Asia Pacific LPG Tanker Market by Country
10.4.2 Asia Pacific LPG Tanker Market by Vessel Size
10.4.3 Asia Pacific LPG Tanker Market by Refrigeration & Pressurization
10.4.4 China
10.4.4.1 China LPG Tanker Market by Vessel Size
10.4.4.2 China LPG Tanker Market by Refrigeration & Pressurization
10.4.5 India
10.4.5.1 India LPG Tanker Market by Vessel Size
10.4.5.2 India LPG Tanker Market by Refrigeration & Pressurization
10.4.6 Japan
10.4.6.1 Japan LPG Tanker Market by Vessel Size
10.4.6.2 Japan LPG Tanker Market by Refrigeration & Pressurization
10.4.7 South Korea
10.4.7.1 South Korea LPG Tanker Market by Vessel Size
10.4.7.2 South Korea LPG Tanker Market by Refrigeration & Pressurization
10.4.8 Vietnam
10.4.8.1 Vietnam LPG Tanker Market by Vessel Size
10.4.8.2 Vietnam LPG Tanker Market by Refrigeration & Pressurization
10.4.9 Singapore
10.4.9.1 Singapore LPG Tanker Market by Vessel Size
10.4.9.2 Singapore LPG Tanker Market by Refrigeration & Pressurization
10.4.10 Australia
10.4.10.1 Australia LPG Tanker Market by Vessel Size
10.4.10.2 Australia LPG Tanker Market by Refrigeration & Pressurization
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific LPG Tanker Market by Vessel Size
10.4.11.2 Rest of Asia-Pacific APAC LPG Tanker Market by Refrigeration & Pressurization
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East LPG Tanker Market by Country
10.5.1.2 Middle East LPG Tanker Market by Vessel Size
10.5.1.3 Middle East LPG Tanker Market by Refrigeration & Pressurization
10.5.1.4 UAE
10.5.1.4.1 UAE LPG Tanker Market by Vessel Size
10.5.1.4.2 UAE LPG Tanker Market by Refrigeration & Pressurization
10.5.1.5 Egypt
10.5.1.5.1 Egypt LPG Tanker Market by Vessel Size
10.5.1.5.2 Egypt LPG Tanker Market by Refrigeration & Pressurization
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia LPG Tanker Market by Vessel Size
10.5.1.6.2 Saudi Arabia LPG Tanker Market by Refrigeration & Pressurization
10.5.1.7 Qatar
10.5.1.7.1 Qatar LPG Tanker Market by Vessel Size
10.5.1.7.2 Qatar LPG Tanker Market by Refrigeration & Pressurization
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East LPG Tanker Market by Vessel Size
10.5.1.8.2 Rest of Middle East LPG Tanker Market by Refrigeration & Pressurization
10.5.2 Africa
10.5.2.1 Africa LPG Tanker Market by Country
10.5.2.2 Africa LPG Tanker Market by Vessel Size
10.5.2.3 Africa LPG Tanker Market by Refrigeration & Pressurization
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria LPG Tanker Market by Vessel Size
10.5.2.4.2 Nigeria LPG Tanker Market by Refrigeration & Pressurization
10.5.2.5 South Africa
10.5.2.5.1 South Africa LPG Tanker Market by Vessel Size
10.5.2.5.2 South Africa LPG Tanker Market by Refrigeration & Pressurization
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa LPG Tanker Market by Vessel Size
10.5.2.6.2 Rest of Africa LPG Tanker Market by Refrigeration & Pressurization
10.6 Latin America
10.6.1 Latin America LPG Tanker Market by Country
10.6.2 Latin America LPG Tanker Market by Vessel Size
10.6.3 Latin America LPG Tanker Market by Refrigeration & Pressurization
10.6.4 Brazil
10.6.4.1 Brazil LPG Tanker Market by Vessel Size
10.6.4.2 Brazil Africa LPG Tanker Market by Refrigeration & Pressurization
10.6.5 Argentina
10.6.5.1 Argentina LPG Tanker Market by Vessel Size
10.6.5.2 Argentina LPG Tanker Market by Refrigeration & Pressurization
10.6.6 Colombia
10.6.6.1 Colombia LPG Tanker Market by Vessel Size
10.6.6.2 Colombia LPG Tanker Market by Refrigeration & Pressurization
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America LPG Tanker Market by Vessel Size
10.6.7.2 Rest of Latin America LPG Tanker Market by Refrigeration & Pressurization
11 Company Profile
11.1 BW Group
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Dorian LPG Ltd
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 EXMAR
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Hyundai Heavy Industries Co., Ltd.
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Kawasaki Heavy Industries, Ltd.
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Mitsubishi Heavy Industries, Ltd.
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Namura Shipbuilding Co., Ltd.
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 PT Pertamina (Persero)
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 StealthGas Inc.
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 The Great Eastern Shipping Co. Ltd.
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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