GVR Report cover LPG Tanker Market Size, Share & Trends Report

LPG Tanker Market Size, Share & Trends Analysis Report By Vessel (LGC, MGC), By Refrigeration & Pressurization (Full Pressurized, Semi Refrigeration, Full Refrigeration), By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Sep, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68039-034-2
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 140

Report Overview

The global LPG tanker market size was valued at USD 185.1 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 6.0% from 2020 to 2027. This growth is attributed to the growing LPG trade across the globe. Strong growth in shale gas production is further likely to propel market development over the coming years. Volatility in crude oil prices coupled with developments in hydraulic fracturing and horizontal drilling methods resulted in major companies to shift their attention towards the production of oil & gas from shale rock. Change in focus towards the production of shale gas is further projected to enhance market growth over the estimation period. Production of shale gas is at a persistent phase across the globe. With the high production of shale gas, there has been a simultaneous increase in the LPG trade business. Concurrently, the demand for LPG for HVAC and cooking applications is on the rise, thus creating a high demand for transportation and safe storage of LPG.

The U.S. liquefied petroleum gas tanker market size

Growing trade relationships between the United States and Asia Pacific region for shale gas owing to the reduced cost of transportation is likely to outgrow the demand for LPG tankers over the forecast period. Instability in crude oil prices, resulting in amplified prices of LPG, is projected to hinder market growth over the projection period. Moreover, the abrupt onset of the COVID-19 pandemic caused a slight decrease in demand for liquefied petroleum gas in various sectors.

However, LPG demand will start recovering from 2021 and a rise in LPG trade on the route of the United States to Asian countries will boost the product demand. Since, the demand for LPG continued to deteriorate in Europe due to the COVID-19 pandemic, in April 2020, Russia’s largest petrochemical company Sibur capitalized on the prospect to enter into a new market by delivering two cargoes of LPG to India.

Refrigeration & Pressurization Insights

The full pressurized segment led the market in 2019 and was valued at USD 59.03 million. The segment will expand further at the fastest CAGR from 2020 to 2027. Full refrigeration is estimated to be the second-largest segment by 2007. The full refrigeration type includes very large gas carriers that are capable of transporting 15,000 m3 to 85,000 m3 gas and are suitable for long distances.

Vessels used in such ships are proficient in bearing a minimum working temperature of -50oC and a maximum working pressure of around 0.28 kg/cm2. LPG can be simply transported through VLGC. Carriers for ethylene are observed as a discrete segment in the industry since these need extra refrigeration for safe transportation across the world. A small ship carrier is generally the full pressure type.

Vessel Insights

The VLGC vessel type accounted for the largest market share of over 28% in 2019. The segment will have a steady growth owing to developments in oil & gas capital markets, such as a reduction in the rate of interest, an increase in liquidity levels among major investors, and a rise in income prospective.

These gas carriers are widely used for transportation of LPG for longer distances. Growing LPG 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 demand for these gas carriers.

Global liquefied petroleum gas tanker market share

The LGC type is estimated to be the largest segment by 2027. Increasing extraction and production of shale gas is the main factor in driving the growth of the large and medium gas carrier segments. Demand for SGC is projected to have considerable growth over the coming years due to growing LPG demand from the residential sector.

Regional Insights

Europe led the market with a share of over 28% in 2019. The regional market is likely to grow further at a steady pace owing to growing imports of propane and butane gas used for domestic heating purposes. Asia Pacific was the second-largest regional market in 2019. Population growth, ample resource availability, and high energy requirements coupled with easy affordability owing to various government subsidies on LPG cylinders have been the key factors responsible for the growth of the regional market.

The market in APAC will expand further on account of increasing petrochemical capacities across India, China, India, Thailand, and South Korea. North America, the Middle East, and Western Africa are also among the key markets owing to growing exports of LPG to regions, such as Europe and Asia Pacific. Middle East & Africa is estimated to register the fastest CAGR from 2020 to 2027.

Key Companies & Market Share Insights

The global industry is highly competitive owing to the presence of major manufacturers and multinational corporations. The market is likely to attract a large number of regional companies over the estimated period. The majority of the market players have been concentrating on expanding their vessel capacities and also complying with their vessels according to the IMO regulations. Some of the prominent players in the LPG tanker market include:

  • StealthGas Inc.

  • Dorian LPG Ltd.

  • BW Group

  • Hyundai Heavy Industries Co., Ltd.

  • Kawasaki Heavy Industries, Ltd.

  • DSME


  • The Great Eastern Shipping Co. Ltd.

  • Kuwait Oil Tanker Company

  • DAE Sun Shipbuilding and Engineering Co. Ltd.

  • Namura Shipbuilding Co., Ltd.


  • STX Corporation

  • PT Pertamina (Persero)

  • Epic Gas Ltd.

LPG Tanker Market Report Scope

Report Attribute


Market size value in 2020

USD 199.40 million

Revenue forecast in 2027

USD 295.5 million

Growth Rate

CAGR of 6.0% from 2020 to 2027

Base year for estimation


Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Vessels, refrigeration & pressurization, region

Regional scope

North America; Europe; Asia Pacific; Central and South America; Middle East & Africa

Country scope

The U.S.; Canada; Mexico; The U.K.; Germany; France; Italy; Spain; Russia; China; India; Japan; South Korea; Australia; Saudi Arabia; South Africa; Brazil

Key companies profiled

Stealthgas Inc.; Dorian Lpg Ltd.; Bw Group; Hyundai Heavy Industries Co., Ltd.; Kawasaki Heavy Industries, Ltd.; DSME; Mitsubishi Heavy Industries, Ltd.; The Great Eastern Shipping Co. Ltd.; Kuwait Oil Tanker Company; Dae Sun Shipbuilding & Engineering Co. Ltd.; Namura Shipbuilding Co., Ltd.; Exmar; Stx Corp.; Pt Pertamina (Persero); Epic Gas Ltd.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2020 to 2027. For the purpose of this study, Grand View Research has segmented the global LPG tanker market report on the basis of vessel, refrigeration & pressurization, and region:

  • Vessel Outlook (Revenue, USD Million, 2016 - 2027)

    • Very Large Gas Carrier

    • Large Gas Carrier

    • Medium Gas Carriers

    • Small Gas Carrier

  • Refrigeration & Pressurization Outlook (Revenue, USD Million, 2016 - 2027)

    • Ethylene

    • Full Refrigerated

    • Semi Refrigerated

    • Full Pressurized

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • The U.K.

      • France

      • Italy

      • Russia

      • Spain

    • Asia Pacific

      • China

      • India

      • Japan

      • Australia

      • South Korea

    • Central and South America

      • Brazil

    • The Middle East and Africa

      • Saudi Arabia

      • South Africa

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