| Study Period | 2019 - 2030 |
| Market Size (2025) | USD 239.30 Billion |
| Market Size (2030) | USD 312.75 Billion |
| CAGR (2025 - 2030) | 5.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
LPG Tanker Market Analysis
The LPG Tanker Market size is estimated at USD 239.30 billion in 2025, and is expected to reach USD 312.75 billion by 2030, at a CAGR of 5.5% during the forecast period (2025-2030).
- Over the medium term, the factors expected to drive the market include strong growth in shale gas production over the coming years and the rising demand for LPG for heating, ventilation, and air conditioning (HVAC) applications.
- However, unstable crude oil prices led to amplified LPG prices and reduced demand, which are expected to restrain market growth throughout the forecast period.
- Nevertheless, several technological advancements, such as the integration of semi-membrane tanks and bow wave resistance systems on the tanker hull, are expected to create opportunities during the forecast period.
- North America is expected to dominate the market during the forecast period, mainly due to the growing demand for LPG.
LPG Tanker Market Trends
Very Large Gas Carrier segment is expected to witness significant growth
- Very Large Gas Carriers (VLGC) are widely used to transport 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 large carrier segment.
- VLGC vessels are generally around 250-300 meters long and have four to six storage tanks along the centerline.
- There are several advancements in constructing Very large gas carriers in various countries. For instance, in July 2023, NYK announced the order of its sixth liquefied petroleum gas (LPG) dual-fuel very large LPG / liquefied ammonia gas carrier (VLGC) from Kawasaki Heavy Industries Ltd. (KHI). The ship will be built at the KHI Sakaide Works shipyard and is set for delivery in 2026.
- In April 2023, Harzand, the world's first large liquefied gas carrier with a capacity of 93,000 cubic meters developed, designed, and built by Jiangnan Shipyard under China State Shipbuilding.
- Further, there are increasing LNG exports from several countries. United States is one of the major LNG exporters globally. According to Energy Institute Statistical Review of World Energy 2023, the United States exported 104.3 billion cubic metres of LNG in 2022, with a growth rate of 10.13% from the previous year.
- Thus, the points mentioned above suggest that the LPG tanker market is expected to grow positively with the increase in trade relationships and the introduction of new, Very Large Gas Carriers.
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North America is expected to dominate the market
- Government initiatives in Canada to provide incentives, fuel subsidies, and distribution licenses to promote large consumption and usage of LPG fuels, especially in the transport and cooking sectors, are anticipated to accelerate the LPG market growth during the forecast period.
- Further, the governments in the region are concentrating on using LPG to reduce the percentage of the death rate due to the harmful gases produced from the combustion of conventional fossil fuels like wood, cow dung, and coal. Such initiatives will likely increase the LPG Tanker market demand in the coming years.
- Out of the total NGL production in North America, most goes to LPG production. Moreover, the contribution of the United States, Canada, and Mexico to LPG production from the crude oil refineries makes North America one of the main LPG-producing regions.
- In July 2023, the US government authorized liquefied petroleum gas exports to Venezuela. All transactions and activities related to the exportation or re-exportation, directly or indirectly, of liquefied petroleum gas to Venezuela, involving the Government of Venezuela, Petróleos de Venezuela (PdVSA), or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest, are allowed.
- The points mentioned above suggest that the LPG tanker market is expected to grow exponentially in North America owing to the introduction of new liquefaction trains and demand from other regions.
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LPG Tanker Industry Overview
The LPG tanker market is moderately consolidated. Some of the key players in this market (in no particular order) include Samsung Heavy Industries Co. Ltd., Mitsubishi Heavy Industries Ltd., HD Hyundai Heavy Industries Co. Ltd., Hanwha Ocean Co. Ltd., and Mitsui OSK Lines Ltd. among others.
LPG Tanker Market Leaders
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Samsung Heavy Industries Co. Ltd.
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Mitsubishi Heavy Industries Ltd.
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HD Hyundai Heavy Industries Co. Ltd.
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Hanwha Ocean Co. Ltd.
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Mitsui OSK Lines Ltd.
- *Disclaimer: Major Players sorted in no particular order
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LPG Tanker Market News
- July 2023: Indonesia's Pertamina International Shipping (PIS) agreed to hire four LPG carriers named Gas Walio, Gas Widuri, Gas Arjuna, and Gas Ambalat LPG via its PIS Middle East subsidiary to three companies.
- April 2023: China delivered the world's largest dual-fuel LPG carrier while highlighting the advanced design feature of the new ships.
LPG Tanker Industry Segmentation
A liquified Petroleum Gas (LPG) tanker is a gas transporter that carries massive volumes of petroleum gases and is made up of separate reservoirs stacked in cargo holds. Small pressurized tanks, shielded or refrigerated seagoing tanks, and semi-pressurized tanks are the commonly used LPG tankers.
The LPG tanker market is segmented by vessel size, refrigeration, pressurization, and geography (North America, Europe, Asia Pacific, South America and Middle East and Africa). By vessel size, the market is segmented into very large gas carrier, large gas carrier, medium gas carrier, and small gas carrier. By refrigeration and pressurization, the market is segmented into fully pressurized, semi-pressurized, fully refrigerated, and extra refrigerated. The report also covers the market size and forecasts for the LPG tanker market across major regions, such as Asia-Pacific, North America, Europe, South America, the Middle East, and Africa. For each segment, the market sizing and forecasts have been done based on revenue (USD).
| Vessel Size | Very Large Gas Carrier | ||
| Large Gas Carrier | |||
| Medium Gas Carrier | |||
| Small Gas Carrier | |||
| Refrigeration and Pressurization | Fully Pressurized | ||
| Semi-pressurized | |||
| Fully Refrigerated | |||
| Extra Refrigerated | |||
| Geography [Market Size and Demand Forecast till 2028 (for regions only)] | North America | United States | |
| Canada | |||
| Rest of North America | |||
| Europe | Germany | ||
| France | |||
| United Kingdom | |||
| Italy | |||
| Rest of Europe | |||
| Asia-Pacific | China | ||
| India | |||
| Australia | |||
| Japan | |||
| Rest of Asia-Pacific | |||
| Middle East and Africa | Saudi Arabia | ||
| United Arab Emirates | |||
| South Africa | |||
| Rest of Middle East and Africa | |||
| South America | Brazil | ||
| Argentina | |||
| Chile | |||
| Rest of South America | |||
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LPG Tanker Market Research Faqs
How big is the LPG Tanker Market?
The LPG Tanker Market size is expected to reach USD 239.30 billion in 2025 and grow at a CAGR of 5.5% to reach USD 312.75 billion by 2030.
What is the current LPG Tanker Market size?
In 2025, the LPG Tanker Market size is expected to reach USD 239.30 billion.
Who are the key players in LPG Tanker Market?
Samsung Heavy Industries Co. Ltd., Mitsubishi Heavy Industries Ltd., HD Hyundai Heavy Industries Co. Ltd., Hanwha Ocean Co. Ltd. and Mitsui OSK Lines Ltd. are the major companies operating in the LPG Tanker Market.
Which is the fastest growing region in LPG Tanker Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in LPG Tanker Market?
In 2025, the North America accounts for the largest market share in LPG Tanker Market.
What years does this LPG Tanker Market cover, and what was the market size in 2024?
In 2024, the LPG Tanker Market size was estimated at USD 226.14 billion. The report covers the LPG Tanker Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the LPG Tanker Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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LPG Tanker Industry Report
Statistics for the 2025 LPG Tanker market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. LPG Tanker analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
