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LPG Tanker Market Report 2025 | Size, Growth, and Forecast by 2033

Market Overview:

According to IMARC Group's latest research publication, "LPG Tanker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2025-2033", The global LPG tanker market size reached USD 210.1 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 320.0 Billion by 2033, exhibiting a growth rate (CAGR) of 5.4% during 2025-2033.

This detailed analysis primarily encompasses industry size, business trends, market share, key growth factors, and regional forecasts. The report offers a comprehensive overview and integrates research findings, market assessments, and data from different sources. It also includes pivotal market dynamics like drivers and challenges, while also highlighting growth opportunities, financial insights, technological improvements, emerging trends, and innovations. Besides this, the report provides regional market evaluation, along with a competitive landscape analysis.

How AI is Reshaping the Future of LPG Tanker Market

• AI-powered vessel monitoring systems reduce manual oversight requirements by 30%, improving crew safety while maintaining operational excellence across 500+ LPG tankers globally through automated real-time tracking and predictive analytics.
• Machine learning algorithms analyze seismic data with 75% faster model-build times, enabling more accurate identification of LPG reserves and optimizing exploration efforts while reducing operational costs by up to 15%.
• Predictive maintenance solutions powered by AI help identify equipment failures before they occur, with 47% of oil and gas professionals planning AI integration by 2024, significantly reducing downtime and maintenance expenses across LPG operations.
• AI-driven route optimization and digital fleet management systems enhance transparency, reduce maintenance downtime by 20%, and improve fuel efficiency through real-time data analysis and automated navigation systems.
• The global AI in oil and gas market, supporting LPG operations, is projected to grow from USD 2.96 billion in 2024 to USD 7.37 billion by 2032, demonstrating the industry's commitment to intelligent automation and operational efficiency.

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Key Trends in the LPG Tanker Market

• Shift Toward Cleaner Energy Solutions: Global demand for LPG as a cleaner alternative to coal and oil is accelerating, with Europe seeing 16 million people using LPG and 8.2 million passenger cars running on Autogas in 2023. Environmental regulations are driving countries to reduce carbon emissions, positioning LPG tankers as critical infrastructure for sustainable energy transport.
• Expansion of Shale Gas Production: The surge in shale gas extraction, particularly in the United States, generates substantial LPG as a byproduct. US LPG and LNG exports reached record highs of 20.2 million mt from January to April 2024, with improved drilling technologies creating excess LPG requiring international shipping capacity.
• Fleet Modernization and Technological Integration: Companies are investing in eco-friendly vessels with dual-fuel propulsion systems reducing emissions by 15%, digital monitoring tools cutting maintenance downtime by 20%, and advanced hull designs improving fuel efficiency by 12%. New VLGCs feature enhanced operational capabilities with 91,000 m³ capacity.
• Growing Petrochemical Demand: LPG serves as critical feedstock for petrochemical manufacturing, with the global petrochemicals market valued at USD 616.0 billion in 2023 and expected to reach USD 949.9 billion by 2032. This drives demand for efficient LPG transportation to supply ethylene, propylene, and butylene production.
• Strategic Acquisitions and Fleet Expansion: Major players are consolidating market positions through acquisitions, with BW LPG agreeing to acquire 12 modern VLGCs for USD 1,050 million in 2024. Fleet expansions focus on Very Large Gas Carriers capable of transporting 80,000-90,000 cubic meters over long distances.

Growth Factors in the LPG Tanker Market

• Rising Global LPG Trade: International LPG trade is expanding rapidly, with growing relationships between the Middle East and Asian countries, Western Africa and Europe, and the United States. LPG exports from North America on VLGCs rose 6.7% in Q3 2024, driven by strong production and upcoming US terminal expansions.
• Increasing Residential and Industrial Adoption: In developing regions, 22% of India's electricity came from clean energy in 2024, with 49.4% of rural households and 89% of urban households using LPG as primary energy source. This widespread adoption across cooking, heating, and power generation drives transportation demand.
• Infrastructure Development: Port facilities and storage terminals are being enhanced globally to accommodate growing LPG volumes. The UAE construction market, valued at USD 69.5 billion in 2023, supports industrial applications requiring efficient LPG supply chains. New import and storage terminals, like Petregaz India's Rs 600 crore facility, are expanding capacity.
• Government Support and Clean Energy Policies: Government initiatives promoting LPG as cleaner cooking fuel and alternative vehicle fuel are accelerating market growth. European policies targeting carbon emission reduction and energy transition, combined with subsidies in developing nations, support sustainable LPG distribution networks.
• Cost-Effective Energy Alternative: LPG offers lower-cost energy compared to diesel and kerosene, making it attractive for regions with limited natural gas infrastructure. Its portability and ease of storage enable access to remote areas, with transportation by road, rail, or sea supporting diverse market needs.

Leading Companies Operating in the Global LPG Tanker Industry:

• BW Group
• Dorian LPG Ltd.
• EXMAR
• Hyundai Heavy Industries Co. Ltd.
• Kawasaki Heavy Industries Ltd.
• Kuwait Oil Tanker Company S.A.K
• Mitsubishi Heavy Industries Ltd.
• StealthGas Inc.
• STX Corporation (Afc Mercury Co. Ltd)
• The Great Eastern Shipping Co. Ltd.

LPG Tanker Market Report Segmentation:

Breakup By Vessel Size:

• Very Large Gas Carrier
• Large Gas Carrier
• Medium Gas Carriers
• Small Gas Carrier

Very large gas carrier accounts for the majority of shares (28.6% in 2024) due to their ability to transport significant volumes of LPG efficiently over long distances.

Breakup By Refrigeration and Pressurization:

• Fully Pressurized
• Semi-pressurized
• Fully Refrigerated
• Extra Refrigerated (Ethylene Gas Carriers)

Fully pressurized dominates the market (23.9% market share in 2024) as it offers a cost-effective and energy-efficient solution for transporting gases at high pressures.

Breakup By Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Europe enjoys the leading position (over 30.2% market share in 2024) owing to aggressive policies for carbon emission reduction and energy transition towards cleaner forms of energy.

Recent News and Developments in LPG Tanker Market

• May 2024: PT Pertamina International Shipping (PIS) commissioned two new eco-friendly Very Large Gas Carriers (VLGCs), Pertamina Gas Caspia and Pertamina Gas Dahlia, each with 91,000 m³ capacity, enhancing Indonesia's energy distribution and maritime presence.
• April 2024: Petregaz India launched a new LPG Import and Storage Terminal at Adani Krishnapatnam Private Port, Andhra Pradesh, with a Rs 600 crore investment, expanding India's LPG infrastructure capacity.
• January 2024: BW LPG Limited agreed to acquire 12 modern Very Large Gas Carriers from Avance Gas Holdings Ltd. for USD 1,050 million, significantly strengthening its global fleet and market position.

Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations.

About Us:

IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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by sujeet rai on 2025-11-26 06:07:05