LPG 탱커 시장 : 점유율 분석, 업계 동향 및 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the LPG tanker market size is projected to expand from USD 230.58 billion in 2025 and USD 243.28 billion in 2026 to USD 312.72 billion by 2031, registering a CAGR of 5.15% between 2026 to 2031.

This report is Segmented by Vessel Size (Very Large Gas Carrier, Large Gas Carrier, Medium Gas Carrier, and Small and Pressurized), Cargo Containment System (Fully Refrigerated, Semi-pressurized/Semi-refrigerated, Fully Pressurized, and Ethylene-Capable), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Size and Forecasts are Provided in Terms of Value (USD)

Global LPG Tanker Market Trends and Insights

Growing Shale-Gas Export Volumes from the United States

Surging U.S. shale output has positioned the country as the swing supplier for the LPG tanker market, displacing Middle Eastern cargoes on Pacific trades. Enterprise Products Partners expanded Mont Belvieu terminal capacity by 300,000 barrels per day in 2024, binding long-term volumes to Chinese and Indian buyers. Each additional Gulf cargo travels roughly 13,000 nautical miles to Northeast Asia, versus 6,500 nautical miles from the Arabian Gulf, effectively tightening the VLGC pool for 40 days per round voyage. The U.S. Energy Information Administration projects outbound LPG to keep climbing while Henry Hub gas prices stay under USD 3 per MMBtu, sustaining healthy arbitrage windows. Although federal permitting delays could defer Gulf Coast greenfield terminals, prevailing bilateral offtake agreements protect baseline flows. As a result, tonne-mile demand stays buoyant, enabling shipowners to lock in premium period charters and reinforcing confidence in the LPG tanker market's mid-term trajectory.

Rising LPG Demand for Domestic Heating & Cooking in Emerging Asia

Urbanization drives millions of households in China, India, and ASEAN states to swap biomass and coal for LPG stoves, a transition championed by subsidy programs and air-quality mandates that favor the LPG tanker market. This household shift is relatively price inelastic, protecting volume growth even when crude benchmarks swing. China augmented import requirements after commissioning 15 million tonnes of PDH and steam-cracker capacity in 2024, lifting its annual LPG seaborne demand forecast to 36 million tonnes. Intercontinental lifts absorb VLGCs, whereas subsequent coastal redistribution relies on medium gas carriers, spreading utilization benefits across fleet classes. The emerging Asia demand pool also dampens exposure to Middle East geopolitical interruptions because diversification toward U.S. Gulf and Canadian cargos broadens supply options. Collectively, these consumer-side fundamentals anchor a sizeable portion of future LPG tanker market growth.

Volatile Bunker-Fuel & Crude-Oil Prices

Bunker expenses absorbed 30-40% of voyage outlays in 2024 when VLSFO ranged USD 500-700 per tonne, yoking earnings for LPG tanker market participants to crude price swings. Non-dual-fuel vessels remain exposed because they cannot pivot to cheaper cargo boil-off gas during spikes. Brent oscillated between USD 70 and 90 per barrel through 2025, widening volatility bands for freight breakevens. Owners shelter earnings by inserting bunker-adjustment clauses and locking multiyear charters, but such hedges thin spot liquidity, limiting market discovery. Higher fuel costs also compress PDH cracker margins, occasionally trimming propane imports and cargo movements. Even so, resilience in household LPG demand shelters baseline flows, tempering the overall drag on the LPG tanker market.

Other drivers and restraints analyzed in the detailed report include:

1. Expansion of Downstream PDH & Petrochemical Capacity
2. IMO CII Rules Accelerating Replacement with Fuel-Efficient VLGCs
3. Geopolitical Chokepoint Disruptions (Hormuz, Red Sea)

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

VLGCs larger than 80,000 m3 captured 35.5% of the LPG tanker market share in 2025 and will grow 5.7% annually through 2031, reflecting unrivaled per-ton transport economics on intercontinental routes. Modern VLGC designs now load 91,000-93,000 m3 within Neopanamax beam limits, enabling Panama Canal transits that shave 12-15 days off US-to-Asia voyages and lower fuel burn 15-20%. Consolidators such as BW LPG, following its USD 1.05 billion purchase of 12 Avance Gas VLGCs, leverage fleet scale to bargain down dockyard slots and bunker prices, reinforcing dominance. In contrast, Large Gas Carriers (LGCs) of 60,000-80,000 m3 serve Mediterranean and Southeast Asian ports where draft constraints rule out VLGCs, while Medium Gas Carriers (MGCs) between 20,000-60,000 m3 handle intra-regional trades and coastal redistribution. Niche Small & Pressurized tankers below 20,000 m3, although structurally versatile for island chains, contend with rising crew costs and stricter IMO efficiency curves that erode rate premiums. Altogether, scale efficiencies, slot access, and fuel-saving retrofits anchor VLGCs at the heart of the LPG tanker market.

Second-generation VLGCs increasingly feature dual-fuel main engines and shaft generators that repurpose cargo boil-off as propulsion fuel, a technology that saves roughly 15 metric tonnes of VLSFO per day on a Houston-Ningbo round trip. Retrofitting older VLGCs costs USD 7-9 million per hull but extends CII compliance windows and lifts time-charter premiums by USD 4,000-5,000 per day. Parallel interest in very large ethane/ethylene carriers (VLECs) underscores hull commonality; Jiangnan Shipyard's USD 1.9 billion contract for 9 VLECs and 4 very large ammonia carriers for ADNOC L&S and Wanhua Chemical reflects growing appetite for dual-service designs. The cross-pollination of containment technology boosts resale values because vessels can switch between propane, butane, ethane, or ethylene cargoes as arbitrages evolve. Consequently, owners view VLGCs and VLECs as complementary tonnage pools that collectively reinforce the medium-term momentum of the LPG tanker market.

Complete Report Scope:

• By Vessel Size
  • Very Large Gas Carrier (Above 80k m3)
  • Large Gas Carrier (60 to 80k m3)
  • Medium Gas Carrier (20 to 60k m3)
  • Small and Pressurized (Up to 20k m3)
• By Cargo Containment System
  • Fully Refrigerated
  • Semi-pressurized/Semi-refrigerated
  • Fully Pressurized
  • Ethylene-capable (Extra-Refrigerated)
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • United Kingdom
    • France
    • Italy
    • NORDIC Countries
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • ASEAN Countries
    • Australia and New Zealand
    • Rest of Asia-Pacific
  • South America
    • Brazil
    • Argentina
    • Chile
    • Rest of South America
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • South Africa
    • Nigeria
    • Rest of Middle East and Africa

Geography Analysis

Asia-Pacific dominated revenue with 38.1% of the LPG tanker market size in 2025, growing at a 6.0% CAGR as PDH start-ups and household adoption broaden import appetite. China's midstream build-out added 6 dedicated LPG terminals over 2024-2025, supporting larger parcel sizes that prefer VLGC or VLEC lifts. India extended subsidized cylinder coverage to 90 million low-income households by 2025, cementing LPG as the preferred urban cooking fuel. ASEAN economies, notably Indonesia and Vietnam, expand small cylinder distribution, anchoring demand for MGCs and pressurized carriers serving shallow-draft ports. Japan and South Korea maintain mature baseline requirements, but their re-export hubs redistribute partial cargoes to Pacific islands, sustaining short-haul fixtures.

North America sits at the supply center of the LPG tanker market, accounting for more than 50% of net long-haul exports in 2025. Enterprise Products' Mont Belvieu expansion and Targa Resources' capacity lift, both completed in 2024, promise an additional 400,000 bpd of propane-plus output, mainly destined for Asia. Canada's Ridley Island Propane Export Terminal logs steady coastal tanker rotations to Japan, leveraging shorter Pacific routes. Mexico remains a net importer served by pressurized coastal tankers operating from U.S. Gulf loadings.

Europe's demand has tilted toward imports from the U.S. Gulf and Algeria after sanctions squeezed Russian Baltic and Black Sea flows. Germany, France, and the United Kingdom absorb combined seasonal peaks exceeding 1.7 million tonnes per quarter, driving fringe demand for handy-sized pressurized carriers. South America displays patchy flows; Brazil's dry-season cylinder sales spur medium carrier charters, while Chile functions as a bunkering and redistribution node.

Middle East and Africa present a dualistic pattern. Saudi Arabia and the United Arab Emirates ship propane to Asia, exercising term charters that anchor regional tonne-miles. In contrast, South Africa, Kenya, and West African nations import cylinders via pressurized carriers, supported by port upgrades in Lagos and Mombasa. Nigeria's NLNG Bonny expansion promises incremental LPG export barrels in 2026, yet civil unrest risks could intermittently disrupt loadings. Overall, geographic diversification cushions the LPG tanker market against localized shocks, sustaining a balanced global employment landscape.

1. Samsung Heavy Industries Co. Ltd
2. HD Hyundai Heavy Industries Co. Ltd
3. Hanwha Ocean Co. Ltd
4. Mitsubishi Heavy Industries Ltd
5. Kawasaki Heavy Industries Ltd
6. Jiangnan Shipyard (Group) Co. Ltd
7. K Shipbuilding Co. Ltd
8. Japan Marine United Corp.
9. BW LPG Ltd
10. Dorian LPG Ltd
11. Avance Gas Holding Ltd
12. Petredec Holdings (Eastern) Pte Ltd
13. Exmar NV
14. Seapeak LLC
15. Epic Gas Ltd
16. Eastern Pacific Shipping Pte Ltd
17. NYK Line
18. K Line (Kawasaki Kisen Kaisha)
19. China Merchants Energy Shipping Co. Ltd
20. Tianjin Southwest Maritime Co. Ltd

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 Introduction

• 1.1 Study Assumptions & Market Definition
• 1.2 Scope of the Study

2 Research Methodology

3 Executive Summary

4 Market Landscape

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Growing shale-gas export volumes from the United States
  • 4.2.2 Rising LPG demand for domestic heating & cooking in emerging Asia
  • 4.2.3 Expansion of downstream propane-dehydrogenation & petrochemical capacity
  • 4.2.4 IMO CII rules accelerating replacement with fuel-efficient VLGCs
  • 4.2.5 Adoption of LPG as a low-carbon marine bunker fuel
  • 4.2.6 Larger Neopanamax transit slots on the Panama Canal lowering tonne-mile costs
• 4.3 Market Restraints
  • 4.3.1 Volatile bunker-fuel & crude-oil prices
  • 4.3.2 Geopolitical chokepoint disruptions (Hormuz, Red Sea, etc.)
  • 4.3.3 Competition from carbon-neutral gases (ammonia, methanol) in future fuel mix
  • 4.3.4 Environmental-permitting delays for new US Gulf export terminals
• 4.4 Supply-Chain Analysis
• 4.5 Regulatory Landscape
• 4.6 Technological Outlook
• 4.7 Porter's Five Forces
  • 4.7.1 Bargaining Power of Suppliers
  • 4.7.2 Bargaining Power of Buyers
  • 4.7.3 Threat of New Entrants
  • 4.7.4 Threat of Substitutes
  • 4.7.5 Intensity of Rivalry

5 Market Size & Growth Forecasts

• 5.1 By Vessel Size
  • 5.1.1 Very Large Gas Carrier (Above 80k m3)
  • 5.1.2 Large Gas Carrier (60 to 80k m3)
  • 5.1.3 Medium Gas Carrier (20 to 60k m3)
  • 5.1.4 Small and Pressurized (Up to 20k m3)
• 5.2 By Cargo Containment System
  • 5.2.1 Fully Refrigerated
  • 5.2.2 Semi-pressurized/Semi-refrigerated
  • 5.2.3 Fully Pressurized
  • 5.2.4 Ethylene-capable (Extra-Refrigerated)
• 5.3 By Geography
  • 5.3.1 North America
    • 5.3.1.1 United States
    • 5.3.1.2 Canada
    • 5.3.1.3 Mexico
  • 5.3.2 Europe
    • 5.3.2.1 Germany
    • 5.3.2.2 United Kingdom
    • 5.3.2.3 France
    • 5.3.2.4 Italy
    • 5.3.2.5 NORDIC Countries
    • 5.3.2.6 Russia
    • 5.3.2.7 Rest of Europe
  • 5.3.3 Asia-Pacific
    • 5.3.3.1 China
    • 5.3.3.2 India
    • 5.3.3.3 Japan
    • 5.3.3.4 South Korea
    • 5.3.3.5 ASEAN Countries
    • 5.3.3.6 Australia and New Zealand
    • 5.3.3.7 Rest of Asia-Pacific
  • 5.3.4 South America
    • 5.3.4.1 Brazil
    • 5.3.4.2 Argentina
    • 5.3.4.3 Chile
    • 5.3.4.4 Rest of South America
  • 5.3.5 Middle East and Africa
    • 5.3.5.1 Saudi Arabia
    • 5.3.5.2 United Arab Emirates
    • 5.3.5.3 South Africa
    • 5.3.5.4 Nigeria
    • 5.3.5.5 Rest of Middle East and Africa

6 Competitive Landscape

• 6.1 Market Concentration
• 6.2 Strategic Moves (M&A, Partnerships, PPAs)
• 6.3 Market Share Analysis (Market Rank/Share for key companies)
• 6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Products & Services, and Recent Developments)
  • 6.4.1 Samsung Heavy Industries Co. Ltd
  • 6.4.2 HD Hyundai Heavy Industries Co. Ltd
  • 6.4.3 Hanwha Ocean Co. Ltd
  • 6.4.4 Mitsubishi Heavy Industries Ltd
  • 6.4.5 Kawasaki Heavy Industries Ltd
  • 6.4.6 Jiangnan Shipyard (Group) Co. Ltd
  • 6.4.7 K Shipbuilding Co. Ltd
  • 6.4.8 Japan Marine United Corp.
  • 6.4.9 BW LPG Ltd
  • 6.4.10 Dorian LPG Ltd
  • 6.4.11 Avance Gas Holding Ltd
  • 6.4.12 Petredec Holdings (Eastern) Pte Ltd
  • 6.4.13 Exmar NV
  • 6.4.14 Seapeak LLC
  • 6.4.15 Epic Gas Ltd
  • 6.4.16 Eastern Pacific Shipping Pte Ltd
  • 6.4.17 NYK Line
  • 6.4.18 K Line (Kawasaki Kisen Kaisha)
  • 6.4.19 China Merchants Energy Shipping Co. Ltd
  • 6.4.20 Tianjin Southwest Maritime Co. Ltd

7 Market Opportunities & Future Outlook

• 7.1 White-space & Unmet-Need Assessment