Global LPG Tanker Market

Global LPG Tanker Market Size, Share, Growth Analysis, By Vessel Size(Very large, large), By Refrigeration & pressurization(Ethylene, Full Refrigerated) - Industry Forecast 2023-2030


Report ID: SQMIG55B2008 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 65 | Figures: 75

Global LPG Tanker Market Insights

LPG Tanker Market size was valued at USD 172.55 billion in 2021 and is poised to grow from USD 182.02 billion in 2022 to USD 277.66 billion by 2030, growing at a CAGR of 5.3% in the forecast period (2023-2030).

LPG (liquefied petroleum gas) tanker is a transporter that transports large amounts of petroleum gases. It consists of individual reservoirs stacked in cargo holds. The most commonly used LPG tankers are small-pressurized tanks, shielded or refrigerated seagoing tanks, and semi-pressurized tanks. They are available in very large, large, medium, and small sizes, with a manageable propeller and geared-diesel system. Ammonia, propylene, and vinyl chloride are also delivered by these tankers. As a result, they are widely used in a variety of industries such as oil and gas, petrochemical, automotive, and refinery. In some parts of the world, shale gas production is unstoppable, and this will be a significant driver for the global LPG tanker market. With the increased production of shale gas, there has been an increase in LPG trade. Simultaneously, demand for LPG for cooking and HVAC applications is increasing, fueling the need for safe LPG storage and transportation. This has resulted in an increase in demand for LPG tankers.

LPG is used in motor fuel, business and residential purposes, refinery, and petrochemical as it is non-toxic, cost-effective, clean, handy, approachable, and portable. Factors such as increased shale gas capacity from new supplies, increased global gas trade, and the continued use of liquefied petroleum gas as a cooking fuel all contribute to the growth of the liquefied petroleum gas tanker market.

US LPG Tanker Market is poised to grow at a sustainable CAGR for the next forecast year.

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Global LPG Tanker Market Segmental Analysis

Global LPG tanker market has segmented on the basis of vessel size, refrigeration & pressurization, and region. On the basis of vessel size, it has been classified as very large, large, medium and small gas carrier. On the basis of refrigeration & pressurization, it has been classified as ethylene, full refrigerated, semi refrigerated, and full pressurized. On the basis of region, LPG Tanker Market is classified as North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.

LPG Tanker Market Analysis by Vessel Size

Based on vessel size, very large gas carriers are commonly used to transport LPG gas over long distances across multiple countries. The expansion of liquefied petroleum gas trade relationships between countries including the Middle East and Asian countries, Western Africa and Europe, and the United States is the primary driver of segment growth. However, the large gas carrier is expected to outperform during the forecast period by a small margin. Large gas carriers also have a significant global market share. Some of the key market trends like innovation in LGC development, is expected to drive market growth. For instance, Belgian shipping group, Exmar, will deliver its newly-built largest dual-fuel LPG carrier Flanders Innovation with an 88,000 cbm capacity in June 2021. The deadweight tonnage of the LPG carrier is 55,100 tonnes, with a length of 230 metres and a width of 36.6 metres. Moreover, while compared to the IMO reference lines, the vessel dual-fuel technology is expected to reduce CO2 emissions by 38%. The main factor expected to propel growth of the large gas carrier and medium gas carrier segments is the increased extraction and production of shale gas combined with the export of domestic liquefied petroleum gas. The demand for SGC is expected to increase significantly over the next few years due to growing demand from residential segment.

LPG Tanker Market Analysis by Refrigeration and Pressurization

The fully pressurised segment will maintain its lead over the forecast period. Due to the amount of LPG transport increases, the market is expected to grow steadily across all segments. Very large gas carriers that are fully refrigerated are capable of transporting 15,000 m3 to 85,000 m3 of gas over long distances. Vessels used in such ships can withstand a minimum working temperature of -50oC and a maximum working pressure of approximately 0.28 kg/cm2. Carriers for ethylene are seen as a distinct segment of the industry because they require additional refrigeration for safe transportation around the world. Over the forecast period, the semi-refrigerated segment is expected to grow at a consistent CAGR during the forecast period. These vessels are similar to full-pressure vessels as it contain Type C tank. In this case, the pressure vessel is typically rated for 57 bar maximum working pressure. The ship has a capacity of up to 7,500 m3 and is primarily used for transporting liquid gas. While compared to a fully pressurised container, decompression can reduce tank thickness, but at the expense of additional freezing systems and tank insulation. These ships' tanks are made from steel and can withstand temperatures of up to 10° C. They can be cylindrical, conical, or spherical. A small ship carrier is typically full-pressure type. The semi-refrigerated techniques are generally used specially for shipment spaces which around 7,500m3.

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Global LPG Tanker Market Regional Insights

In 2021, Europe dominated the liquified petroleum gas tanker market, accounting for over 29.30% of revenue. The market in Europe is primarily driven by increased demand for LPG as a result of government initiatives and low domestic LPG production, which leads to increased demand for LPG tankers to facilitate import. Because of the growing exports of liquefied petroleum gas to regions such as Europe and Asia Pacific, North America, the Middle East, and Western Africa are the key regional markets contributor for LPG tankers. After Qatar and Australia, North America is one of the world's top LPG exporters. The presence of abundant validated that shale gas reserves in the region drives the market.

North America will account for 15.0% of global LPG exports worth USD 40 billion in 2021. Furthermore, demand for LPG in the United States, Canada, and Mexico is expected to rise due to its use as a cooking fuel. During the winter, LPG is also used in heating applications in residential buildings in these countries. In terms of revenue, Asia Pacific was the second-largest region in 2021. China, Japan, and India dominate the market in this region. More than 70% of the world's LPG tankers are manufactured in Asia Pacific, specifically in South Korea and Japan.

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Global LPG Tanker Market Dynamics

LPG Tanker Market Driver

  • The LPG tanker market is being driven by growing trade relations and increased shale gas extraction. Because of increased trading of liquefied petroleum gas across various countries, the global market for liquefied petroleum gas tankers is expected to grow significantly. Due to volatile crude oil prices and the advancement of hydraulic fracturing and horizontal drilling processes, key participants have shifted their focus to oil and gas production from shale rock. As a result of the shift in focus, the market is expected to grow during the forecast period, as augmented shale gas production has boosted LPG trade globally.
  • The opening of the Panama Canal's third set of locks is expected to improve LPG trade between the East and West by shortening the distance and shifting international trade routes. LPG demand has also increased for high ventilation air conditioning (HVAC) and cooking applications. Increased trade relations between the United States, Japan, and India for shale gas from 2020 to 2027 are expected to increase demand for LPG tankers.
  • The LPG tanker market is expected to expand rapidly due to an increase in its traditional use for cooking as a substitute for coal and wood. Because of its non-toxic, cost-effective, clean, convenient, accessible, and portable nature, LPG is used in auto fuel, residential or commercial purposes, refinery, and chemicals. The expansion of shale gas capacity from unexplored stocks improved global gas trade, and the continued use of liquefied petroleum gas as a cooking fuel contributes to the growth of the liquefied petroleum gas tankers market.

LPG Tanker Market Restraint

  • The rising demand for and use of CNG and natural gas is limiting the growth of the LPG tanker market. CNG is cleaner and less expensive than LPG, and it is primarily composed of methane. LPG has a higher calorific value than CNG and can catch fire faster. It is used in automobiles as a substitute for gasoline and emits fewer greenhouse gases than LPG. Furthermore, it is lighter than air. As a result, if it spills, it disperses quickly. It is generally less expensive than LPG and is widely used in automobiles and locomotives, posing a challenge to the growth of the LPG tanker market. CNG has been introduced in many commercial vehicles in the United States, ranging from light-duty trucks to medium and heavy-duty trucks
  • CNG has been adopted as a vehicle fuel in Iran, Argentina, China, Brazil, and Pakistan. Because of the lower maintenance costs of natural gas vehicles, the CNG market is expected to grow faster than the LPG market, which is a market restraint. Because of the increasing use of natural gas in buses and trucks, particularly in Ukraine and Russia, retrofitted vehicles dominate the European market. Over the forecast period, regulatory policies, government subsidies, environmental benefits, resource availability, and fuel prices are expected to positively influence CNG adoption while hindering the growth of the LPG tanker market.

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Global LPG Tanker Market Competitive Landscape

LPG tanker market is highly competitive and fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Moreover, the presence of several key players, as well as a few mid-sized and small-scale regional players, characterises the market. Many of the companies specialise in one industry and have a high level of penetration in that industry. Stealth Gas Inc., for example, has the world's largest fleet of small gas carriers and dominates the Mediterranean Sea region. They have 44 small gas carriers that they own and operate. Dorian LPG operates primarily from the United States and has one of the largest VLGC fleets. LPG tankers are almost entirely manufactured in South Korea and Japan, with more than 80% of ships manufactured in this region.

Top Players in the Global LPG Tanker Market

  • BW LPG Limited
  • Dorian LPG Ltd.
  • Navigator Gas LLC
  • Norgas Carriers AS
  • Avance Gas Holding Ltd.
  • Exmar NV
  • Petredec Holdings (Eastern) PTE Ltd.
  • Epic Gas Ltd.
  • StealthGas Inc.
  • MOL Chemical Tankers Pte. Ltd.
  • Salam Pacific Indonesia Lines (SPIL)
  • Mitsui O.S.K. Lines, Ltd.
  • Eastern Pacific Shipping Pte. Ltd.
  • Geogas Maritime SA
  • Pacific Gas Pte. Ltd.
  • Global United Shipping India Private Limited
  • Bumi Armada Berhad
  • GasLog Ltd.
  • Teekay LNG Partners L.P.
  • Aurora LPG Holdings Plc.

 LPG Tanker Market Recent Developments

  • In January 2022, the EU blocked the merger between Hyundai Heavy Industries and DSME on monopoly concerns. The European Commission stated its restriction of the union would lower competition in the LNG and LPG carrier market.
  • In January 2022, Kawasaki Heavy Industries transferred an LPG carrier named Crystal Trinity to Kumiai Navigation. It was Kawasaki's second LPG carrier with a capacity of 84,000 cbm.

Global LPG Tanker Key Market Trends

  • The top three trends driving the global LPG tanker market are increased shale gas production from previously untapped reserves, increase in international gas trade and continued use of LPG as a cooking fuel.
  • The volatility of crude oil prices has prompted the industry to extract shale gas and oil. Because of technological advances in fracking practises, this has been made possible on a large scale. The amount of shale gas moving from the United States to countries in the Asia Pacific and North Africa regions is increasing not only because demand is increasing, but also because transportation costs have decreased due to a drop in oil prices. However, the erratic behaviour of crude oil prices has resulted in higher LPG prices, which has diluted demand to some extent. This factor may reduce demand for LPG tankers. However, the short-term outlook for the global LPG tanker market remains positive.

Global LPG Tanker Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our LPG tanker market analysis, in terms of revenue, a very large gas carrier segment dominated the market growth. In terms refrigeration and pressurization, the full pressurized segment dominated the market growth. Whereas, technological advancements in LPG tanker has provided various opportunities for the global LPG tanker market expansion. Moreover, increasing trade relations & rising shale gas extraction drive the global LPG tanker market during the forecast period.

Report Metric Details
Market size value in 2021 USD 172.55 billion
Market size value in 2030 USD 277.66 billion
Growth Rate 5.3%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Vessel Size
    • Very large, large, medium, small gas carrier
  • Refrigeration & pressurization
    • Ethylene, Full Refrigerated, Semi Refrigerated, Full Pressurized
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • BW LPG Limited
  • Dorian LPG Ltd.
  • Navigator Gas LLC
  • Norgas Carriers AS
  • Avance Gas Holding Ltd.
  • Exmar NV
  • Petredec Holdings (Eastern) PTE Ltd.
  • Epic Gas Ltd.
  • StealthGas Inc.
  • MOL Chemical Tankers Pte. Ltd.
  • Salam Pacific Indonesia Lines (SPIL)
  • Mitsui O.S.K. Lines, Ltd.
  • Eastern Pacific Shipping Pte. Ltd.
  • Geogas Maritime SA
  • Pacific Gas Pte. Ltd.
  • Global United Shipping India Private Limited
  • Bumi Armada Berhad
  • GasLog Ltd.
  • Teekay LNG Partners L.P.
  • Aurora LPG Holdings Plc.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global LPG Tanker Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global LPG Tanker Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global LPG Tanker Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global LPG Tanker Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global LPG Tanker Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global LPG Tanker Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

LPG Tanker Market size was valued at USD 172.55 billion in 2021 and is poised to grow from USD 182.02 billion in 2022 to USD 277.66 billion by 2030, growing at a CAGR of 5.3% in the forecast period (2023-2030).

LPG tanker market is highly competitive and fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Moreover, the presence of several key players, as well as a few mid-sized and small-scale regional players, characterises the market. Many of the companies specialise in one industry and have a high level of penetration in that industry. Stealth Gas Inc., for example, has the world's largest fleet of small gas carriers and dominates the Mediterranean Sea region. They have 44 small gas carriers that they own and operate. Dorian LPG operates primarily from the United States and has one of the largest VLGC fleets. LPG tankers are almost entirely manufactured in South Korea and Japan, with more than 80% of ships manufactured in this region. 'BW LPG Limited', 'Dorian LPG Ltd.', 'Navigator Gas LLC', 'Norgas Carriers AS', 'Avance Gas Holding Ltd.', 'Exmar NV', 'Petredec Holdings (Eastern) PTE Ltd.', 'Epic Gas Ltd.', 'StealthGas Inc.', 'MOL Chemical Tankers Pte. Ltd.', 'Salam Pacific Indonesia Lines (SPIL)', 'Mitsui O.S.K. Lines, Ltd.', 'Eastern Pacific Shipping Pte. Ltd.', 'Geogas Maritime SA', 'Pacific Gas Pte. Ltd.', 'Global United Shipping India Private Limited', 'Bumi Armada Berhad', 'GasLog Ltd.', 'Teekay LNG Partners L.P.', 'Aurora LPG Holdings Plc.'

The LPG tanker market is being driven by growing trade relations and increased shale gas extraction. Because of increased trading of liquefied petroleum gas across various countries, the global market for liquefied petroleum gas tankers is expected to grow significantly. Due to volatile crude oil prices and the advancement of hydraulic fracturing and horizontal drilling processes, key participants have shifted their focus to oil and gas production from shale rock. As a result of the shift in focus, the market is expected to grow during the forecast period, as augmented shale gas production has boosted LPG trade globally.

The top three trends driving the global LPG tanker market are increased shale gas production from previously untapped reserves, increase in international gas trade and continued use of LPG as a cooking fuel.

In 2021, Europe dominated the liquified petroleum gas tanker market, accounting for over 29.30% of revenue. The market in Europe is primarily driven by increased demand for LPG as a result of government initiatives and low domestic LPG production, which leads to increased demand for LPG tankers to facilitate import. Because of the growing exports of liquefied petroleum gas to regions such as Europe and Asia Pacific, North America, the Middle East, and Western Africa are the key regional markets contributor for LPG tankers. After Qatar and Australia, North America is one of the world's top LPG exporters. The presence of abundant validated that shale gas reserves in the region drives the market.

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Global LPG Tanker Market

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