Tanker Shipping Market is expected to grow at a CAGR of 9.2% through 2030F
The global Tanker Shipping Market is
expected to be led by North America, driven by Geopolitical Tensions &
Shipping Route Disruptions and Limited Fleet Growth & Ageing Vessels during
the forecast period 2026-2030F
According to TechSci Research
report, “Tanker Shipping
Market - Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2030F, The Global Tanker Shipping Market was valued at USD
41.3 billion in 2024 and is expected to reach USD 70.7 billion by 2030 with a
CAGR of 9.2% through 2030. One key
driver is the increasing global refinery integration, where countries are
expanding refining capacities near coastlines to streamline export and import
logistics. This development boosts demand for both crude and product tankers to
transport feedstock and refined fuels efficiently. Additionally, the shift in
global oil trade patterns—such as the rise of U.S. shale oil exports and
Russia’s redirection of crude flows toward Asia—has led to longer
transportation distances, thereby increasing tanker utilization and boosting
freight rates.
Strategic
alliances between oil producers and shipping firms are also shaping the market.
Long-term charter agreements and joint ventures provide financial stability and
encourage investment in newer, more efficient vessels. Furthermore,
technological advancements like real-time fleet tracking, digital route
optimization, and predictive maintenance are enhancing operational efficiency
and reducing voyage delays, making tanker shipping more cost-effective. Insurance
and financial support mechanisms offered by governments or international
financial institutions for maritime infrastructure and fleet expansion in
developing countries are further accelerating fleet growth. Combined, these
factors are reinforcing the global importance of tanker shipping, ensuring the
market remains a vital link in the global energy and trade ecosystem.
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Based on Type, Liquid Gas Tankers segment
dominated the Tanker Shipping Market in 2024 and maintain its leadership
throughout the forecast period, driven by the surging demand for cleaner fuels
and the expansion of liquefied gas trade worldwide. These specialized tankers
are designed to transport liquefied natural gas (LNG) and liquefied petroleum
gas (LPG), which have gained significant traction as alternatives to
conventional fossil fuels like coal and oil due to their lower carbon
emissions. With rising environmental awareness and the global push toward
energy transition, many countries—especially in Asia-Pacific and Europe—have
increased their reliance on LNG and LPG imports to meet domestic energy
requirements. This trend has greatly boosted the need for liquid gas tankers
with advanced containment systems capable of maintaining cryogenic temperatures
and pressurized environments.
One of the key growth drivers for this
segment is the growing number of LNG export projects in countries like the
United States, Qatar, and Australia. These regions have become leading
suppliers of LNG, shipping large volumes to energy-hungry nations such as
China, Japan, South Korea, and India. Consequently, the rising ton-mile
demand—referring to the volume of cargo transported multiplied by the distance
traveled—has led to higher utilization and earnings for liquid gas tanker
operators. Furthermore, the development of floating LNG terminals and expansion
of regasification facilities worldwide are enhancing the accessibility and
flexibility of LNG trade routes, reinforcing the market dominance of this
segment.
Technological innovation in tanker
design is also supporting growth. Modern liquid gas tankers are increasingly
equipped with dual-fuel engines, allowing them to run on LNG and significantly
reduce greenhouse gas emissions during operations. This aligns with tightening
global regulations such as the International Maritime Organization’s (IMO)
decarbonization targets and emission control areas (ECAs), encouraging fleet
owners to invest in gas-powered vessels.
Additionally, geopolitical factors have
contributed to this segment’s rise. For instance, the Russia-Ukraine conflict
disrupted European energy supplies and accelerated the continent’s shift from
pipeline gas to LNG imports, thus increasing demand for LNG carriers. In
response, global shipyards witnessed a spike in newbuild orders for liquid gas
tankers, particularly from major shipping lines and energy companies aiming to
expand their fleets.
The Liquid Gas Tankers
segment dominates the tanker shipping market due to its alignment with global
energy trends, increasing environmental regulations, and rising long-haul trade
of LNG and LPG. The combination of growing export volumes, technological
advancements, and policy support ensures that this segment will continue to be
a central pillar of the tanker shipping industry in the years ahead.
Asia Pacific is emerging as the
fastest-growing region for the Tanker Shipping Market, driven by robust energy
demand, expanding industrial activities, and the region’s strategic role in
global trade routes. Countries like China, India, South Korea, and Japan are
among the largest importers of crude oil and liquefied natural gas (LNG), fueling
the need for a strong tanker fleet to support the region’s growing consumption.
As energy security becomes a top priority, these nations are investing heavily
in oil reserves, storage infrastructure, and long-term shipping contracts,
thereby stimulating the tanker shipping market.
China’s ongoing urbanization and
industrial growth continue to push up its demand for crude oil, while India’s
expanding refinery capacity is creating additional demand for both crude and
product tankers. Moreover, Southeast Asian countries such as Vietnam,
Indonesia, and Thailand are ramping up energy imports to support economic
development, which contributes to increasing intra-regional and global shipping
activity.
Asia Pacific also benefits from being
home to some of the world’s busiest ports, including Singapore, Shanghai, and
Busan, which serve as major hubs for tanker operations. In addition, the region
hosts several prominent shipbuilding nations—such as South Korea, China, and
Japan—that lead in the construction of advanced tanker vessels, further
accelerating market growth.
Government initiatives to modernize port
infrastructure and expand LNG import terminals are also playing a crucial role.
With rising trade volumes, strategic investments, and growing energy demand,
Asia Pacific is solidifying its position as the fastest-growing and most
dynamic region in the global tanker shipping market.
Key market players in the Tanker
Shipping Market are: -
- Euronav NV
- Frontline Ltd.
- Teekay Corporation
- Maran Tankers Management Inc.
- Scorpio Tankers Inc.
- MISC Berhad
- NYK Line (Nippon Yusen Kabushiki Kaisha)
- Tsakos Energy Navigation Ltd.
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“The global tanker shipping market
presents significant opportunities driven by rising energy demand, expanding
liquefied natural gas (LNG) trade, and the global shift toward cleaner fuels.
Emerging economies in Asia and Africa are increasing oil and gas imports,
creating long-haul transport needs. Technological advancements, including
dual-fuel and eco-efficient tankers, offer fleet modernization opportunities.
Additionally, the development of offshore oil fields and floating storage and
regasification units (FSRUs) is enhancing trade flexibility. Strategic
investments in port infrastructure and global decarbonization goals further
open doors for innovation and greener shipping practices, making the market
attractive for long-term growth and transformation.” said Mr. Karan Chechi,
Research Director of TechSci Research, a research-based global management
consulting firm.
“Tanker Shipping Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By
Type (Oil Tankers, Liquid Gas Tankers, Chemical Tankers), By Mode of
Transportation (Deep sea, Coastal, Inland), By Region 7 Competition,
2020-2030F” has
evaluated the future growth potential of Tanker Shipping Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Tanker Shipping Market.
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