LNG Carrier Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The LNG Carrier Market is segmented by Containment Type (Membrane Type and Moss Type), Propulsion Type (Steam Turbines, Dual-Fuel Diesel Engine/Tri-Fuel Diesel Engine(DFDE/TFDE), Slow-Speed Diesel (SSD), M-type Electronically Controlled Gas Injection (ME-GI), XDF Two-stroke Engine, and Steam Re-heat and Stage) and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the market size and forecasts in revenue (USD billion) for all the above segments.

LNG Carriers Market Size

LNG Carriers Market Summary
Study Period: 2018- 2028
Fastest Growing Market: Europe
Largest Market: Asia Pacific
CAGR: > 3.6 %

Major Players

LNG Carriers Market Major Players

*Disclaimer: Major Players sorted in no particular order


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LNG Carriers Market Analysis

The LNG carrier market is expected to record a CAGR of more than 3.6% during the forecast period.

COVID-19 moderately impacted the market in 2020. Currently. The market has reached pre-pandemic levels.

  • Over the medium period, factors such as flexible deployment capabilities, increased efficiency, and increasing global consumption of LNG driven by supportive government regulations and demand from several end-user industries, including power generation and industrial, are expected to drive the market in the coming years.
  • On the other hand, with the new carrier fleet entering the market and with regional shipping imbalances, carriers' charter rates have fluctuated, which may hinder the market’s growth during the forecast period.
  • Nevertheless, many terminals are adjusting to accommodate small-scale and bunkering vessels to comply with emissions targets and capture new commercial opportunities. Conventional oil-based fuels will remain the main fuel option for most vessels in the future. At the same time, commercial opportunities of LNG are interesting.

LNG Carriers Industry Segmentation

An LNG carrier is a ship designed to transport liquefied natural gas in its chilled tanks. LNG carriers emit fewer greenhouse gases than conventional vessels because they are powered by natural gas.

The LNG Carrier market is segmented by containment type, propulsion type, and geography. By containment type, the market is segmented into membrane type and moss type. By propulsion type, the market is segmented into steam turbines, dual-fuel diesel engine/tri-fuel diesel engines (DFDE/TFDE), slow-speed diesel (SSD), M-type electronically controlled gas injection (ME-GI), XDF two-stroke engine, and steam re-heat and stage. The report also covers the market size and forecasts for the LNG carrier market across the major regions (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). For each segment, the market sizing and forecasts have been done on the revenue (USD billion).

Containment Type
Propulsion Type
Steam Turbines
Dual Fuel Diesel Engine/Tri-Fuel Diesel Engine (DFDE/TFDE)
Slow-Speed Diesel (SSD)
M-type Electronically Controlled Gas Injection (ME-GI)
XDF Two-stroke Engine
Steam Re-heat and Stage
Geography [Market Size and Demand Forecast till 2028 (for regions only)]
North America
United States
Rest of the North America
South Korea
Rest of the Asia-Pacific
United Kingdom
Rest of the Europe
South America
Rest of the South America
Middle-East and Africa
United Arab Emirates
Saudi Arabia
Rest of the Middle-East and Africa

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LNG Carriers Market Trends

Membrane-Type Containment to Dominate the Market

  • The membrane-type segment held the largest market share owing to its higher carrying capacity and other advantages. This containment segment is expected to dominate the global market throughout the forecast period.
  • Gaztransport and Technigaz (GTT) designed the most common membrane tank systems. Several GTT systems have already been implemented onboard LNG carriers for many years, and other designs from different companies have been developed.
  • Moreover, in December 2022, Samsung Heavy Industries (Shi) awarded Gaztransport & Technigaz (GTT) two contracts for the tank design of seven new LNG carrier vessels. The contracts were awarded on behalf of both a European and an American shipowner. Each LNG vessel will be 174,000m3 in size. The vessels are expected to be delivered in the first and fourth quarters of 2026 and 2027.
  • By 2021, 518 units of the active fleet had a GTT membrane-type containment system which accounted for 81% of the current fleet count. It continued to lead the order book as the preferred containment option.
  • Due to technological advancements, membrane-type containment has a superior capacity to bear the immense pressure of LNG and its compact shape to carry large LNG volumes compared to moss-type containment.
LNG Carrier Market: Share of Existing Fleet, in units, by Containment Type, Global, 2021

Asia-Pacific to Dominate the Market

  • The Asia-Pacific accounted for the largest LNG carrier market share due to increased demand for natural gas because of high industrial growth and the adoption of clean energy sources. Therefore, the region is expected to continue its dominance in the market throughout the forecast period. Most of the demand in the region came from China.
  • Meanwhile, China has accelerated its policy of reducing emissions and pollution through coal-to-gas conversion, increasing its LNG consumption by 15.0%. Several other Asian countries and regions, notably South Korea and Chinese Taipei, will dramatically expand LNG imports in 2021. As of 2021, Asia Pacific accounts for 72% share of total global LNG imports
  • China imported 109.5 billion cubic meters of liquefied natural gas (LNG) in 2021, an 16.8% increase compared to 2021. Therefore, China became a vital contributor to the global LNG industry's development and prosperity. Net LNG imports in Asia Pacific in 2021 increased by 7.3%.
  • The growing LNG consumption by various end-user industries, such as manufacturing, petrochemicals, and fertilizers, is on a consistent rise in China and South Korea. Japan prevalently consumes LNG for power generation. These countries are expected to aid in the growth of the Asia-Pacific market.
LNG Carriers Market: Growth Rate by Region, 2023-2028

LNG Carriers Industry Overview

The LNG carrier market is moderately fragmented. A few major companies operating in the market (not in a particular order) include Royal Dutch Shell PLC, Nippon Yusen Kabushiki Kaisha, Mitsui OSK Lines Ltd, MISC Berhad, and Seapeak, among others.

LNG Carriers Market Leaders

  1. Royal Dutch Shell PLC

  2. Nippon Yusen Kabushiki Kaisha

  3. MISC Berhad

  4. Mitsui O.S.K. Lines Ltd

  5. Seapeak

*Disclaimer: Major Players sorted in no particular order

LNG Carriers Market Concentration

LNG Carriers Market News

  • December 2022: GAIL (India) Ltd agreed to time charter a new liquefied natural gas (LNG) carrier with Japan's Mitsui O. S. K. Lines Ltd (MOL) and acquired a stake in an existing LNG carrier. The new LNG carrier, built by South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd, will be the second MOL Group LNG ship to serve GAIL and will commence time chartering in 2023.
  • October 2022: GTT announced that it earned two Approvals in Principle (AiP) from DNV and Bureau Veritas for its revolutionary three-tank LNG tanker design (BV). The three-tank LNG carrier concept reduces construction costs by eliminating one cofferdam, one pump tower, and all related cryogenic equipment (liquid and gas domes, valves, piping, radars, etc.).

LNG Carriers Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2028

    3. 4.3 Global LNG Carrier Fleet (Historical and Forecast) in Number of Vessels, Until 2028

    4. 4.4 Recent Trends and Developments

    5. 4.5 Government Policies and Regulations

    6. 4.6 Market Dynamics

      1. 4.6.1 Drivers

      2. 4.6.2 Restraints

    7. 4.7 Supply Chain Analysis

    8. 4.8 Porter's Five Forces Analysis

      1. 4.8.1 Bargaining Power of Suppliers

      2. 4.8.2 Bargaining Power of Consumers

      3. 4.8.3 Threat of New Entrants

      4. 4.8.4 Threat of Substitutes Products and Services

      5. 4.8.5 Intensity of Competitive Rivalry


    1. 5.1 Containment Type

      1. 5.1.1 Moss

      2. 5.1.2 Membrane

    2. 5.2 Propulsion Type

      1. 5.2.1 Steam Turbines

      2. 5.2.2 Dual Fuel Diesel Engine/Tri-Fuel Diesel Engine (DFDE/TFDE)

      3. 5.2.3 Slow-Speed Diesel (SSD)

      4. 5.2.4 M-type Electronically Controlled Gas Injection (ME-GI)

      5. 5.2.5 XDF Two-stroke Engine

      6. 5.2.6 Steam Re-heat and Stage

    3. 5.3 Geography [Market Size and Demand Forecast till 2028 (for regions only)]

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Rest of the North America

      2. 5.3.2 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of the Asia-Pacific

      3. 5.3.3 Europe

        1. Germany

        2. France

        3. Spain

        4. United Kingdom

        5. Rest of the Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of the South America

      5. 5.3.5 Middle-East and Africa

        1. United Arab Emirates

        2. Nigeria

        3. Saudi Arabia

        4. Rest of the Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Ship Builders

        1. Samsung Heavy Industries Co. Ltd

        2. Hyundai Samho Heavy Industries Co. Ltd

        3. Daewoo Shipbuilding and Marine Engineering Co. Ltd

        4. STX Offshore and Shipbuilding CO.,LTD.

        5. Mitsubishi Heavy Industries Ltd

        6. Kawasaki Heavy Industries Ltd

        7. China Shipbuilding Trading Co. Ltd

        8. Japan Marine United Corporation

        9. HJ Shipbuilding & Construction Company, Ltd.

      2. 6.4.2 Ship Operators

        1. Royal Dutch Shell PLC

        2. Nippon Yusen Kabushiki Kaisha

        3. Mitsui OSK Lines Ltd

        4. MISC Berhad

        5. Seapeak

        6. Maran Gas Maritime Inc.

        7. Golar LNG

        8. BW LPG

        9. GasLog Ltd

        10. Kawasaki Kisen Kaisha, Ltd.

    5. *List Not Exhaustive

**Subject to Availability
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LNG Carriers Market Research FAQs

The LNG Carriers Market is studied from 2018 - 2028.

The LNG Carriers Market is growing at a CAGR of >3.6% over the next 5 years.

Europe is growing at the highest CAGR over 2021 - 2026.

Asia Pacific holds highest share in 2022.

Royal Dutch Shell PLC, Nippon Yusen Kabushiki Kaisha, MISC Berhad, Mitsui O.S.K. Lines Ltd, Seapeak are the major companies operating in LNG Carriers Market.

LNG Carriers Industry Report

Statistics for the 2023 LNG Carriers market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. LNG Carriers analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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