Tanker Cargo Ship Market Research Report By Hull Type (Single-Hull Tankers, Double-Hull Tankers, Aframax Tankers, Suezmax Tankers, Very Large Crude Carriers (VLCCs), Ultra Large Crude Carriers (ULCCs), Liquefied Natural Gas (LNG) Tankers, Liquefied Petroleum Gas (LPG) Tankers, Chemical Tankers, Product Tankers, Bitumen Tankers), By Tanker Size (Small (less than 50,000 DWT), Medium (50,000 - 150,000 DWT), Large (150,000 - 300,000 DWT), Very Large (over 300,000 DWT)), By Cargo Type (Crude Oil, Refined Products, Liquefied Natural Gas (LNG), Li

Tanker Cargo Ship Market Overview

As per MRFR analysis, the Tanker Cargo Ship Market Size was estimated at 130.6 (USD Billion) in 2022.The Tanker Cargo Ship Market Industry is expected to grow from 137.34(USD Billion) in 2023 to 215.9 (USD Billion) by 2032. The Tanker Cargo Ship Market CAGR (growth rate) is expected to be around 5.16% during the forecast period (2024 - 2032).

Key Tanker Cargo Ship Market Trends Highlighted

The Tanker Cargo Ship Market has some key market drivers, such as growing oil and gas consumption, trade flows and energy consumption, that account for more room for expansion. There has been an adoption of large and more efficient vessels and even the implementation of newer technologies that will make operations more efficient and less polluting. There is growing interest in sustainability, which has resulted in the search for new clean technologies and fuels that comply with environmental requirements.

The developing countries in Asia and Africa are becoming an attractive market for tanker cargo ships in light of the growing energy appetite coupled with infrastructure enhancement. In addition, the proliferation of digitalization and automation technologies is changing the business and its processes and making them more efficient and safer.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Tanker Cargo Ship Market Drivers

Increasing Global Trade and Demand for Energy

The Tanker Cargo Ship Market Industry is projected to witness substantial growth in the coming years, driven by increasing global trade and demand for energy. The growth in international trade has led to a rise in the demand for the transportation of crude oil, refined petroleum products, and other liquid commodities. As a result, tanker cargo ships play a crucial role in facilitating global trade, ensuring the efficient and timely delivery of these essential commodities.Moreover, the growing demand for energy, particularly in emerging economies, has further fueled the need for tanker cargo ships to transport crude oil and refined products to meet the increasing energy consumption.

Expansion of Petrochemical Industry and Infrastructure

The other key driver of the expansion of the Tanker Cargo Ship Market is the growth of the petrochemical industry. The latter is in an ongoing need of raw materials transportation, crude oil, and natural gas delivery, as well as in finished products, such as plastics and fertilizers designated distribution. The tanker cargo ship is the ultimate tool for materials transportation at the required level of efficiency and price. Moreover, the ongoing investments in the terminal expansion and modernization, as a part of the ports’ infrastructure, also serve as a factor in the tanker cargo ship market growth.

Environmental Regulations and Technological Advancements

Stringent environmental regulations and technological advancements are also shaping the Tanker Cargo Ship Market Industry. Governments worldwide are implementing stricter regulations to reduce emissions and improve the environmental performance of the shipping industry. This has led to the development of more fuel-efficient and environmentally friendly tanker cargo ships equipped with advanced technologies such as scrubbers and ballast water treatment systems.Technological advancements, such as the adoption of digitalization and automation, are also improving the operational efficiency and safety of tanker cargo ships, further driving the growth of the market.

Tanker Cargo Ship Market Segment Insights

Tanker Cargo Ship Market Hull Type Insights

The Tanker Cargo Ship Market Segmentation by Hull Type includes single-hull tankers, double-hull tankers, aframax tankers, suezmax tankers, very large crude carriers, ultra large crude carriers, liquefied natural gas tankers, liquefied petroleum gas tankers, chemical tankers, product tankers, and bitumen tankers. Double-hull tankers are expected to dominate the market with a revenue of USD 74.3 billion by 2024, owing to the growing demand for safer and environment-friendly tankers. However, single-hull tankers will witness declining demand due to factors such as the stricter regulations against the usage of these tankers.Aframax tankers, which have a capacity of 80,000 to 120,000 deadweight tons, can transport refined products. The growing demand for refined products especially in developing economies is expected to drive the growth of the segment. Suezmax tankers, with a capacity range of 120,000 to 200,000 DWT, are utilized to transport crude oil. 

The increasing demand for crude oil across the globe is anticipated to augment the growth of suezmax tankers. VLCCs are double-hull tankers that have a capacity of 200,000 DWT to 320,000 DWT and are utilized to transport large quantities of crude oil over long distances.The increasing global demand for crude oil in emerging economies such as China and India is anticipated to fuel the growth of VLCCs. ULCCs, which have a capacity of DWT exceeding 320,000, are the largest tankers and are utilized to transport large quantities of crude oil over long distances. The increasing demand for crude oil in emerging economies is expected to drive the growth of the segment. LNG tankers are designed to transport liquefied natural gas. Rise in the demand for LNG as a cleaner fuel is expected to drive the growth of the segment.LPG tankers are utilized to transport LPG. The increasing demand for LPG as a cooking fuel across developing nations is expected to drive the growth of the segment. Chemical tankers are designed to transport chemicals. The increasing demand for chemicals used in various industries such as pharmaceutical, automotive, and construction is expected to drive the growth of the segment. Product tankers, which can be used to transport refined petroleum products, will witness moderate growth due to increasing demand for refined products. Bitumen tankers are expected to witness growth as the demand for bitumen in road construction and other applications is expected to increase.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Tanker Cargo Ship Market Tanker Size Insights

The Tanker Cargo Ship Market is segmented by Tanker Size into Small (less than 50,000 DWT), Medium (50,000 - 150,000 DWT), Large (150,000 - 300,000 DWT), and Very Large (over 300,000 DWT). The Medium Tanker Size segment is also expected to witness significant growth during the forecast period. The Large Tanker Size segment is expected to account for the second-largest share of the market in 2023. However, due to the increasing demand for Very Large Tanker Size vessels, the segment is expected to grow at a faster rate during the forecast period.The Very Large Tanker Size segment is expected to witness significant growth during the forecast period due to the increasing demand for the transportation of crude oil.

Tanker Cargo Ship Market Cargo Type Insights

The Tanker Cargo Ship Market is segmented by cargo type into Crude Oil, Refined Products, Liquefied Natural Gas (LNG), Liquefied Petroleum Gas (LPG), Chemicals, and Bitumen. The Crude Oil segment accounted for the largest share of the market in 2023, and is expected to continue to dominate the market over the forecast period. The Refined Products segment is expected to witness the highest growth rate over the forecast period, due to the increasing demand for refined petroleum products such as gasoline, diesel, and jet fuel. The LNG segment is also expected to experience significant growth due to the increasing demand for LNG as a cleaner and more efficient fuel.The LPG segment is expected to grow at a moderate pace, due to the increasing demand for LPG as a cooking fuel in developing countries. The Chemicals segment is expected to witness a steady growth rate, due to the increasing demand for chemicals for various industrial applications. The Bitumen segment is expected to grow at a slow pace, due to the declining demand for bitumen for road construction.

Tanker Cargo Ship Market Propulsion System Insights

The Propulsion System segment of the Tanker Cargo Ship Market is expected to grow significantly in the coming years. The conventional propulsion system currently dominates the market, accounting for the largest share of revenue. However, the diesel-electric propulsion system is expected to witness the highest growth rate during the forecast period, owing to its advantages in terms of fuel efficiency and environmental friendliness. The turbo-electric and gas-electric propulsion systems are also expected to gain traction in the market, as they offer benefits such as improved performance and reduced emissions.Overall, the Propulsion System segment of the Tanker Cargo Ship Market is expected to grow at a CAGR of 5.16% during the forecast period, reaching a value of USD 215.9 billion by 2032.

Tanker Cargo Ship Market Tanker Age Insights

The Tanker Age segment provides valuable insights into the age distribution of the global tanker fleet. In 2023, the 'Less than 5 years' segment held a significant market share, driven by increasing demand for new and efficient tankers to meet stringent environmental regulations. The '5-10 years' segment is projected to witness steady growth due to the ongoing replacement of older vessels. The '10-15 years' segment is expected to remain stable, representing a significant portion of the fleet. The '15-20 years' segment is anticipated to decline gradually due to the phasing out of older tankers.The 'Over 20 years' segment is expected to experience a significant decline as these vessels reach the end of their operational lifespan. Understanding the age distribution of the tanker fleet is crucial for industry stakeholders to make informed decisions regarding fleet renewal, investment strategies, and environmental compliance.

Tanker Cargo Ship Market Regional Insights

The Tanker Cargo Ship Market segmentation by region includes North America, Europe, APAC, South America, and MEA. North America is expected to hold a significant market share due to the presence of major shipping ports and the high demand for crude oil and refined products. Europe is another major market for tanker cargo ships, owing to its reliance on imported oil and gas. The APAC region is expected to witness substantial growth in the tanker cargo ship market, driven by the increasing demand for energy in countries such as China and India.South America and MEA are also expected to contribute to the growth of the tanker cargo ship market, albeit to a lesser extent. The Tanker Cargo Ship Market revenue is expected to witness steady growth in the coming years, owing to the increasing demand for oil and gas transportation.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Tanker Cargo Ship Market Key Players And Competitive Insights

The leading companies in the Tanker Cargo Ship Market are major players in the oil and gas industry. They are constantly seeking innovative ways to gain a competitive advantage in the global market. Leading Tanker Cargo Ship Market players are investing heavily in research and development to improve their product offerings and stay ahead of the competition. For example, Hyundai Heavy Industries, the world’s largest shipbuilder, recently developed a new design for a very large crude carrier that is more fuel-efficient and environmentally friendly than previous models. Other major players in the Tanker Cargo Ship Market, such as Daewoo Shipbuilding Marine Engineering and Samsung Heavy Industries, are also investing in new technologies to improve their competitiveness. The Tanker Cargo Ship Market development is driven by the increasing demand for oil and gas transportation. The global tanker fleet is expected to grow by over 5% in the next five years as demand for oil and gas continues to rise. 

This growth is expected to be driven by the increasing demand for oil and gas from developing countries, such as China and India.One of the leading companies in the Tanker Cargo Ship Market is Frontline. Frontline is a Norwegian shipping company that operates a fleet of VLCCs and Suezmax tankers. The company has a strong track record of profitability and has consistently outperformed its competitors in terms of return on equity and return on assets. Frontline is also a leader in the use of new technologies, such as scrubbers and ballast water treatment systems. These technologies help Frontline to reduce its environmental impact and improve its operational efficiency.A major competitor to Frontline in the Tanker Cargo Ship Market is Euronav. Euronav is a Belgian shipping company that operates a fleet of VLCCs and Suezmax tankers. Euronav is also a leader in the use of new technologies, such as scrubbers and ballast water treatment systems. The company has a strong track record of profitability and has consistently outperformed its competitors in terms of return on equity and return on assets. Euronav is also a leader in the use of new technologies, such as scrubbers and ballast water treatment systems. These technologies help Euronav to reduce its environmental impact and improve its operational efficiency.

Key Companies in the Tanker Cargo Ship Market Include

• Chevron Shipping


• Frontline Ltd.


• BW Group


• Ardmore Shipping


• Dynacom Tankers


• AET Tankers


• Teekay Tankers


• Diamond S Shipping


• DHT Holdings


• International Seaways


• COSCO Shipping Tanker


• Euronav


• Euronav Tankers


• Tsakos Energy Navigation


• Scorpio Tankers

Tanker Cargo Ship Market Industry Developments

The Tanker Cargo Ship Market is anticipated to reach a valuation of USD 215.9 billion by 2032, exhibiting a 5.16% CAGR from 2024 to 2032. The recent rise in crude oil prices has positively impacted the demand for tanker cargo ships. Additionally, the growing global trade of refined petroleum products and petrochemicals is driving market growth. Furthermore, the implementation of stricter environmental regulations, such as the IMO 2020 sulfur cap, is leading to increased demand for eco-friendly tanker cargo ships. The market is expected to witness significant growth in the Asia-Pacific region due to the rising demand for crude oil and refined products in countries like China, India, and South Korea.

Tanker Cargo Ship Market Segmentation Insights

• 
  

  Tanker Cargo Ship Market Hull Type Outlook

  
  
  
  
  • Single-Hull Tankers
  
  
  • Double-Hull Tankers
  
  
  • Aframax Tankers
  
  
  • Suezmax Tankers
  
  
  • Very Large Crude Carriers (VLCCs)
  
  
  • Ultra Large Crude Carriers (ULCCs)
  
  
  • Liquefied Natural Gas (LNG) Tankers
  
  
  • Liquefied Petroleum Gas (LPG) Tankers
  
  
  • Chemical Tankers
  
  
  • Product Tankers
  
  
  • Bitumen Tankers
  
  
  
  

• 
  

  Tanker Cargo Ship Market Tanker Size Outlook

  
  
  
  
  • Small (less than 50,000 DWT)
  
  
  • Medium (50,000 - 150,000 DWT)
  
  
  • Large (150,000 - 300,000 DWT)
  
  
  • Very Large (over 300,000 DWT)
  
  
  
  

• 
  

  Tanker Cargo Ship Market Cargo Type Outlook

  
  
  
  
  • Crude Oil
  
  
  • Refined Products
  
  
  • Liquefied Natural Gas (LNG)
  
  
  • Liquefied Petroleum Gas (LPG)
  
  
  • Chemicals
  
  
  • Bitumen
  
  
  
  

• 
  

  Tanker Cargo Ship Market Propulsion System Outlook

  
  
  
  
  • Conventional
  
  
  • Diesel-Electric
  
  
  • Turbo-Electric
  
  
  • Gas-Electric
  
  
  
  

• 
  

  Tanker Cargo Ship Market Tanker Age Outlook

  
  
  
  
  • Less than 5 years
  
  
  • 5-10 years
  
  
  • 10-15 years
  
  
  • 15-20 years
  
  
  • Over 20 years
  
  
  
  

• 
  

  Tanker Cargo Ship Market Regional Outlook

  
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa