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), L

Global 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 is experiencing notable shifts, with key market drivers such as rising oil and gas consumption, increased trade flows, and growing energy demand driving its expansion. The industry is witnessing a shift towards larger, more efficient vessels, as well as technological advancements to enhance operational efficiency and reduce emissions. Sustainability is becoming a key focus, leading to the adoption of greener technologies and fuels to meet environmental regulations.
Emerging markets, particularly in Asia and Africa, present significant growth opportunities for tanker cargo ships due to their increasing energy consumption and infrastructure development. The trend toward diversification of energy sources, such as the expanding use of liquefied natural gas (LNG), is also creating new opportunities for specialized LNG tanker vessels. Additionally, the adoption of digitalization and automation technologies is transforming the industry, streamlining operations and improving safety.

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, particularly focusing on the Hull Type segment, showcases a diverse range of vessel types that cater to various transportation needs in the shipping industry. By 2023, the market will be valued significantly across different hull types, reflecting the demand and operational capacities of these ships. The Single-Hull Tankers, with a valuation of 16.5 USD Billion, and the Double-Hull Tankers, valued at 39.2 USD Billion, illustrate the prevailing shift toward more secure transporting methods, as double-hulled designs enhance safety standards by minimizing the risk of oil spills. Aframax Tankers hold a valuation of 27.1 USD Billion, serving as a crucial link in the transportation of crude oil, particularly in regions with medium-load restrictions. Suezmax Tankers, valued at 25.5 USD Billion, are essential for navigating the Suez Canal, efficiently transporting large amounts of oil while accommodating specific size constraints.

The Very Large Crude Carriers (VLCCs) dominate the market, valued at 29.04 USD Billion, reflecting their critical role in the global oil trade by allowing for the efficient transport of large volumes over long distances. This dominance is indicative of a broader trend towards larger vessels as shipping lines aim to maximize economies of scale. Interestingly, Ultra Large Crude Carriers (ULCCs) further emphasize this trend, efficiently handling even greater capacities. The inclusion of Liquefied Natural Gas (LNG) Tankers and Liquefied Petroleum Gas (LPG) Tankers is significant, demonstrating the industry’s adaptation in response to rising energy demands and the shift toward cleaner fuels, a sector that continues to expand dynamically. The Chemical Tankers, specialized for transporting various chemicals, along with Product Tankers and Bitumen Tankers, offer diverse operational capabilities, catering to specific cargo needs in the chemical and asphalt sectors.

The increasing focus on environmental regulations is reshaping the landscape, pushing for the advancement of more sustainable designs across all tanker types. The ongoing global market growth can be attributed to rising energy demands, increased global trade, and the continuous evolution of shipping technology. Each hull type serves its unique purpose and niche within the broader market, contributing to the overall resilience and flexibility of the Tanker Cargo Ship Market. The industry is ripe with opportunities as it adapts to shifting regulations, technological advancements, and fluctuating global energy demands, making it an area of sustained interest and investment. The detailed segmentation of hull types within the Tanker Cargo Ship Market underlines the complexity and specificity required to address varied shipping needs in an ever-transforming global landscape.

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

Tanker Cargo Ship Market Tanker Size Insights

The Tanker Cargo Ship Market revenue is witnessing substantial growth, driven by increasing demand for the transportation of liquid cargo. Tanker size plays a pivotal role in this sector, with categories including Small, Medium, Large, and Very Large tankers. Each category caters to specific logistical needs and market requirements, contributing to the overall efficiency of cargo delivery.

Small tankers serve niche markets with flexible operations, while Medium-sized tankers are often favored for their balance between capacity and maneuverability. Large tankers dominate the bulk transport of crude oil and other liquids, reflecting a crucial segment of the Tanker Cargo Ship Market industry due to their capacity to handle high volumes, thus improving cost-efficiency.

The Very Large tankers, known for transporting massive quantities, are vital for international trade, particularly in oil transportation. The important role that these categories play is underscored by their ability to meet diverse market demands, presenting various opportunities amidst existing challenges such as competition and regulatory pressures, impacting the Tanker Cargo Ship Market statistics significantly.

Tanker Cargo Ship Market Cargo Type Insights

Tanker Cargo ShipWithin this framework, crude oil remains a critical component, driven by the global demand for energy sources. Refined products play a vital role as well, catering to an array of energy requirements across diverse industries.

Liquefied Natural Gas (LNG) has gained significant traction, propelled by the increasing shift towards cleaner energy and the global push for reduced carbon emissions. Similarly, Liquefied Petroleum Gas (LPG) continues to dominate the market due to its extensive application in residential and commercial sectors. The chemicals segment holds importance as it encompasses a wide range of liquid products essential for manufacturing processes. Lastly, bitumen serves a niche demand, mainly in construction and infrastructure development. As the Tanker Cargo Ship Market evolves, it reflects trends driven by energy demands, regulatory changes, and advances in shipping technologies, ultimately shaping the industry landscape and enhancing market growth opportunities.

Tanker Cargo Ship Market Propulsion System Insights

Tanker Cargo ShipWithin this segment, various types of propulsion systems are utilized, including Conventional, Diesel-Electric, Turbo-Electric, and Gas-Electric systems. The Conventional propulsion system remains a significant choice due to its simplicity and reliability, catering to a vast array of tankers. Meanwhile, Diesel-Electric technology is gaining traction due to its high fuel efficiency and reduced environmental impact, making it an attractive option for modern fleets.

Turbo-electric systems are noteworthy for their ability to provide effective power management, which is increasingly relevant as vessels face stricter regulations. Gas-electric propulsion is emerging as a promising alternative, leveraging cleaner fuel sources to minimize emissions and comply with international standards. Collectively, these variations within the propulsion system reflect the evolving landscape of the Tanker Cargo Ship Market, where efficiency, sustainability, and compliance with environmental regulations are key drivers of growth.

Market trends suggest that these propulsion systems will continue to adapt to technological advancements and regulatory pressures, ensuring a competitive edge for operators in the industry.

Tanker Cargo Ship Market Tanker Age Insights

Tanker Cargo ShipThis segment includes various age categories such as Less than 5 years, 5-10 years, 10-15 years, 15-20 years, and Over 20 years, each playing a crucial role in shaping market dynamics. The age of tankers often impacts operational efficiency, regulatory compliance, and fuel technology, influencing their market value significantly. Younger vessels, typically under 5 years, are seen as more desirable due to their advanced technology and lower emissions, appealing to environmentally conscious shipping companies.

Conversely, older tankers, particularly those over 20 years, often face challenges such as higher maintenance costs and regulatory pressures but still represent a substantial portion of the fleet as they cater to niche markets. As the market expands, understanding the Tanker Cargo Ship Market segmentation by age aids stakeholders in making strategic decisions, capitalizing on emerging opportunities while navigating challenges inherent in older fleets, ultimately shaping the overall Tanker Cargo Ship Market statistics and landscape.

Tanker Cargo Ship Market Regional Insights

Tanker Cargo ShipNorth America holds a substantial share valued at 30.0 USD Billion, projected to increase to 45.0 USD Billion by 2032, making it a prominent player, supported by robust trade activities and maritime infrastructure. Europe follows, markedly important with a valuation of 40.0 USD Billion in 2023, set to rise to 60.0 USD Billion, reflecting the region's extensive shipping networks and regulations that promote maritime safety.

The Asia Pacific region, valued at 45.0 USD Billion, reflects a majority holding in the market, anticipated to grow to 70.0 USD Billion, driven by strong industrialization and increasing oil trade. South America, albeit smaller at 10.0 USD Billion, will expand to 15.0 USD Billion, indicating growth opportunities within emerging economies. The Middle East and Africa, valued at 12.34 USD Billion, is expected to reach 25.9 USD Billion by 2032, benefiting from significant oil reserves and expanding shipping routes. The diverse growth across the regions showcases the Tanker Cargo Ship Market's dynamic landscape and opportunities stimulated by trade and economic developments.

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 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