According to a new report by UnivDatos, the LGC and VLGC LPG shipyard carrier Market is expected to reach USD million in 2033 by growing at a CAGR of 5.50%. The increasing global demand for clean fuel such as liquified petroleum gas (LPG) or shale gas, specifically from the Asia-Pacific region, is driving the growth of the LGC and VLGC LPG shipyard carrier market. Additionally, the growing concerns about the environment are driving the adoption of LPG as a marine fuel, as it lowers the emission of harmful gases such as SOx, NOx, and COx. The development of strict rules by IMO for the usage of eco-friendly fuels is encouraging owners and operators to upgrade their fleet with the integration of dual-fuel systems. Moreover, the construction of import and export terminals, and government investment that promotes the manufacturing of VLGCs to increase trade, catalyze further development of the market.

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Growing Demand for Green Fuels

Growing demand for green fuels is one of the primary growth drivers for the market of LGC and VLGC LPG shipyard carriers. Due to strong guidelines laid by the International Marine Organization (IMO) to reduce CO2 emissions, the ship owners and operators are adopting green fuels such as LPG, LNG, and petroleum. Further, shipment carriers are now designed with a dual-fuel propulsion system, which allows them to burn LPG both as fuel and cargo, boosting the market growth. Furthermore, LPG is consumed as a marine fuel because it reduces the emission of harmful gases such as sulphur oxides (SOx) by 90%, nitrogen oxides (NOx) by 80%, and CO2 emissions by 20%, thereby satisfying the IMO rules for marine fuel and improving cost efficiency. Additionally, in 2023, NYK Line announced its sixth very large gas carrier (VLGC), featuring a dual-fuel propulsion system that can utilize future fuels such as ammonia, highlighting the industry trend toward eco-friendly and future-fuel-ready ship design. Such manufacturing is increasing the demand for new-built construction and retrofit projects, as owners are increasingly seeking ways to upgrade their shipments, which can satisfy the IMO guidelines and expand their business internationally.

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According to the report, North America held the dominant market share in the LGC and VLGC shipyard carrier Market

North America holds the largest share of the LGC and VLGC shipyard carrier market due to the rising demand for clean fuels for consumption and production in the region. Strategic investments in export infrastructure, increasing shale gas production, and partnerships between companies are further driving its market growth. For instance, in February 2025, ONEOK, Inc. and MPLX LP announced a partnership to build an export terminal in Texas City for handling 400,000 barrels of LPG per day. Such a partnership boosts the demand for LGC and VLGC by increasing the export volume and encouraging the use of a dual-propulsion system fleet, thereby driving the market growth.

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