LPG Carriers: Market Size & Forecast 2026

The global LPG carrier market sits at approximately USD 4.5 billion in 2025, measured as newbuild and second-hand transaction value across the Very Large Gas Carrier (VLGC), Large Gas Carrier (LGC), Medium Gas Carrier (MGC), and pressurised carrier segments. The market is on track to reach roughly USD 6.0 billion by 2032, implying a 4.2% CAGR through the forecast period. Newbuilding supply is dominated by South Korean yards, which hold approximately 60-65% of the VLGC orderbook, while steel plate prices and IMO GHG regulations are the two cost variables most likely to shift the economics of a newbuild order between now and 2028. > **Analyst Take.** The 4.2% CAGR is credible, but the composition is wrong in most consensus estimates. Roughly 55% of the market value growth through 2032 comes from vessel price inflation (steel, equipment, yard margin) rather than fleet expansion. Buyers trea

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