Product Code: 28900
The Global Marine Oil and Gas Tanker Market was valued at USD 172.3 billion in 2024 and is projected to reach USD 219.7 billion by 2030, growing at a CAGR of 3.7% during the forecast period. The market is experiencing consistent growth, fueled by increasing global demand for crude oil and natural gas. As international trade expands, the need for efficient and reliable marine transport of energy resources intensifies, boosting demand for tanker vessels. Ongoing development in maritime infrastructure is enhancing the ability to accommodate larger ships, improving transportation efficiency across global trade routes. Moreover, stricter environmental regulations from international bodies like the International Maritime Organization (IMO) are reshaping the market. These standards are prompting a transition toward sustainable propulsion technologies, including LNG-powered, hybrid, and dual-fuel systems. Tanker operators are investing in green technologies to comply with emissions targets and reduce environmental impact, which in turn is shaping the future of marine energy transportation.
Market Overview |
Forecast Period | 2026-2030 |
Market Size 2024 | USD 172.3 Billion |
Market Size 2030 | USD 219.7 Billion |
CAGR 2025-2030 | 3.7% |
Fastest Growing Segment | LNG Powered |
Largest Market | Asia Pacific |
Key Market Drivers
Technological Advancements in Marine Propulsion Systems
Advancements in marine propulsion are significantly influencing the marine oil and gas tanker market. The adoption of LNG-powered, hybrid, and electric propulsion systems is accelerating as the industry seeks to comply with evolving environmental regulations. These technologies offer improved fuel efficiency and lower emissions, aligning with sustainability goals and regulatory requirements. Shipping companies adopting these propulsion innovations benefit from reduced operational costs and enhanced environmental compliance. The ongoing development of energy-efficient engines, alternative fuel systems, and fuel cell technologies is further contributing to market growth by enabling cleaner, more efficient tanker operations.
Key Market Challenges
High Capital Investment
A key challenge in the marine oil and gas tanker market is the substantial capital investment required for the construction and modernization of vessels. New tankers-particularly those equipped with environmentally advanced propulsion systems-require significant upfront expenditure, which may be prohibitive for smaller operators. The high costs involved in upgrading older fleets or acquiring new energy-efficient tankers limit the pace of fleet modernization. These financial constraints also restrict market participation for smaller firms, creating barriers to entry and slowing the broader adoption of sustainable vessel technologies. Consequently, high capital requirements remain a major hurdle to market expansion and innovation.
Key Market Trends
Focus on Decarbonization
Decarbonization is emerging as a dominant trend in the marine oil and gas tanker industry, driven by growing environmental awareness and stringent regulatory mandates. Shipping companies are prioritizing the integration of cleaner technologies and alternative fuels to minimize carbon emissions. The industry is increasingly adopting LNG-powered and hybrid-electric tankers as part of a broader shift toward greener operations. Additionally, significant investments are being made in research and development to discover new low-emission propulsion methods. This decarbonization focus reflects a global commitment to sustainable energy transport and will continue to influence market dynamics as climate-conscious practices become integral to maritime operations.
Key Market Players
- Mitsui O.S.K. Lines, Ltd. (MOL)
- Euronav NV
- Teekay Corporation
- Frontline Ltd.
- NYK Line (Nippon Yusen Kaisha)
- Chevron Shipping Company LLC
- Scorpio Tankers Inc.
- BW Group
- China COSCO Shipping Corp.
- Tsakos Energy Navigation (TEN)
Report Scope:
In this report, the Global Marine Oil and Gas Tanker Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Marine Oil and Gas Tanker Market, By Tanker:
- Crude Oil Tankers
- Product Tankers
- Liquefied Natural Gas (LNG) Tankers
- Liquefied Petroleum Gas (LPG) Tankers
- Chemical Tankers
Marine Oil and Gas Tanker Market, By Size:
- Small Tankers (up to 10,000 DWT)
- Medium Tankers (10,000-60,000 DWT)
- Large Tankers (60,000-200,000 DWT)
- Very Large Crude Carriers (VLCC)
- Ultra Large Crude Carriers (ULCC)
Marine Oil and Gas Tanker Market, By Propulsion:
- Diesel-powered
- LNG-powered
- Hybrid/Electric
Marine Oil and Gas Tanker Market, By Application:
- Crude Oil Transportation
- Refined Petroleum Product Transportation
- Natural Gas Transportation
- Chemical Transportation
Marine Oil and Gas Tanker Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe & CIS
- Germany
- France
- U.K.
- Spain
- Italy
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey
- South America
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Marine Oil and Gas Tanker Market.
Available Customizations:
Global Marine Oil and Gas Tanker Market report with the given market data, TechSci Research offers customizations according to the company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
Table of Contents
1. Introduction
- 1.1. Research Tenure Considered
- 1.2. Market Definition
- 1.3. Scope of the Market
- 1.4. Markets Covered
- 1.5. Years Considered for Study
- 1.6. Key Market Segmentations
2. Research Methodology
- 2.1. Objective of the Study
- 2.2. Baseline Methodology
- 2.3. Key Industry Partners
- 2.4. Major Association and Secondary Sources
- 2.5. Forecasting Methodology
- 2.6. Data Triangulation & Validation
- 2.7. Assumptions and Limitations
3. Executive Summary
- 3.1. Overview of the Market
- 3.2. Overview of Key Market Segmentations
- 3.3. Overview of Key Regions
4. Global Marine Oil and Gas Tanker Market Outlook
- 4.1. Market Size & Forecast
- 4.2. Market Share & Forecast
- 4.2.1. By Tanker Market Share Analysis (Crude Oil Tankers, Product Tankers, Liquefied Natural Gas (LNG) Tankers, Liquefied Petroleum Gas (LPG) Tankers, Chemical Tankers)
- 4.2.2. By Size Market Share Analysis (Small Tankers (up to 10,000 DWT), Medium Tankers (10,000-60,000 DWT), Large Tankers (60,000-200,000 DWT), Very Large Crude Carriers (VLCC), Ultra Large Crude Carriers (ULCC))
- 4.2.3. By Propulsion Market Share Analysis (Diesel-powered, LNG-powered, Hybrid/Electric)
- 4.2.4. By Application Market Share Analysis (Crude Oil Transportation, Refined Petroleum Product Transportation, Natural Gas Transportation, Chemical Transportation)
- 4.2.5. By Regional Market Share Analysis
- 4.2.6. By Top 5 Companies Market Share Analysis, Others (2024)
- 4.3. Marine Oil and Gas Tanker Market Mapping & Opportunity Assessment
5. North America Marine Oil and Gas Tanker Market Outlook
- 5.1. Market Size & Forecast
- 5.2. Market Share & Forecast
- 5.2.1. By Tanker Market Share Analysis
- 5.2.2. By Size Market Share Analysis
- 5.2.3. By Propulsion Market Share Analysis
- 5.2.4. By Application Market Share Analysis
- 5.2.5. By Country Market Share Analysis
- 5.2.5.1. United States Marine Oil and Gas Tanker Market Outlook
- 5.2.5.1.1. Market Size & Forecast
- 5.2.5.1.2. Market Share & Forecast
- 5.2.5.1.2.1. By Tanker Market Share Analysis
- 5.2.5.1.2.2. By Size Market Share Analysis
- 5.2.5.1.2.3. By Propulsion Market Share Analysis
- 5.2.5.1.2.4. By Application Market Share Analysis
- 5.2.5.2. Canada Marine Oil and Gas Tanker Market Outlook
- 5.2.5.2.1. Market Size & Forecast
- 5.2.5.2.2. Market Share & Forecast
- 5.2.5.2.2.1. By Tanker Market Share Analysis
- 5.2.5.2.2.2. By Size Market Share Analysis
- 5.2.5.2.2.3. By Propulsion Market Share Analysis
- 5.2.5.2.2.4. By Application Market Share Analysis
- 5.2.5.3. Mexico Marine Oil and Gas Tanker Market Outlook
- 5.2.5.3.1. Market Size & Forecast
- 5.2.5.3.2. Market Share & Forecast
- 5.2.5.3.2.1. By Tanker Market Share Analysis
- 5.2.5.3.2.2. By Size Market Share Analysis
- 5.2.5.3.2.3. By Propulsion Market Share Analysis
- 5.2.5.3.2.4. By Application Market Share Analysis
6. Europe & CIS Marine Oil and Gas Tanker Market Outlook
- 6.1. Market Size & Forecast
- 6.2. Market Share & Forecast
- 6.2.1. By Tanker Market Share Analysis
- 6.2.2. By Size Market Share Analysis
- 6.2.3. By Propulsion Market Share Analysis
- 6.2.4. By Application Market Share Analysis
- 6.2.5. By Country Market Share Analysis
- 6.2.5.1. France Marine Oil and Gas Tanker Market Outlook
- 6.2.5.1.1. Market Size & Forecast
- 6.2.5.1.2. Market Share & Forecast
- 6.2.5.1.2.1. By Tanker Market Share Analysis
- 6.2.5.1.2.2. By Size Market Share Analysis
- 6.2.5.1.2.3. By Propulsion Market Share Analysis
- 6.2.5.1.2.4. By Application Market Share Analysis
- 6.2.5.2. Germany Marine Oil and Gas Tanker Market Outlook
- 6.2.5.2.1. Market Size & Forecast
- 6.2.5.2.2. Market Share & Forecast
- 6.2.5.2.2.1. By Tanker Market Share Analysis
- 6.2.5.2.2.2. By Size Market Share Analysis
- 6.2.5.2.2.3. By Propulsion Market Share Analysis
- 6.2.5.2.2.4. By Application Market Share Analysis
- 6.2.5.3. United Kingdom Marine Oil and Gas Tanker Market Outlook
- 6.2.5.3.1. Market Size & Forecast
- 6.2.5.3.2. Market Share & Forecast
- 6.2.5.3.2.1. By Tanker Market Share Analysis
- 6.2.5.3.2.2. By Size Market Share Analysis
- 6.2.5.3.2.3. By Propulsion Market Share Analysis
- 6.2.5.3.2.4. By Application Market Share Analysis
- 6.2.5.4. Italy Marine Oil and Gas Tanker Market Outlook
- 6.2.5.4.1. Market Size & Forecast
- 6.2.5.4.2. Market Share & Forecast
- 6.2.5.4.2.1. By Tanker Market Share Analysis
- 6.2.5.4.2.2. By Size Market Share Analysis
- 6.2.5.4.2.3. By Propulsion Market Share Analysis
- 6.2.5.4.2.4. By Application Market Share Analysis
- 6.2.5.5. Spain Marine Oil and Gas Tanker Market Outlook
- 6.2.5.5.1. Market Size & Forecast
- 6.2.5.5.2. Market Share & Forecast
- 6.2.5.5.2.1. By Tanker Market Share Analysis
- 6.2.5.5.2.2. By Size Market Share Analysis
- 6.2.5.5.2.3. By Propulsion Market Share Analysis
- 6.2.5.5.2.4. By Application Market Share Analysis
7. Asia-Pacific Marine Oil and Gas Tanker Market Outlook
- 7.1. Market Size & Forecast
- 7.2. Market Share & Forecast
- 7.2.1. By Tanker Market Share Analysis
- 7.2.2. By Size Market Share Analysis
- 7.2.3. By Propulsion Market Share Analysis
- 7.2.4. By Application Market Share Analysis
- 7.2.5. By Country Share Analysis
- 7.2.5.1. China Marine Oil and Gas Tanker Market Outlook
- 7.2.5.1.1. Market Size & Forecast
- 7.2.5.1.2. Market Share & Forecast
- 7.2.5.1.2.1. By Tanker Market Share Analysis
- 7.2.5.1.2.2. By Size Market Share Analysis
- 7.2.5.1.2.3. By Propulsion Market Share Analysis
- 7.2.5.1.2.4. By Application Market Share Analysis
- 7.2.5.2. Japan Marine Oil and Gas Tanker Market Outlook
- 7.2.5.2.1. Market Size & Forecast
- 7.2.5.2.2. Market Share & Forecast
- 7.2.5.2.2.1. By Tanker Market Share Analysis
- 7.2.5.2.2.2. By Size Market Share Analysis
- 7.2.5.2.2.3. By Propulsion Market Share Analysis
- 7.2.5.2.2.4. By Application Market Share Analysis
- 7.2.5.3. India Marine Oil and Gas Tanker Market Outlook
- 7.2.5.3.1. Market Size & Forecast
- 7.2.5.3.2. Market Share & Forecast
- 7.2.5.3.2.1. By Tanker Market Share Analysis
- 7.2.5.3.2.2. By Size Market Share Analysis
- 7.2.5.3.2.3. By Propulsion Market Share Analysis
- 7.2.5.3.2.4. By Application Market Share Analysis
- 7.2.5.4. South Korea Marine Oil and Gas Tanker Market Outlook
- 7.2.5.4.1. Market Size & Forecast
- 7.2.5.4.2. Market Share & Forecast
- 7.2.5.4.2.1. By Tanker Market Share Analysis
- 7.2.5.4.2.2. By Size Market Share Analysis
- 7.2.5.4.2.3. By Propulsion Market Share Analysis
- 7.2.5.4.2.4. By Application Market Share Analysis
8. Middle East & Africa Marine Oil and Gas Tanker Market Outlook
- 8.1. Market Size & Forecast
- 8.2. Market Share & Forecast
- 8.2.1. By Tanker Market Share Analysis
- 8.2.2. By Size Market Share Analysis
- 8.2.3. By Propulsion Market Share Analysis
- 8.2.4. By Application Market Share Analysis
- 8.2.5. By Country Market Share Analysis
- 8.2.5.1. South Africa Marine Oil and Gas Tanker Market Outlook
- 8.2.5.1.1. Market Size & Forecast
- 8.2.5.1.2. Market Share & Forecast
- 8.2.5.1.2.1. By Tanker Market Share Analysis
- 8.2.5.1.2.2. By Size Market Share Analysis
- 8.2.5.1.2.3. By Propulsion Market Share Analysis
- 8.2.5.1.2.4. By Application Market Share Analysis
- 8.2.5.2. Saudi Arabia Marine Oil and Gas Tanker Market Outlook
- 8.2.5.2.1. Market Size & Forecast
- 8.2.5.2.2. Market Share & Forecast
- 8.2.5.2.2.1. By Tanker Market Share Analysis
- 8.2.5.2.2.2. By Size Market Share Analysis
- 8.2.5.2.2.3. By Propulsion Market Share Analysis
- 8.2.5.2.2.4. By Application Market Share Analysis
- 8.2.5.3. UAE Marine Oil and Gas Tanker Market Outlook
- 8.2.5.3.1. Market Size & Forecast
- 8.2.5.3.2. Market Share & Forecast
- 8.2.5.3.2.1. By Tanker Market Share Analysis
- 8.2.5.3.2.2. By Size Market Share Analysis
- 8.2.5.3.2.3. By Propulsion Market Share Analysis
- 8.2.5.3.2.4. By Application Market Share Analysis
- 8.2.5.4. Turkey Marine Oil and Gas Tanker Market Outlook
- 8.2.5.4.1. Market Size & Forecast
- 8.2.5.4.2. Market Share & Forecast
- 8.2.5.4.2.1. By Tanker Market Share Analysis
- 8.2.5.4.2.2. By Size Market Share Analysis
- 8.2.5.4.2.3. By Propulsion Market Share Analysis
- 8.2.5.4.2.4. By Application Market Share Analysis
9. South America Marine Oil and Gas Tanker Market Outlook
- 9.1. Market Size & Forecast
- 9.2. Market Share & Forecast
- 9.2.1. By Tanker Market Share Analysis
- 9.2.2. By Size Market Share Analysis
- 9.2.3. By Propulsion Market Share Analysis
- 9.2.4. By Application Market Share Analysis
- 9.2.5. By Country Market Share Analysis
- 9.2.5.1. Brazil Marine Oil and Gas Tanker Market Outlook
- 9.2.5.1.1. Market Size & Forecast
- 9.2.5.1.2. Market Share & Forecast
- 9.2.5.1.2.1. By Tanker Market Share Analysis
- 9.2.5.1.2.2. By Size Market Share Analysis
- 9.2.5.1.2.3. By Propulsion Market Share Analysis
- 9.2.5.1.2.4. By Application Market Share Analysis
- 9.2.5.2. Argentina Marine Oil and Gas Tanker Market Outlook
- 9.2.5.2.1. Market Size & Forecast
- 9.2.5.2.2. Market Share & Forecast
- 9.2.5.2.2.1. By Tanker Market Share Analysis
- 9.2.5.2.2.2. By Size Market Share Analysis
- 9.2.5.2.2.3. By Propulsion Market Share Analysis
- 9.2.5.2.2.4. By Application Market Share Analysis
10. Market Dynamics
- 10.1. Drivers
- 10.2. Challenges
11. Market Trends & Developments
12. Porters Five Forces Analysis
13. Competitive Landscape
- 13.1. Company Profiles
- 13.1.1. Mitsui O.S.K. Lines, Ltd. (MOL)
- 13.1.1.1. Company Details
- 13.1.1.2. Products
- 13.1.1.3. Financials (As Per Availability)
- 13.1.1.4. Key Market Focus & Geographical Presence
- 13.1.1.5. Recent Developments
- 13.1.1.6. Key Management Personnel
- 13.1.2. Euronav NV
- 13.1.3. Teekay Corporation
- 13.1.4. Frontline Ltd.
- 13.1.5. NYK Line (Nippon Yusen Kaisha)
- 13.1.6. Chevron Shipping Company LLC
- 13.1.7. Scorpio Tankers Inc.
- 13.1.8. BW Group
- 13.1.9. China COSCO Shipping Corp.
- 13.1.10. Tsakos Energy Navigation (TEN)
14. Strategic Recommendations
15. About Us & Disclaimer