Global Tanker Shipping Market to Reach US$58.1 Billion by 2030

The global market for Tanker Shipping estimated at US$36.4 Billion in the year 2024, is expected to reach US$58.1 Billion by 2030, growing at a CAGR of 8.1% over the analysis period 2024-2030. Oil Tankers, one of the segments analyzed in the report, is expected to record a 7.5% CAGR and reach US$31.0 Billion by the end of the analysis period. Growth in the Liquid Gas Tankers segment is estimated at 9.3% CAGR over the analysis period.

The U.S. Market is Estimated at US$9.9 Billion While China is Forecast to Grow at 12.5% CAGR

The Tanker Shipping market in the U.S. is estimated at US$9.9 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$12.4 Billion by the year 2030 trailing a CAGR of 12.5% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.2% and 7.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.4% CAGR.

Global Tanker Shipping Market - Key Trends & Drivers Summarized

Tanker shipping continues to dominate the global oil, gas, and chemical transportation landscape, functioning as a critical link between energy producers and markets.

Comprising crude oil tankers, product tankers, and chemical carriers, the global tanker fleet ensures the movement of billions of barrels of petroleum products annually. With global energy demand expanding, particularly in Asia-Pacific and developing economies, tanker shipping remains an essential mode of transport for meeting consumption needs. Strategic maritime routes such as the Strait of Hormuz, Suez Canal, and the Panama Canal are heavily trafficked by tankers, underscoring their geoeconomic significance. Tanker operators are also diversifying fleet profiles in response to demand volatility, regulatory shifts, and trade route realignments. For instance, while long-haul crude transport continues to thrive between the Middle East and Asia, short-haul refined product distribution is growing in Europe and Southeast Asia. Additionally, the shift toward cleaner fuels and petrochemical exports has accelerated investment in product tankers and chemical carriers with advanced safety, coating, and cargo segregation systems.

How Is Sustainability Transforming the Tanker Shipping Landscape?

Environmental regulation is now a core determinant of fleet design, routing, and operational efficiency in tanker shipping. International Maritime Organization (IMO) regulations like MARPOL Annex VI and the Energy Efficiency Existing Ship Index (EEXI) are pushing operators toward low-sulfur fuels, exhaust gas cleaning systems (scrubbers), and vessel retrofitting. The upcoming Carbon Intensity Indicator (CII) ratings will further impact tanker deployment, as owners are increasingly required to meet emissions targets to remain commercially viable. Technologies such as LNG-powered engines, wind-assisted propulsion, and air lubrication systems are being explored and adopted to reduce the carbon footprint of tanker fleets. Digital twins, AI-driven voyage planning tools, and real-time performance monitoring are also playing a crucial role in optimizing route efficiency and fuel usage. Additionally, dual-fuel tankers and battery-hybrid propulsion systems are under development to meet the industry`s long-term decarbonization goals. These innovations are transforming tankers from purely utilitarian vessels into strategic assets that must balance efficiency, compliance, and profitability.

The Growth in the Tanker Shipping Market Is Driven by Several Factors…

The growth in the tanker shipping market is driven by several factors linked to energy trade dynamics, fleet modernization, and evolving end-use demands. One major driver is the continued global reliance on fossil fuels, particularly in non-OECD economies undergoing industrialization and urbanization. These regions require steady imports of crude oil, liquefied petroleum gas (LPG), and refined products, thereby sustaining demand for varied tanker classes. Furthermore, the shale oil boom in the U.S. and new offshore oil discoveries in Africa and South America have created new export corridors that require adaptable tanker fleets.

Technology and digitalization are also driving growth. The use of real-time navigation, smart port systems, predictive maintenance, and AI-based chartering platforms has improved efficiency and reduced costs for shipping operators. From an end-use perspective, chemical and specialty product shipping is growing rapidly, driven by global demand for plastics, fertilizers, and industrial chemicals. This trend has led to increased investment in specialized tankers with corrosion-resistant coatings and complex compartmentalization systems. Meanwhile, growing interest in green ammonia and hydrogen transport is creating a nascent but promising new vertical within tanker shipping. These layered developments, driven by technological innovation, energy diversification, and route optimization, are firmly propelling the tanker shipping market forward.