Overview and Scope
The chemical tankers are used to transport any chemical compound in bulk that can be exceedingly hazardous, with the majority of them being flammable and/or toxic, and some of them being extremely hazardous. Chemical tanker structural layouts and arrangements are frequently comparable to those outlined for oil tankers and required to comply with various safety aspects.
Sizing and Forecast
The chemical tankers market size has grown strongly in recent years. It will grow from $34.68 billion in 2023 to $37.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increased production and consumption of chemicals, a surge in oil and gas exports, economic growth in emerging markets and expansion of seaborne trade.
The chemical tankers market size is expected to see strong growth in the next few years. It will grow to $47.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to a growing petrochemical industry, an increasing demand for vegetable oils and fats and rising urbanization. Major trends in the forecast period include adoption of artificial intelligence, use of iot (internet of things)-enabled remote tank monitoring, automation in chemical tankers , real-time tracking solutions, rising investments and partnerships and collaborations.
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Segmentation & Regional Insights
The chemical tankers market covered in this report is segmented –
1) By Product Type: Organic Chemicals, Inorganic Chemicals, Vegetable Oils And Fats, Other Product Types
2) By Cargo Types: IMO 1, IMO 2, IMO 3
3) By Size: Inland Chemical Tankers (1,000-4,999 DWT), Coastal Chemical Tankers (5,000-9,999 DWT), Deep-Sea Chemical Tankers (10,000-50,000 DWT)
4) By Fleet Material: Stainless Steel, Coated
Asia-Pacific was the largest region in the chemical tanker market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in the chemical tankers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growth of the chemical industry is expected to propel the growth of the chemical tankers market. Companies in the chemical industry will require chemical tankers to transport and shift their chemical compounds from one location to another. This factor creates a demand for chemical tankers. According to the American Chemistry Council, 2021, the US chemical industry will maintain its net exporter position, supporting total U.S. goods exports. By 2025, net exports of chemicals in the USA will reach $40.5 billion and chemical industry shipments are expected to reach $668 billion. As major economies reopen and import demand in partner economies increases, US chemical exports are likely to grow dramatically. Therefore, the growth of the chemical industry drives the chemical tankers market.
Key Industry Players
Major companies operating in the chemical tankers market report are Stolt-Nielsen Limited, Odfjell SE, MISC Berhad, Bahri, Navig8 Limited, Iino Kaiun Kaisha Ltd, MITSUI O.S.K. LINES, Hansa Tankers, PT Berlian Laju Tanker Tbk, Maersk Tankers, MOL Chemical Tankers, Tanglian Group, Jiangsu Pretank Process Co. Ltd, Zen Shipping & Ports India Pvt Ltd, Hafnia Ltd, China Merchants Jinling Shipyard Dingheng, Changzhou Treering Plastics Co ltd, Ace Tankers Management B.V, The Seatrans Group, Sovcomflot, Scot Tanker, Chemet SA, Rigel Shipping Canada Inc, Kenan Advantage Group, Clean Product Tankers Alliance, Ultratank, PanOcean Tanker, Sernacol, KROHNE Argentina, Bahri Chemicals, Gulf Energy Maritime, Petrochem Middle East, Ace Tankers, AquaChemie, Fairfield Chemical Carriers, CA Muller Fabrication, M/T Ternsund Chemical Tanker
The chemical tankers market report table of contents includes:
1. Executive Summary
2. Chemical Tankers Market Characteristics
3. Chemical Tankers Market Trends And Strategies
4. Chemical Tankers Market – Macro Economic Scenario
5. Global Chemical Tankers Market Size and Growth
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32. Global Chemical Tankers Market Competitive Benchmarking
33. Global Chemical Tankers Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Chemical Tankers Market
35. Chemical Tankers Market Future Outlook and Potential Analysis
36. Appendix
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