New York, NY, Oct. 31, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Chemical Tankers Market by Product Type (Organic Chemicals, Inorganic Chemical, Vegetable Fats & Oils, and Others), by Fleet Type (IMO 1, IMO 2, and IMO 3), by Fleet Material (Stainless Steel and Coated), and by Fleet Size (Inland Chemical Tankers (1,000-4,999 DWT), Coastal Chemical Tankers (5,000-9,999 DWT), and Deep-Sea Chemical Tankers (10,000-50,000 DWT)): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global chemical tankers market was valued at approximately USD 26.63 billion in 2017 and is expected to generate revenue of around USD 36 billion by the end of 2024, growing at a CAGR of around 4.4% between 2018 and 2024.
Chemical tankers are cargo ships designed to transport chemicals in bulk. These tankers transport chemicals in different forms. Growing development in the chemical industry is the major factor driving this market’s growth. Growing chemical industries leads to large-scale chemicals’ production, which, in turn, contributes to the growing demand for chemical tankers. In addition, increasing regulations regarding the safe shipment of hazardous chemicals are also contributing to this market’s growth.
Browse through 107 Tables & 26 Figures spread over 110 Pages and in-depth TOC on “Global Chemical Tankers Market Size & Share Report 2017: Industry Trends, Growth, Outlook, Analysis and Forecast, 2024”.
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On the basis of product type, the market for chemical tankers is categorized into organic, inorganic chemicals, vegetable fats and oils, and others. Vegetable fats and oils are the most important ingredients used in the food industry. They are preferred over animal fats as they contain more unsaturated fatty acids. Moreover, in recent years, there is an increase in the production of vegetable fats and oils across the world. Hence, the vegetable fats and oils segment are anticipated to dominate the chemical tankers market in the upcoming years. In addition to this, increasing global population leads to increased use of vegetable fats and oils, which is also positively impacting this segment’s market growth.
Based on the fleet type, this market is divided into IMO 1, IMO 2, and IMO 3. IMO 2 chemical tankers are more preferred, as they transport a wide range of chemicals, ranging from strong acids to petroleum products, etc. These tankers are majorly used to transport vegetable fats and oils. Hence, the IMO 2 is anticipated to dominate the market in the upcoming years.
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Based on fleet material, this market is bifurcated into coated and stainless steel. The stainless steel chemical tankers segment accounted for the major market share in 2017. Chemicals tankers made up with stainless steel material offer improved chemical resistance and ease of cleaning. Therefore, the stainless steel segment is anticipated to dominate the market in the forecast years. On the basis of fleet size, this market is segmented into inland chemical tankers (1,000-4,999 DWT), coastal chemical tankers (5,000-9,999 DWT), and deep-sea chemical tankers (10,000-50,000 DWT).
The Asia Pacific region accounted for a major share in terms of revenue and volume in 2017 in the market for chemical tankers. This growth is attributed to the increasing demand for petrochemicals in countries, such as China, India, and Singapore. Additionally, an increase in the number of chemical industries in South Korea and Japan and the rise in the domestic production of chemicals in India are anticipated to positively influence this market’s growth in the upcoming years. Increase in the applications of oils and fats results in increased demand for sunflower and palm oils in this region, which, in turn, contributes to the growth of chemical tankers market in the Asia Pacific region.
Browse the full "Chemical Tankers Market by Product Type (Organic Chemicals, Inorganic Chemical, Vegetable Fats & Oils, and Others), by Fleet Type (IMO 1, IMO 2, and IMO 3), by Fleet Material (Stainless Steel and Coated), and by Fleet Size (Inland Chemical Tankers (1,000-4,999 DWT), Coastal Chemical Tankers (5,000-9,999 DWT), and Deep-Sea Chemical Tankers (10,000-50,000 DWT)): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/chemical-tankers-market
North America is anticipated to show the fastest growth rate during the forecast period. Increase in the demand for the vegetable fats and oil segment in this region is driving this market growth. The U.S. contributes a major share in the chemical tankers market due to the increasing number of fleet owners and shipbuilders and the availability of raw materials.
Europe is projected to be one of the most promising regions for chemicals tankers market. Increasing demand for a wide range of chemicals is primarily driving the market in this region. Moreover, regulations regarding the safe shipment are anticipated to positively influence this market’s growth in the upcoming years.
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Key players operating in the chemical tankers market include Stolt-Nielsen, Navig8, Bahri, MOL Chemical Tankers, Odfjell, Nordic Tankers, MISC Berhad, Wilmar International, Iino Kaiun Kaisha, Stena Bulk, Team Tankers, and Maersk Tankers.
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This report segments the global chemical tankers market as follows:
Global Chemical Tankers Market: Product Type Segment Analysis
- Organic Chemicals
- Inorganic Chemical
- Vegetable Fats & Oils
- Others
Global Chemical Tankers Market: Fleet Type Segment Analysis
- IMO 1
- IMO 2
- IMO 3
Global Chemical Tankers Market: Fleet Material Segment Analysis
- Stainless Steel
- Coated
Global Chemical Tankers Market: Fleet Size Segment Analysis
- 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)
Global Chemical Tankers Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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