New York, United States , July 11, 2024 (GLOBE NEWSWIRE) -- The Global Chemical Tankers Market Size is Expected to Grow from USD 34.40 Billion in 2023 to USD 52.90 Billion by 2033, at a CAGR of 4.40% during the forecast period 2023-2033.
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Chemical tankers are specialist vessels that transport hazardous chemicals across oceans safely. Over the last 50 years, they have progressed from bulk carriers hauling chemicals in barrels to purpose-built vessels. Chemical tankers are designed to transport a wide range of goods and have stringent requirements due to the dangers that chemicals pose. The ships have a variety of cargo tank types and materials, pipeline systems, and heating and ventilation systems. When loading or unloading chemical tankers, the crew must wear personal protective equipment. Chemical tankers are built to meet strict safety and environmental laws, guaranteeing that their cargo is transported safely over international and local shipping routes. They facilitate the global trade of chemicals by providing efficient and secure transportation alternatives tailored to the specific needs of chemical cargo. A complex combination of elements shapes the chemical tanker market's growth and operating dynamics on a global scale. Key drivers include the growth of the chemical industry, which creates a demand for specialized vessels to transport chemicals securely and effectively over international trade routes. Stringent safety and environmental laws, combined with technological advancements in vessel design and operational efficiency, have a substantial impact on the industry. Energy prices, trade patterns, and global economic developments all have an impact on tanker demand and operating costs. However, the chemical tanker sector faces various obstacles that limit its growth and operational stability, including overcapacity, pricing rivalry, technical adoption barriers, environmental sustainability demands, and high regulatory compliance costs associated with demanding safety.
Browse key industry insights spread across 198 pages with 110 Market data tables and figures & charts from the report on the "Global Chemical Tankers Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Organic Chemicals, Inorganic Chemicals, Vegetable Oils, and Fats), By Fleet Type (IMO 1, IMO 2, IMO 3), By Fleet Size (Inland Chemical Tankers (1000-4999 DWT), Coastal Chemical Tankers (5000-9999 DWT), and Deep-Sea Chemicals Tankers (10,000- 50,000 DWT)), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The organic chemicals segment is predicted to hold the largest market share through the forecast period.
Based on the product type, the chemical tankers market is classified into organic chemicals, inorganic chemicals, vegetable oils, and fats. Among these, the organic chemicals segment is predicted to hold the largest market share through the forecast period. Organic chemicals dominate the global market due to rising demand for pharmaceuticals, fertilizers, crop protection, pesticides, fuel additives, food and drinks, personal care products and cosmetics, water treatment, polymers, and other items. The shale gas boom in China and North America has increased the production of organic compounds, with ethylene serving as the primary raw source.
The IMO 2 segment is anticipated to hold the highest market share during the projected timeframe.
Based on the fleet type, the chemical tankers market is divided into IMO 1, IMO 2, and IMO 3. Among these, the IMO 2 segment is anticipated to hold the highest market share during the projected timeframe. The IMO 2 fleet type segment of the chemical tanker market is estimated to grow at the quickest CAGR in terms of both value and volume over the forecast period. The use of IMO 2 chemical tankers to ship vegetable oils and fats, as well as other types of chemicals such as alcohols, alkanes, and alkenyl amide, has helped to expand the IMO 2 fleet type segment of the chemical tanker market.
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Asia Pacific is estimated to hold the largest share of the chemical tankers market over the forecast period.
Asia Pacific is estimated to hold the largest share of the chemical tankers market over the forecast period. Asia Pacific has the largest share of the global market and is expected to maintain its dominance during the forecast period. The Asia-Pacific market accounts for approximately one-third of global chemical tanker revenue, owing to the rapid development of the petrochemical and refining businesses, as well as higher investment expenditures.
North America is predicted to have the highest CAGR growth in the chemical tankers market over the forecast period. North America's growth increased as the region's shale gas industry expanded rapidly. Furthermore, thanks to the abundant availability and low prices of natural gas, the production of chemical products has begun to increase, and firms want to expand their manufacturing capacity.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the chemical tankers market include JO Tankers, MOL Chemicals Tankers, MISC Berhad, IINO KAIUN KAISHA, Eitzen Chemicals, Tokyo Marine Asia Pte. Ltd., Berlian Laju Tanker, Norden, Pacific Carrier Limited, Team Tankers International, Stolt-Nielsen Limited, Seatrans Chemicals Tankers, and Others.
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Recent Developments
In March 2024, TOKYO-Mitsui O.S.K. Lines, Ltd. announced that its wholly owned subsidiary, chemical tanker operator MOL Chemical Tankers Pte. Ltd. has completed the acquisition of all shares of Fairfield Chemical Carriers Pte. Ltd.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the chemical tankers market based on the below-mentioned segments:
Global Chemical Tankers Market, By Product Type
- Organic Chemicals
- Inorganic Chemicals
- Vegetable Oils
- Fats
Global Chemical Tankers Market, By Fleet Type
- IMO 1
- IMO 2
- IMO 3
Global Chemical Tankers Market, By Fleet Size
- Inland Chemical Tankers (1000-4999 DWT)
- Coastal Chemical Tankers (5000-9999 DWT)
- Deep-Sea Chemicals Tankers (10,000- 50,000 DWT)
Global Chemical Tankers Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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