The Global Chemical Tankers Market was worth US$ 27.71 billion in 2023 and is anticipated to reach a valuation of US$ 36.93 billion by 2029 and is predicted to register a CAGR of 4.9% during 2024-2029.
Market Overview:
The high concentration of chemical production and the growing call worldwide are primarily responsible for the expansion of the market. Shale gas evolution is one of the important factors positively influencing market expansion. Organic chemicals have a wide base of applications and are attracting considerable interest due to their potential industrial uses. The participation of significant commercial activities, coupled with low charter rates for inland waterway transport, is predicted to stimulate the market during the foreseen period. Fleet operators offer innovative technology solutions to stimulate the worldwide supply of chemical tankers.
Tanker truck lining plays a crucial role in the transportation of chemicals due to its dangerous nature and different properties. Chemical tankers are cargo ships designed to transport chemicals in bulk. These tanker trucks transport chemicals in different ways. In addition, these tankers must comply with the International Code of Bulk Chemicals (IBC Code), which defines them in three types: ST1, ST2, and ST3. ST1 carries flammable or toxic hazardous chemicals. ST2 carries chemicals with important preventive measures. ST3 carries chemicals that require a moderate degree of contaminants. These tanker trucks help maintain the consistency of chemicals that must be transported around the world. Additionally, these tank trucks are coated with specialized substances to determine which chemicals to ship.
Market Drivers:
The escalating development of the chemical industry is the main expansion engine of the worldwide chemical tankers market. The expansion of the chemical industries leads to the production of chemicals on a large scale, which in turn contributes to the growing call for chemical tanker trucks. Additionally, escalating call for vegetable fats and oils and oilseeds is also predicted to drive the expansion of the global chemical tanker market during the foreseen period. Additionally, rising stringent regulations regarding the safe shipment of hazardous chemicals are also contributing to this market expansion. In addition, the call for stainless steel chemical tanker trucks has also escalated as these tanker trucks offer better resistance to chemicals. The thriving chemical industry and the growing capabilities of chemical manufacturers are driving calls for chemical tanker trucks around the world. Furthermore, the escalating call for vegetable oils and fats is also predicted to drive the expansion of the global chemical tanker market during the foreseen period.
Market Opportunities:
Growing consumer concern for safe and hygienic food is also predicted to drive the trade in vegetable/animal oils and fats, which in turn is predicted to drive the global chemical tanker market during the foreseen period.
Market Challenges:
The slow expansion of crude oil manufacturing and the formulation and enforcement of petroleum fueling laws, such as conducting proper risk assessments and implementing proper spill and leak containment functions. They are a constraint on the worldwide market for chemical tankers. Low worldwide crude oil prices and declining exploration capital investment in recent years have led to the slow development of the crude oil market.
REPORT METRIC |
DETAILS |
Market Size Available |
2023-2029 |
Base Year |
2023 |
Forecast Period |
2024-2029 |
CAGR |
4.9% |
Segments Covered |
By Product, Shipment Route, and Region. |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East and Africa, and Others. |
Market Leaders Profiled |
Bahri (Saudi Arabia), Stolt-Nielsen (UK), Odfjell (Norway), Navig8 (UK), MOL Chemical Tankers (Singapore), Nordic Tankers (Denmark), Wilmar International (Singapore), MISC Berhad (Malaysia), Team Tankers (Bermuda), and Iino Kaiun Kaisha (Japan)., and Others. |
Market Segmentation:
The organic chemicals segment is predicted to be leading in this Industry due to its escalating call for pharmaceuticals, food and beverages, pesticides, crop protection, fertilizers, water treatment, personal care products, and cosmetics. The shale gas boom in North America and China has triggered the production of organic chemicals in the region, with ethylene being the main feedstock.
The call for coastal tankers from China and India is predicted to experience positive expansion in the near future due to policy and infrastructure restructuring. The Indian workforce is very competitive in terms of skills and salaries. India and China are also strategic gateways for importing products into the Asia Pacific region, making it a valuable destination and suitable market for chemical tankers.
The Asia-Pacific region accounted for the largest share in terms of revenue in this market. This expansion is attributed to the growing call for petrochemicals in countries such as China, India, and Singapore. Also, an increase in the number of chemical industries in South Korea and Japan and the increase in domestic chemical production in India is predicted to positively influence the expansion of this market in the coming years. The Asia-Pacific region is estimated to be the largest market for chemical tankers during the foreseen period. China is predicted to dominate the Asia-Pacific chemical tankers market during the outlook period.
The Chinese chemical tankers market is also likely to grow at the highest CAGR, in terms of value and volume during the foreseen period. The slow expansion of crude oil production and the formulation and implementation of regulations related to fuel supply is holding back the expansion of the chemical tankers market. Low international crude oil prices and reduced capital investment for exploration in recent years have resulted in slow crude oil production. In addition, low investments in crude oil exploration and production in the United States have impacted the production of shale oil in the country. Oil production has also declined in China, due to low oil prices in the country. North America is predicted to attract new competitors in the chemical tankers market due to the shale gas boom. The region is predicted to have a positive impact on ethylene production, which is also supposed to boost the supply of organic chemicals to the world. Resilient exports from the United States and the Middle East were key drivers, affecting other trade routes as well.
Market Key Players:
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