What Has Driven the Growth of the Chemical Tanker Shipping Market in Recent Years?
The chemical tanker shipping market has seen considerable growth due to a variety of factors.
• The size of the chemical tanker shipping market has shown significant growth in recent years. The market, valued at $32.83 billion in 2024, is forecasted to increase to $34.56 billion in 2025, representing a compound annual growth rate (CAGR) of 5.3%.
Reasons for this historic period of growth include increased globalization and trade, rigid regulations and compliance measures, a shift towards specialized vessels within the industry, a rise in petrochemical production, and the burgeoning trend of bulk chemical transportation.
How Will The Chemical Tanker Shipping Market Size Evolve In The Foreseeable Future?
The chemical tanker shipping market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the chemical tanker shipping market is anticipated to experience robust expansion, with the market size projected to reach $44.25 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.4%.
The forecasted growth is attributed to several factors including the need for adaptable fleet operations, a heightened interest in digitalization and automation, a shift to more environmentally friendly shipping processes, broadening of regional distribution networks, and innovations in tanker design. Notable trends for the forecasted period encompass crew welfare and training, cutting-edge cargo handling technologies, initiatives aimed at reducing emissions, and improved port facility optimization.
Which Key Drivers Are Propelling Th Chemical Tanker Shipping Market's Growth?
The chemical tanker shipping market is predicted to expand due to the rising demand for chemicals. The phrase "chemical" pertains to an element or a mix of these elements. The term chemical tanker shipping refers to vessels designed or converted to carry liquid chemicals in bulk. These tankers are primarily used to transport organic chemicals, defined as any chemical substance comprising one or more carbon atoms covalently attached to atoms of other elements such as hydrogen, oxygen, nitrogen, and other inorganic chemicals. For example, in November 2023, IBISWorld, an American business intelligence information company, stated that as of 2022, 3,880 firms in the United States are involved in the production of chemical products, marking a 2.8% growth. Hence, the growth of the chemical tanker shipping market is being fuelled by the surging demand for chemicals.
What Are The Core Segments Of The Globa Chemical Tanker Shipping Market?
The chemical tanker shipping market covered in this report is segmented –
1) By Type: 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)
2) By Cargo Type: IMO I, IMO II, IMO III
3) By Fleet Material: Stainless Steel, Coated, Epoxy
4) By Application: Organic Chemicals, Inorganic Chemical, Vegetables Oils And Fats, Other Applications
Subsegments:
1) By Inland Chemical Tankers (1,000-4,999 DWT): Small Tanker Barges, River Tankers
2) By Coastal Chemical Tankers (5,000-9,999 DWT): Coastal Tankers For Short Routes, Regional Tankers
3) By Deep-Sea Chemical Tankers (10,000-50,000 DWT): Medium-Range (MR) Tankers, Long-Range (LR) Tankers
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Which Emerging Trends Are Reshaping The Chemical Tanker Shipping Market?
In the chemical tanker shipping market, product innovations have become a predominant trend. Major market players are introducing new products that are environmentally friendly. For instance, in February 2024, Chemship, a European-based company with a sophisticated fleet designed for the wide-range transportation of liquid bulk materials such as specialized chemicals, vegetable oils, acids, lube oils, aromatics, and clean petroleum products, unveiled the MT Chemical Challenger. This leading-edge tanker is the first of its kind to implement wind-assisted propulsion courtesy of Econowind's VentoFoils. The application of this sustainable wind technology enhances the vessel's propulsion efficiency. The MT Chemical Challenger will be utilized on Chemship's Trans-Atlantic route, creating a connection between the U.S. East Coast and the Mediterranean. This groundbreaking technology is projected to decrease CO2 emissions by roughly 10%, significantly reducing both the vessel's ecological footprint and operational expenses.
Who Are the Key Players in the Chemical Tanker Shipping Market?
Major companies operating in the chemical tanker shipping market include:
• Sinochem Corporation
• Stolt-Nielsen Ltd.
• Frontline Ltd.
• Euronav
• Diamond S Shipping Inc.
• Ardmore Shipping
• International Seaways Inc.
• Petronav Caspian Sea Marine Services Pvt. Ltd.
• Uni-Tankers A/S
• PT. Berlian Laju Tanker Tbk.
• BW Group
• Odfjell SE
• Seatrans Group
• Team Tankers International Ltd.
• Tokyo Marine Asia Pte Ltd.
• Duzgit Group
• MOL Chemical Tankers
• Nordic Tankers
• Hansa Tankers
• Navig8 Chemical Tankers Inc.
• Iino Kaiun Kaisha Ltd.
• Stena Bulk
• Navios Maritime Partners L.P.
• Maersk Tankers
• MOL Nordic Tankers
• JO Tankers
• Eitzen Chemical
• Ace Tankers Management B.V.
• Scorpio Tankers Inc.
• Teekay Tankers Ltd.
• TORM
What are the Regional Insights into the Chemical Tanker Shipping Market?
North America was the largest region in the chemical tanker shipping market in 2024. The regions covered in the chemical tanker shipping market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
