What Has Been the Progress and Growth of the Chemical Tankers Market in Recent Years?
The chemical tankers market has seen considerable growth due to a variety of factors.
• The size of the chemical tankers market has been experiencing robust growth in the past few years. It is predicted to increase from $36.51 billion in 2024 to $38.8 billion in 2025, recording a compound annual growth rate (CAGR) of 6.3%.
Factors contributing to this growth during the historic period involve increased production and usage of chemicals, spikes in oil and gas exports, economic development in emerging markets, and growth of maritime trade.
What Can Be Expected from the Chemical Tankers Market in the Coming Years?
The chemical tankers market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the chemical tankers market is anticipated to expand significantly. The projection is that it will increase to $51.04 billion by 2029, with a compound annual growth rate of 7.1%.
The predicted growth during this period can be linked to an expanding petrochemical industry, a heightened demand for vegetable oils and fats, and escalating urbanization. Major trends for this expected period include embracing artificial intelligence, implementing IoT (Internet of Things) for remote tank monitoring, increased automation in chemical tankers, deployment of real-time tracking solutions, a rise in investments, and strategic partnerships and collaborations.
Which Key Drivers Are Propelling Th Chemical Tankers Market's Growth?
The anticipated expansion of the chemical sector is set to spur the development of the chemical tankers market. The necessity for chemical tankers for the conveyance and movement of their chemical substances is a must for businesses in the chemical field. This factor generates a demand for chemical tankers. As an example, the Germany-based chemical company, bASF SE, reported in May 2022, that the global chemical production is predicted to rise by 2.7% in 2024. This rate is faster compared to the 1.7% growth recorded in 2023. Consequently, the chemical industry's expansion acts as a catalyst for the growth of the chemical tankers market.
How Is the Chemical Tankers Market segmented?
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
Subsegments:
1) By Organic Chemicals: Aromatics, Alcohols, Aldehydes And Ketones
2) By Inorganic Chemicals: Acids, Alkalis, Salts
3) By Vegetable Oils And Fats: Edible Oils, Non-Edible Oils
4) By Other Product Types: Specialty Chemicals, Pharmaceutical Raw Materials, Fertilizers
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What New Trends Are Influencing the Chemical Tankers Market?
Companies leading in the chemical tankers sector are placing a premium on technological enhancements, notably LNG propulsion technology, to offer more convenience, affordability, and ease to those they serve. This improved technology in chemical tankers, by cutting down emissions and boosting fuel efficiency, contributes to more eco-friendly maritime activities. To illustrate, Fukuoka Shipbuilding, a shipbuilder originating from Japan, introduced the third in their line of stainless steel chemical tankers powered by liquefied natural gas (LNG) in April 2024, commissioned by Fairfield Chemical Carriers, a company involved in engineering based in the US. The LNG propulsion technology integral to these ships can lead to a reduction in carbon dioxide emissions by as much as 25%, as compared to conventional marine fuels.
Who Are the Key Players in the Chemical Tankers Market?
Major companies operating in the chemical tankers market include:
• 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
• 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
• Gulf Energy Maritime
• Petrochem Middle East
• Ace Tankers
• AquaChemie
• Fairfield Chemical Carriers
• CA Muller Fabrication
• M/T Ternsund Chemical Tanker
What Is The Most Dominant Region In The Chemical Tankers Market?
Asia-Pacific was the largest region in the chemical tanker market in 2024. 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.
