Global Crude Oil Carrier Market Size 2024, Forecast To 2033
6 Mar, 2024
The crude oil carrier market has demonstrated steady growth in recent years, expanding from $193.14 billion in 2023 to $201.54 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. This growth during the historical period is linked to factors such as oil demand and production, geopolitical considerations, economic growth, oil consumption, regulatory changes, and fluctuations in oil prices. Looking ahead to 2028, the market is projected to sustain steady growth, reaching $233.32 billion at a CAGR of 3.7%. The anticipated growth in the forecast period is attributed to factors like emerging market demand, oil price forecasts, investments in carrier fleet expansion, global trade agreements, and the expansion of oil production. Major trends in the forecast period include the adoption of eco-friendly vessel designs, increased digitalization and automation, the use of LNG-powered carriers, the adoption of dual-fuel technology, and the implementation of slow steaming practices.
Global Crude Oil Carrier Market Key Driver
The crude oil carrier market is set to experience robust growth driven by the escalating demand for crude oil and its by-products worldwide. Crude oil, a vital energy resource, is processed into various by-products such as gasoline, diesel, and aviation fuel, essential for transportation and industrial activities. Crude oil carriers play a pivotal role in transporting bulk crude oil and its derivatives from offshore platforms to transshipment terminals, facilitating global trade and meeting energy demands. According to the US Energy Information Administration's data in March 2023, the US witnessed a significant increase in crude oil output, reaching 12.4 million barrels per day (b/d) in 2023, highlighting the growing demand for crude oil. This surge in demand underscores the critical role of crude oil carriers in the global energy supply chain, driving the growth of the market.
Get A Free Sample Of The Global Crude Oil Carrier Market ReportGlobal Crude Oil Carrier Market Segments
The crude oil carrier market covered in this report is segmented –
1) By Vessel Type: Very Large Crude Carrier (VLCC), Suezmax, Aframax, Ultra Large Crude Carrier (ULCC), Panamax
2) By Dead Weight Tonnage: 120,000 MT-180,000 MT, 180,000 MT -320,000 MT, 25,000 MT-50,000 MT, 50,000 MT-75,000 MT, 75,000 MT-120,000 MT, Above 320,000 MT
3) By Hull Type: Double Bottom, Double Hull, Single Bottom
4) By Application: Diesel, Gasoline, Aviation Turbine Fuel, Other Applications
By Geography:The regions covered in the crude oil carrier market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the crude oil carrier market in 2023. The regions covered in the crude oil carrier market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Crude Oil Carrier Industry Players
China Shipping Tanker Co. Ltd., Maersk Tankers A/S, Kuwait oil Tanker Company S.A.K, Essar Global Fund Limited, OSG Ship Management Inc., Alaska Tanker Company LLC, Keystone Shipping Co., Shipping Corporation of India Ltd., Frontline Ltd., Tsakos Energy Navigation Limited, National Iranian Tanker Company, Euronav NV, Tankers International LLC, SFL Corporation Ltd., Nordic American Tankers Limited, AET Tanker Holdings Sdn Bhd, Teekay Corporation, Angelicoussis Shipping Group Limited., Mitsui OSK Lines Ltd., Scorpio Tankers Inc., DHT Holdings Inc., Ardmore Shipping Corp., Oman Shipping Company S.A.O.C., Ocean Tankers Ltd., Diamond S Shipping Inc., Dynacom Tankers Management Ltd., Gener8 Maritime Inc., Hafnia Limited, International Seaways Inc., PAO Sovcomflot, Maran Tankers Management Inc., Navios Maritime Partners L.P.
Get The Full Global Crude Oil Carrier Market ReportCrude Oil Carrier Market Overview
A crude oil carrier refers to ocean-going vessel constructed and intended for transporting crude oil or its products. They are used for to transfer massive amounts of crude oil across the seas and oceans.
Crude Oil Carrier Global Market Report 2023 provides data on the global crude oil carrier market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The crude oil carrier market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.