The chemical tanker shipping market has shown robust growth, increasing from $31.61 billion in 2023 to $33.43 billion in 2024, marking a compound annual growth rate (CAGR) of 5.8%. This increase in the historical period is attributed to globalization and trade forces, stringent regulations and compliance standards, a shift towards specialized vessels, increased petrochemical production, and emergence of bulk chemical transportation. Looking ahead to 2028, the market is anticipated to experience substantial growth, reaching $41.75 billion with a CAGR of 5.7%. This forecasted growth is linked to rising demand for flexibility in fleet operations, increased emphasis on digitalization and automation, a shift towards eco-friendly shipping practices, expansion of regional distribution networks, and continuous technological advancements in tanker design. Key trends during this period include a focus on crew welfare and training, integration of advanced cargo handling technologies, emission reduction initiatives, and port facility optimization.
Major Driver In The Chemical Tanker Shipping Market
The increasing demand for chemicals is expected to propel the growth of the chemical tanker shipping market. Chemical tanker shipping refers to cargo ships constructed or adapted for carrying liquid chemicals in bulk, including organic and inorganic chemicals. For instance, in November 2023, according to IBISWorld, as of 2022, there are 3,880 businesses engaged in the manufacturing of chemical products in the United States, reflecting a 2.8% growth compared to the figures reported in 2021. Thus, the increasing demand for chemicals is driving the growth of the chemical tanker shipping market. The chemical tanker shipping market is estimated to be $56.7 billion in 2023, with a projected growth to $62.4 billion in 2024. By 2028, the market is anticipated to reach $78.9 billion.
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Chemical Tanker Shipping Market Competitive Landscape
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, Alaska Tanker Company, LLC, Hansa Tankers, Navig8 Chemical Tankers Inc., Iino Kaiun Kaisha Ltd., Stena Bulk, Navios Maritime Partners L.P., Maersk Tankers, MOL Nordic Tankers, Algoma Central Corporation, JO Tankers, Eitzen Chemical, Ace Tankers Management B.V., Scorpio Tankers Inc., Teekay Tankers Ltd., TORM
Key Chemical Tanker Shipping Market Trend
Product innovations are key trends gaining popularity in the chemical tanker shipping market. Major operators in the market are innovating new environment-friendly products. For instance, in June 2021, Wuhu Shipyard Co Ltd., a China-based military shipbuilding company, launched the second 22,000 DWT Hybrid Chemical Tanker for Sweden-based Donsö Shipping AB. It is an environment-friendly chemical tanker with a DC battery bank auxiliary propulsion system that makes zero emissions. It was also the first dual-fuel ship and ice-class reinforced ship. In addition, it fully complies with International Maritime Organization (IMO) emission standard 3 (Tier III).
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Chemical Tanker Shipping Market Segmentation
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
By Geography:The regions covered in the chemical tanker shipping market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the chemical tanker shipping market in 2023.
The Chemical Tanker Shipping Global Market Report 2024 furnishes information about the global chemical tanker shipping market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
