Chemical Tankers Market Market Size
[ 170 + Pages Research Report ] Chemical Tankers Market to surpass USD 52.5 Billion by 2032 from USD 31.8 Billion in 2021 at a CAGR of 4.7% in the coming years, i.e., 2022-32.
Chemical tanker is a tanker ship that is specially designed for the transport of chemicals on a large scale. These tanks, when made as oil and chemical tankers also hold the potential of cleaning petroleum products apart from transporting a variety of industrial chemicals. Sulfuric acid, caustic soda, and many other chemical cargoes are among the numerous chemical cargoes that are transported by these tankers. All of these cargoes might pose risks to safety and pollution. Due to carefully planned cargo arrangements, chemical tankers frequently transport small chunks of cargo, possibly transporting many chemical types at the same time.
Market Highlights
The Chemical Tankers Market is expected to project a notable CAGR of 4.7% in 2032.
Global demand for chemical tankers is being driven by the booming chemical industry and expanding production capabilities of chemical firms. Large-scale chemical product production due to the growth and development of the chemical industry has fueled an increase in demand for chemical tankers. Moreover, throughout the projected period, the chemical tankers market is anticipated to progress owing to the rising demand for vegetable oils and fats.
Chemical Tankers Market: Segments
The Vegetable Oils and Fats segment is expected to grow with a higher CAGR during 2022-32
Chemical Tankers market is categorized on the basis of Product Type into Organic Chemicals, Inorganic Chemicals, and Vegetable Oils and Fats. In terms of both value and volume, the vegetable oils & fats segment is projected to hold a major share of the chemical tanker market throughout the forecast period. Since increasing number of individuals are becoming aware of the advantages of consuming vegetable oils and fats for their health, this segment is expected to grow at a considerable CAGR.
The IMO 2 segment is expected to grow with a higher CAGR during 2022-32
Chemical Tankers market is categorized on the basis of Fleet Type into IMO 1, IMO 2, and IMO 3. In terms of value and volume, the IMO 2 fleet type segment of the chemical tanker market is expected to grow at a higher CAGR over the forecast period. The use of IMO 2 chemical tankers for shipping vegetable oils & fats along with various types of chemicals including alcohols, alkanes, and alkenyl amide can be attributed to the expansion of the IMO 2 fleet type section of the chemical tankers market.
Market Dynamics
Growth Drivers
The Growing Need to Transport Chemical Products in the Safest Manner
The major leading factor for the global chemical tankers market is the increasing demand for secure transportation of various chemical goods. Moreover, the growth of the overall chemical industry is anticipated to support product demand and support the future growth of the chemical tankers market. In the coming years, advancements in the existing goods may help boost the demand for chemical tankers. Government programs and initiatives that focus on the advantages of employing chemical tankers to carry goods are expected to contribute to increased demand for such goods.
The Rising Need to Train the Crew for Handling Chemicals during Transport
Special types of ships are used to carry a variety of chemicals to be delivered in bulk, which has substantially increased to meet the demand of users worldwide. The crew participating in the entire process, from vessel building and design through loading, discharging, storing, and tank cleaning operations, needs special training more than just the specialized ships constructed principally to transport bulk chemicals through the sea. The crew must be properly trained to manage the many chemicals that are frequently transported through carriers owing to their unique features.
Restraint
Unstable Prices of Crude Oil Prices
During the forecast period, changes in the price of crude oil is expected to hinder the growth of the market. The predicted speed of economic growth often declines as oil prices rise, whereas inflation expectations typically rise over shorter time horizons. Reduced economic growth prospects, in turn, lead to a reduction in company earnings projections, which has a moderate effect on stock prices.
Recent Developments
- Odfjell, a Norwegian shipping business, built a new tanker in 2020 in partnership with Navigo Tankers in response to significant demand in European nations over the past few years.
- Bahri, a global transport and logistics company, in August 2020 signed an agreement to construct ten 49,999-dwt Medium Range (MR) chemical tankers in collaboration with Hyundai Mipo Dockyard, a follower of the Hyundai Heavy Industries Group and the operator of the world’s biggest state-of-the-art shipbuilders.
- MOL Chemical Tankers has established a partnership with Den Hartogh Logistics in the Netherlands for 2019, to address the rising demand for storage tanks.
Chemical Tankers Market: Key Players
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IINO KAIUN KAISHA LTD
- Wilmar International Ltd
- Maersk Tankers
- Ace Tankers
- Bahri
- Chembulk Tankers
- Hansa Tankers
- MOL Chemical Tankers
- Nordic Tankers
- Odfjell
- Stolt-Nielsen
- Team Tankers International Ltd
- IMC Tankers
- Koyo Kaiun
- WOMAR Logistics Pte Ltd
- Other Prominent Players
Chemical Tankers Market: Regions
Chemical Tankers market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The Asia Pacific region is projected to lead the chemical tankers market during the estimated period. During the forecast period, the chemical tankers market in Asia Pacific is also expected to grow with a higher CAGR in terms of value and volume. During the forecast period, China is expected to dominate the Asia Pacific chemical tanker market. The chemical tankers market in China is also predicted to flourish with a higher CAGR in terms of value and volume.
Impact of Covid-19 on Chemical Tankers Market
The global chemical tankers market was negatively impacted by the COVID-19 pandemic. Government-imposed lockdowns and limits on regional boundaries had a huge impact on how items were transported from one place to another. This resulted in decreased demand for chemical tankers across a number of industries globally, which had an impact on the chemical tankers industry on the whole.
Chemical Tankers is further segmented by region into:
-
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Chemical Tankers report also contains analysis on:
Chemical Tankers Segments:
- By Product Type
- Organic Chemicals
- Inorganic Chemicals
- Vegetable Oils and Fats
- By Fleet Type
- IMO 1
- IMO 2
- IMO 3
- By Fleet Size
- Inland Chemical Tanker
- Coastal Chemical Tanker
- Deep-Sea Chemical Tanker
- Chemical Tankers Market Dynamics
- Chemical Tankers Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Chemical Tankers Market Report Scope and Segmentation
| Report Attribute | Details |
| Market size value in 2021 | USD 31.8 Billion |
| Revenue forecast in 2032 | USD 52.5 Billion |
| Growth Rate | CAGR of 4.7% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Quantitative units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product Type, Fleet Type, Fleet Size, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | IINO KAIUN KAISHA LTD, Wilmar International Ltd, Maersk Tankers, Ace Tankers, Bahri, Chembulk Tankers, Hansa Tankers, MOL Chemical Tankers, Nordic Tankers, Odfjell, Stolt-Nielsen, Team Tankers International Ltd, IMC Tankers, Koyo Kaiun, WOMAR Logistics Pte Ltd, and Other Prominent Players. |
Frequently Asked Questions (FAQ):
The Chemical Tankers market size was estimated at USD 31.8 Billion in 2021 and is expected to reach USD 52.5 Billion in 2032.
A chemical tanker is a tanker ship that is specially designed for the transport of chemicals on a large scale. These tanks, when made as oil and chemical tankers also hold the potential of cleaning petroleum products apart from transporting a variety of industrial chemicals.
The Vegetable Oils and Fats and IMO 2 segments accounted for the larger share of the Chemical Tankers Market.
Key players in the Chemical Tankers market are IINO KAIUN KAISHA LTD, Wilmar International Ltd, Maersk Tankers, Ace Tankers, Bahri, Chembulk Tankers, Hansa Tankers, MOL Chemical Tankers, Nordic Tankers, Odfjell, Stolt-Nielsen, Team Tankers International Ltd, IMC Tankers, Koyo Kaiun, WOMAR Logistics Pte Ltd, and Other Prominent Players.
The booming chemical industry and expanding production capabilities of chemical firms are the main factors driving the growth of the global chemical tankers market.
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