The global chemical tanker shipping market is expected to grow at a CAGR of around 5.7% from 2019 to 2026 and expected to reach the market value of around US$ 250,562.6 Mn by 2026.
Chemical tanker shipping refers to the constructed ships for carrying liquid chemicals in bulk. These chemical tankers are required to fulfill safety aspects because many chemicals are flammable and toxic. Additionally, these tankers are required mandatory compliance with the International Bulk Chemical Code (IBC Code). Furthermore, there are various types of chemical tankers available in the shipping industry including inland chemical tankers with a deadweight tonnage (DWT) range from 1,000 to 4,999, coastal chemical tankers with DWT range from 5,000 to 9,999 and deep-sea chemical tankers with DWT range from 10,000 to 50,000. These chemical tankers are used for carrying organic chemicals, inorganic chemical, vegetable oils & fats, and others including additives, lube oils, and molasses. Inland chemical tankers are typically in the form of self-propelled barges. These are commonly used in Europe in the river system to carry the load from large tankers and coastal terminals for transporting them to inland industrial facilities. Coastal chemical tankers are small tankers used to transport chemicals where larger tankers are restricted. In addition, deep-sea tankers are basically ocean-going vessels consists of stainless steel or coated tanks.
The increasing demand for chemicals across the global and lower crude oil prices is primarily driving the market growth. Increasing demand for oilseeds or vegetable oils & fats because of rising awareness among the consumers about healthy and hygienic food is accelerating the demand. Along with these, increasing investment for the production of chemicals in the Asia Pacific region is likely to provide potential opportunities over the forecast period.
On the other hand, various oil bunkering regulations and the renegotiation of the North American Free Trade Agreement (NAFTA) are likely to hamper the market growth. Also, increasing geopolitical issues among the countries are expected to hamper the market growth over the forecast period from 2019 to 2026.
By type, Deep-Sea Chemical Tankers segment accounted for the maximum share in the year 2018
Deep-sea chemical tankers segment has accounted for the major share in the chemical tanker shipping market and the segment is also anticipated to maintain its dominance over the forecast period. The increasing chemical trade through deep-sea chemical tankers for the construction & building and automotive manufacturing industries is supporting the segment growth.
In 2018, the organic chemicals segment registered the dominant share of the chemical tanker shipping market
On the basis of application, organic chemicals accounted for the maximum market share and the segment is also expected to maintain its dominance over the forecast period. Organic chemicals have a wide range of applications in food, pharmaceuticals and other industrial products, which is accelerating the segment growth.
The market research study on “Chemical Tanker Shipping Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight into the global chemical tanker shipping market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global chemical tanker shipping market, its product type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global chemical tanker shipping market size, and segment markets by product type, application, and geography along with the information on companies operating in the market. The chemical tanker shipping market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of the report.
Asia Pacific dominated the chemical tanker shipping market with maximum share
The Asia Pacific is gaining the potential market share owing to the presence of various top chemical manufacturers in the region including Mitsui Chemicals Inc., Toray Industries Inc., Sumitomo Chemical Co. Ltd., Mitsubishi Chemical Corp., and Chemical Co. Shin-Etsu. Ltd. The increasing government support and investment for the expansion of the oil and gas industry in the region are further fuelling the market growth. In addition, the rising awareness about healthy food products is accelerating the demand for vegetable oil and fats in the region.
The players profiled in the report include Stolt-Nielsen, Odfjell, Sinochem, MOL Chemical Tankers, Hansa Tankers, Iino Kaiun Kaisha, MTMM (Hong Kong) Ltd., Team Tankers, Naviera Ultranav Ltda, Bahri, WOMAR Logistics Pte Ltd, Chembulk Tankers, Ace-Quantum Chemical Tankers, Navig8, and KOYO KAIUN Co., Ltd.
Market By Types
Market By Application
Market By Geography
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