USD 33.11 billion
Chemical Tanker Market Size, Share, Growth Analysis, By Type(IMO 1, IMO 2, and IMO 3 tankers), By Product(Organic and inorganic chemicals), By Fleet size(Small to large vessels), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10F2015 |
Region:
Global |
Published Date: March, 2024
Pages:
178
|Tables:
86
|Figures:
76
Chemical Tanker Market Insights
Global Chemical Tanker Market size was valued at USD 33.11 billion in 2022 and is poised to grow from USD 34.63 billion in 2023 to USD 49.63 billion by 2031, at a CAGR of 4.6% during the forecast period (2024-2031).
The global chemical tanker market is characterized by steady growth driven by increasing demand for chemical transportation, particularly in the petrochemical and industrial sectors.
Stringent safety regulations, growing international trade, and expansion of chemical production facilities further propel market expansion. Technological advancements in vessel design and cargo handling systems enhance operational efficiency and safety standards.
Key players focus on fleet modernization, strategic partnerships, and route optimization to maintain a competitive edge.
However, challenges such as environmental concerns, volatile freight rates, and geopolitical uncertainties pose potential hurdles to market progression.
US Chemical Tanker Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Organic Chemicals
Fastest Growth
Organic Chemicals
Growth Rate
4.6% CAGR
Global chemical tanker market by region
Country Share for North America (%)
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Chemical Tanker Market Segmental Analysis
The global chemical tanker market can be segmented based on type, product, fleet size, and region. In terms of type, the market is divided into IMO 1, IMO 2, and IMO 3 tankers, each catering to different hazardous cargo requirements. Product-wise, the market encompasses organic and inorganic chemicals, while fleet size ranges from small to large vessels. Geographically, the market is spread across North America, Europe, Asia Pacific, and the rest of the world.
Chemical Tanker Market Analysis By Type
The coated tanker sector stands out as the largest, driven by the need for advanced protective measures during chemical transportation to maintain cargo quality and vessel integrity.
On the other hand, the fastest-growing sector appears to be Parcel Tankers, as industries increasingly demand versatile vessels capable of accommodating various chemical cargo types while maintaining safety and efficiency standards. This growth is attributed to the rising complexity of chemical transportation and the need for adaptable solutions to meet diverse industry requirements.
Chemical Tanker Market Analysis By Product
The largest sector in the chemical tanker market is often organic chemicals due to their extensive use in manufacturing processes across industries such as pharmaceuticals, petrochemicals, and plastics. This sector's prominence is driven by the demand for various chemical compounds for diverse applications.
On the other hand, the fastest-growing sector is frequently vegetable oils & fats, propelled by the escalating global demand for edible oils, changing dietary habits, and expanding food markets. The health-conscious consumer trend and growing awareness of healthier dietary options contribute to the rapid growth in the transportation of vegetable oils and fats, reflecting evolving consumption patterns worldwide.
Global chemical tanker market by type
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Chemical Tanker Market Regional Insights
The global chemical tanker market exhibits diverse regional trends. In North America, robust chemical production and increasing shale gas exploration drive market growth. Europe experiences steady demand due to a well-established chemical industry. Asia-Pacific stands as a key player, with rising manufacturing activities and trade boosting tanker demand. The Middle East showcases a growing role as a chemical exporter, further elevating tanker requirements. Latin America and Africa witness potential upswings with expanding chemical capacities. Overall, the chemical tanker market's dynamics are shaped by distinct regional factors, spanning production, consumption, and trade patterns.
Global chemical tanker market by Region
- Largest
- Fastest
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Chemical Tanker Market Dynamics
Chemical Tanker Market Drivers
Growing Demand for Chemicals
- Increasing consumption of chemicals in various industries such as agriculture, pharmaceuticals, and manufacturing is boosting the demand for chemical tankers to transport these goods globally.
- International trade of chemicals and petrochemical products is on the rise, driving the need for efficient and specialized transportation solutions like chemical tankers to ensure safe and timely delivery across borders.
Chemical Tanker Market Restraints
Stringent Regulations and Compliance
- The chemical tanker industry is subject to strict safety, environmental, and regulatory standards, which can lead to higher operational costs and challenges in meeting compliance requirements.
- Fluctuations in oil prices can impact the cost of raw materials and energy, influencing the overall profitability and operational expenses of chemical tanker companies.
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Chemical Tanker Market Competitive Landscape
The global chemical tanker market features intense competition among key players vying for market share and strategic advantages. Established industry leaders, including Maersk Tankers, Stolt-Nielsen, and Navig8, compete through extensive fleet modernization, technological innovation, and route optimization to ensure efficient and safe transportation of diverse chemical cargoes. New entrants, like Team Tankers International, are also driving competition by focusing on specialized segments and environmental sustainability. Regulatory compliance, cargo handling expertise, and global network expansion remain critical factors shaping the competitive landscape, while collaborations and alliances seek to enhance operational efficiencies and address evolving customer demands.
Chemical Tanker Market Top Player’s Company Profiles
- Odfjell SE - Norway
- Iino Kaiun Kaisha Ltd. - Japan
- Eitzen Chemical ASA (JACCAR Holdings) - Norway
- Ardmore Shipping Corporation - Ireland
- MOL Chemical Tankers - Japan
- Hafnia - Denmark
- Norden - Denmark
- Chembulk Tankers - USA
- Team Tankers International - Norway
- Dorian LPG Ltd. - USA
- Pacific Carriers Limited - Singapore
- Odfjell Terminals - USA
- Univanich Palm Oil Public Company Limited - Thailand
- Jo Tankers - Norway
- Hoyer Group - Germany
- Laurin Maritime AB - Sweden
- MOL Nordic Tankers - Denmark
Chemical Tanker Market Recent Developments
-
In March 2024, chemical tanker operator MOL Chemical Tankers, a subsidiary of Japanese shipping major Mitsui OSK Lines (MOL), acquired Fairfield Chemical Carriers (FCC). The acquisition price of the shares is about $400 million.
-
In February 2024, Singapore-based Ofer family company, Eastern Pacific Shipping, announced that it will install three 22-metre eSails from bound4blue, on board the 2019-built chemical tanker, Pacific Sentinel, later this year.
-
In February 2024, Chemship, the Rotterdam-based operator of chemical tankers, commissioned its first ship with wind-assisted propulsion, claiming the MT Chemical Challenger is the first chemical tanker in the world to be equipped with sustainable wind technology. The ship will serve on Chemship’s Transatlantic route between the East Coast of the United States and the Mediterranean.
Chemical Tanker Key Market Trends
- Environmental Focus: Increasing regulations drive demand for eco-friendly vessel designs and cleaner shipping technologies.
- Digital Integration: Adoption of IoT, AI, and data analytics optimizes operations, enhancing efficiency and safety.
- Trade Patterns: Shifting global energy markets impact trade routes, influencing tanker demand and fleet deployment.
Chemical Tanker Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global chemical tanker market holds promising future prospects as it continues to evolve in response to increasing demand for specialty chemicals and petrochemical products worldwide. Factors such as growing industrialization, expanding chemical production, and international trade of chemicals are anticipated to drive market growth. Stricter environmental regulations and the need for safer transportation of hazardous materials are likely to spur innovation in tanker design and operations, promoting sustainability and safety. Additionally, technological advancements in vessel construction, cargo handling systems, and digital solutions are expected to enhance operational efficiency and reduce costs. The market's future trajectory hinges on the industry's ability to adapt to changing trade patterns, incorporate green technologies, and ensure compliance with evolving safety and environmental standards, ultimately shaping a resilient and dynamic chemical tanker sector.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 33.11 billion |
| Market size value in 2031 | USD 49.63 billion |
| Growth Rate | 4.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Chemical Tanker Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Chemical Tanker Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Chemical Tanker Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Chemical Tanker Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Chemical Tanker Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Chemical Tanker Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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