BANGALORE, India, Jan. 5, 2022 /PRNewswire/ -- The Chemical Tankers Market is Segmented 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)), Application (Organic Chemicals, Inorganic Chemicals, Vegetable Oils & Fats, Other). The report covers global opportunity analysis and industry forecasts from 2021 to 2027.
In 2020, the global Chemical Tankers market size was USD 8162.5 Million and it is expected to reach USD 9505.5 Million by the end of 2027, with a CAGR of 2.2% during the forecast period 2021-2027. The top three companies, Stolt-Nielsen, Odfjell and MOL Chemical Tankers, have 30% of the market share.
Major Factors Driving The Growth Of Chemical Tankers Market Are:
The Chemical Tankers market is expected to be bolstered by rising chemical commerce as a result of increased manufacturing operations around the world. The massive concentration of chemical production and rising demand around the world are largely responsible for market expansion. Furthermore, low charter rates of the chemical tanker are expected to propel the chemical tanker market growth.
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Trends Influencing The Growth Of The Chemical Tanker Market:
Organic chemicals have a wide range of applications and are attracting a lot of attention because of their potential industrial applications. Over the forecast period, the chemical tankers market is expected to benefit from increased trade activity and inexpensive transportation charter prices. To boost global chemical tanker supply, fleet operators are developing cutting-edge technology solutions. Because of its hazardous nature and various features, tanker coating is extremely important in chemical shipping.
The chemical industry's continued development is another factor propelling the chemical tanker market's expansion. The rise and development of the chemical industry have resulted in large-scale chemical product manufacture, which has boosted demand for chemical tankers. Furthermore, the rising demand for oilseeds and vegetable oils is likely to propel the chemical tanker industry forward.
Growing consumer concerns about nutritious and hygienic food are predicted to boost the global vegetable/animal oil and fats trade, which would, in turn, drive the global chemical tanker market throughout the forecast period. Furthermore, increased international trade necessitated the transportation of large quantities of chemicals from one location to another. This, in turn, is projected to propel the chemical tanker industry forward. China, Russia, Germany, and the United States are important chemical exporters, and they are likely to drive global trade through chemical tankers, boosting the chemical tanker market
However, the chemical tanker market can be constrained by unstable political conditions. During the forecast period, rising geopolitical tensions between countries are expected to impede chemical tanker market growth.
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Chemical Tanker Market Share Analysis
Based on type, The segment of deep-sea chemical tankers holds a comparatively larger share in the global market, which accounts for about 73%. This is attributed to the increase in the international trade of chemicals.
Based on application, Organic chemicals dominated the market with a market share of 51% in 2018. Pharmaceuticals, food and beverages, insecticides, crop protection, fertilizers, water treatment, personal care goods and cosmetics, polymers, fuel additives, and other products are all growing in demand.
Based on region, Asia-Pacific is expected to be the most lucrative region. Because of the rapid development of the petrochemical and refining markets, as well as increased investment budgets, the Asia-Pacific industry contributes around one-third of global revenue in the chemical tanker business.
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Major Players in the Chemical Tankers Market
- Odfjell
- Sinochem
- MOL Chemical Tankers
- Iino Kaiun Kaisha
- Team Tankers
- MTMM
- Ultratank
- Bahri
- Hansa Tankers
- Chembulk
- WOMAR
- Navig8
- Ace-Quantum
- Koyo Kaiun
- Stolt-Nielsen
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SIMILAR REPORTS
- The global Chemical Tanker Shipping market size is projected to reach USD 2789460 Million by 2027, from USD 2427140 Million in 2020, at a CAGR of 2.0% during 2021-2027.
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- The global shipping containers market was valued at USD 8.70 Billion in 2019 and is projected to reach USD 12.08 Billion by 2027, registering a CAGR of 4.3% for the forecast period 2020-2027.
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