Chemical Tankers Market Outlook
According to a new report by Expert Market Research titled, “Chemical Tankers Market Price, Share, Analysis, Report and Forecast 2023-2028″, is projected to grow at a CAGR of 4.40% between 2023 and 2028. Aided by the rising demand for chemical products across various sectors and the expansion of chemical tankers’ applications in various industries, the market is expected to grow significantly by 2028.
Chemical tankers are specially designed ships used to transport bulk chemicals from the production site to the place of consumption. They play a crucial role in the global supply chain, ensuring safe and efficient transportation of chemical products, including petrochemicals, liquid chemicals, and acids. Beyond their primary function of cargo transport, chemical tankers also offer benefits such as decreased environmental impact, enhanced safety measures, and improved cargo integrity.
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The surging demand for chemical products across numerous sectors is driving the global chemical tankers market growth. With increasing industrialisation and the associated demand for chemicals in various applications, there has been a significant shift towards the utilisation of chemical tankers for bulk transport. Moreover, the burgeoning trend of globalisation has further heightened the popularity of chemical tankers, given their role in facilitating international trade of chemical goods.
The expanding applications of chemical tankers in various industries also play a significant role in boosting the chemical tankers market development. In the oil and gas industry, chemical tankers are extensively used for the transportation of petrochemicals. The manufacturing sector utilises chemical tankers for the delivery of raw materials needed in the production process. Moreover, the rising demands in the agricultural sector for fertilisers and other chemical products make the role of chemical tankers essential in this field. Additionally, the chemical tankers market is anticipated to rise in the coming years due to the major chemical tanker manufacturers’ increasing research and development (R&D) efforts to create superior tankers that adhere to cleanliness requirements.
Furthermore, the growing need for environmentally friendly and safe transportation methods in the chemical industry has led to a heightened focus on chemical tankers. With the increasing awareness of environmental sustainability and stringent regulations on chemical handling, chemical tankers have emerged as a preferred mode of transport due to their safety mechanisms and reduced environmental footprint, thereby boosting the chemical tankers market expansion.
Chemical Tankers Market Segmentation
The market can be divided based on product type, fleet type, fleet size, fleet material, and region.
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Market Breakup by Product Type
- Organic Chemicals
- Inorganic Chemicals
- Vegetable Oils and Fats
Market Breakup by Fleet Type
- IMO Type 1
- IMO Type 2
- IMO Type 3
Market Breakup by Fleet Size
- 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)
Market Breakup by Fleet Material
- Stainless Steel
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global chemical tankers companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Stolt-Nielsen Limited (SNL)
- Mol Chemical Tankers Pte. Ltd.
- Odfjell SE
- Iino Kaiun Kaisha, Ltd.
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