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The global chemical tanker market stood at a value of around USD 36.19 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 4.4% to reach about USD 53.33 billion by 2032.
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Chemical tankers made up of stainless steel are extremely durable with high strength to weight ratio. Also, the thickness of the wall of these ships is low, which increases the cargo capacity. These advantages make it ideal for the export activities of bulk chemicals, which is propelling the chemical tankers market. Moreover, the rigid quality of these tankers, along with excellent hygiene control, allow the transportation of chemicals without any contamination. Some other favourable properties of stainless steel chemical tankers include fire and heat resistance, high resistance to extreme temperature variations, and the non-porous surface of the tanker, which are driving the segment’s growth. Over the forecast period, the increasing inclination towards stainless steel tankers as cost-effective alternatives to their counterparts such as coated tankers is likely to fuel the segment growth.
The market in the Asia Pacific region is being driven by the improving economic growth of emerging economies such as India and China. In India, the outpacing domestic demand for vegetable oils is likely to increase the reliance of the country on overseas imports. This factor is likely to boost the demand for chemical tankers in the forecast period. Meanwhile, the growing innovations and advancements by the major chemical manufacturing firms in the region owing to the increasing demand for sulphuric acid and methanol from various end-use industries are anticipated to add to the chemical tankers market growth in the forecast period.
Chemical tanker is defined as a type of cargo ship which is used to transport bulk chemicals. These ships have high damage stability, and can survive harsh environments. The content in chemical tanker can be extremely toxic and dangerous, because of which chemical tanker needs to comply with the International Bulk Chemical Code.
Based on product type, the market can be segmented into:
By fleet type, the market is divided into:
On the basis of fleet size, the market is classified into:
The market can be bifurcated based on fleet material into:
The EMR report looks into the regional markets of chemical tankers like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The increasing demand for chemical tankers for the transportation of vegetable oils and fats is driving the market growth. Vegetable oils and fats are reactive and have a high sensitivity to poor handling. Chemical tankers provide them with excellent temperature control, proper handling, and sufficient storage, hence propelling the market growth. Vegetable oils also account for a significant share in the daily caloric food supply. In this regard, the increasing international trading of vegetable oils is anticipated to propel the demand for chemical tankers in the forecast period. Moreover, the rapid emergence of chemical tankers as the main form to transport commodities which fulfil the energy requirements of the world is likely to lead to a steady growth of the chemical tankers market in the forecast period.
Over the forecast period, the increasing deployment of type 1 and type 2 chemical tankers in the chemical industry for moving harmful and toxic chemicals such as sulphuric acid, caustic soda, and phosphoric acid, among others, is anticipated to provide impetus to the market. Furthermore, the growing research and development (R&D) activities by major chemical tanker manufacturers for designing superior quality tankers that comply with the cleaning standards are likely to bolster the growth of the chemical tankers market in the coming years.
The report gives a detailed analysis of the following key players in the global chemical tankers market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product Type |
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Breakup by Fleet Type |
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Breakup by Fleet Size |
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Breakup by Fleet Material |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global chemical tankers market attained a value of nearly USD 36.19 billion.
The market is estimated to grow at a CAGR of 4.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 53.33 billion by 2032.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major drivers of the market include the increasing demand for chemical tankers for the purpose of transporting vegetable oils and fats, rising trading of toxic and hazardous chemicals, and emergence of chemical tankers as the main form of transportation for commodities.
The growing research and development activities by the major manufacturers aimed towards designing superior quality tankers complying with the cleaning standards of the government are likely to be the key trends in the market.
Organic chemicals, inorganic chemicals, and vegetable oils and fats, among others, are the different product types of chemical tankers.
IMO type 1, IMO type 2, and IMO type 3 are the major fleet types of chemical tankers.
Inland chemical tankers (1,000-4,999 DWT), coastal chemical tankers (5,000-9,999 DWT), and deep sea chemical tankers (10,000-50,000 DWT) are the significant fleet sizes of chemical tankers.
Stainless steel and coated are the significant fleet materials based on which the market has been bifurcated.
The major players in the market are Bahri, Stolt-Nielsen Limited (SNL), Mol Chemical Tankers Pte. Ltd., Odfjell SE, and Iino Kaiun Kaisha, Ltd., among others.
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