The chemical tankers market attained a value of USD 36.19 Billion in 2024. The industry is expected to grow at a CAGR of 4.40% during the forecast period of 2025-2034. By 2034, the market is expected to reach USD 55.67 Billion.
Chemical tanker operators are investing heavily in fleet modernization to comply with stricter environmental and safety regulations. Newbuilds feature double hulls, advanced navigation systems, and eco-friendly propulsion, such as LNG or dual-fuel engines. In April 2023, Japan’s Fukuoka Shipbuilding launched a new LNG-fuelled chemical tanker for American shipping company Fairfield Chemical Carriers (FCC). This modernization trend is crucial to meet global demand for safer, greener chemical transport, boosting reliability and attracting more customers in an increasingly regulated market.
The growing focus on sustainable maritime transport is significantly boosting the chemical tankers market analysis by encouraging the adoption of eco-friendly technologies and alternative fuels. Stricter environmental regulations and increasing awareness about reducing carbon emissions have pushed shipbuilders and operators to invest in greener vessels. In February 2024, Chemship introduced the world’s first chemical tanker powered partly by wind, enhancing fuel efficiency and reducing emissions for greener, more sustainable maritime transport. This shift not only helps comply with global sustainability goals but also reduces operational costs and improves fuel efficiency.
Base Year
Historical Period
Forecast Period
Compound Annual Growth Rate
4.4%
Value in USD Billion
2025-2034
*this image is indicative*
The chemical tanker market is witnessing growing demand for highly specialized vessels to carry diverse chemical products safely. Multi-compartment and stainless-steel coated tankers allow segregation of incompatible chemicals, reducing contamination risks. In June 2025, MOL Chemical Tankers added its fourth LNG dual-fuel stainless steel chemical tanker, enhancing eco-friendly and efficient chemical transport capabilities. This specialization meets client needs for flexible, reliable transport solutions, particularly in pharmaceutical and fine chemical sectors.
The adoption of digital technologies is revolutionizing chemical tanker operations. Smart shipping tools, such as IoT sensors, real-time tracking, and predictive maintenance improve cargo safety and vessel performance. Digital platforms enable better route planning, fuel efficiency, and compliance monitoring. In April 2023, chemical tanker owner Ultratank uses Seaber.io’s planning and schedule optimization software to cut costs, reduce fuel consumption, and lower emissions efficiently. This digital transformation is critical for increasing transparency, safety, and competitiveness in a complex market environment.
Large-scale petrochemical complexes, particularly in the Middle East and Asia, are increasing the demand of chemical tankers market. As per Maersk, Saudi Arabia is investing USD 600 billion into the petrochemical sector by 2030 to enhance downstream production capacity. These integrated production hubs generate high volumes of raw materials and finished chemicals as well as enhance supply chain efficiency by consolidating production and shipping activities. Their growth attracts investments in fleet capacity and infrastructure development, supporting longer trade routes and increasing the need for specialized tankers.
The transition from heavy fuel oil to cleaner alternatives, such as LNG, methanol, and biofuels is gaining momentum in chemical tanker fleets. In June 2025, SMC announces the launch of a 49,500 DWT methanol dual-fuel chemical/product tanker at Guangzhou Shipyard, China. Eco-friendly fuels reduce sulfur oxides (SOx), nitrogen oxides (NOx), and carbon emissions, aligning with global climate goals. Shipyards and operators are also collaborating to retrofit existing vessels or build new dual-fuel ships. This fuel shift is a significant driver for innovation and sustainability in chemical tanker shipping.
Advanced cargo handling systems, including inert gas systems, automated pumping, and real-time monitoring of tank conditions, improve safety and efficiency in the chemical tankers industry. In July 2025, Spanish shipowner Mureloil launched Bahía Candela, a chemical tanker with dynamic hybrid power management system to improve efficiency and limit emissions in fuel transport. Innovations also reduce contamination risks, optimize loading/unloading times, and enhance cargo integrity. These technological advances meet strict regulatory requirements and customer expectations for high-quality chemical transport services.
The EMR’s report titled “Chemical Tankers Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Breakup by Product Type
Key Insight: Organic chemicals are a vast segment in the chemical tanker market, driven by their vast use in pharmaceuticals, plastics, and textiles. The high volume of production and global trade routes from Asia, especially China and the Middle East, to Europe and North America fuels demand for dedicated chemical tankers. As per the OEC, China exported USD 82.7 Billion of organic chemicals in 2024. Their sensitive handling and contamination risk necessitate specialized stainless-steel tanks, making them a central focus for fleet design and operation efficiency.
Breakup by Fleet Type
Key Insight: The IMO Type 2 segment of the chemical tankers industry is gaining traction for carrying moderately hazardous chemicals that require a lower level of containment. These ships maintain safety through coatings and containment systems. Companies operate many Type 2 vessels for catering to a broad range of bulk chemical shipments. In January 2025, Hercules Tanker Management ordered 10 IMO Type 2 chemical tankers from Jiangmen Hangtong, partnering with a global bunker supplier. Type 2 tankers are widely used due to a balance between operational flexibility and safety requirements, making them a significant segment.
Breakup by Fleet Size
Key Insight: The deep sea (10,000-50,000 DWT) segment drives the chemical tankers market owing to their ability to transport large volumes of hazardous and non-hazardous chemicals across international trade routes. Operators deploy such tankers on routes between Asia, Europe, and the Americas. For instance, in February 2024, the world's first hybrid wind and fuel-powered chemical tanker, MT Chemical Challenger, set sail from Rotterdam for deep-sea voyages. The efficiency, range, and versatility of deep-sea tankers make them central to the global chemical shipping industry.
Breakup by Fleet Material
Key Insight: The stainless-steel chemical tankers industry revenue is expanding, owing to their superior chemical resistance and versatility in carrying a wide range of aggressive and high-purity chemicals. Operators extensively use stainless steel tankers for long-haul deep-sea routes, ensuring cargo integrity and safety. In May 2025, China’s Wuchang Shipbuilding launched the 25,900 DWT stainless steel chemical tanker XT Sea Lion for Xingtong Shipping, featuring IMO Tier III compliance and methanol fuel ready engine. These recent launches of stainless-steel IMO Type 1 tankers underscore the preference for this segment in demanding chemical transport.
Breakup by Region
Key Insight: Asia Pacific is the most dominating segment in the chemical tanker market, driven by rapid industrialization, urbanization, and growing demand for chemicals in manufacturing, pharmaceuticals, and agriculture. As per the Asian Development Bank, more than 55% of Asia’s population will be urban by 2030. China, South Korea, and India are major chemical producers and consumers, fuelling demand for specialized chemical tankers. The presence of large ports supports high-volume chemical shipping. Additionally, expanding petrochemical complexes in the region contribute to increased export-import activity.
Inorganic Chemicals & Vegetable Oils and Fats Trackers to Gain Traction
The inorganic chemical tankers industry includes sulfuric acid, phosphoric acid, caustic soda, and hydrogen peroxide, and is primarily used in mining, agriculture, and industrial manufacturing. These chemicals often require lined or coated tanks due to their corrosive nature. While trade volumes are smaller than organics, the consistent industrial demand and stringent handling requirements sustain steady tanker utilization within this segment across diverse international routes.
Vegetable oils and fats are adding to the market value as they are vital for food and biodiesel industries. Palm oil, soybean oil, and sunflower oil are commonly shipped in bulk from major producers including Indonesia, Malaysia, and Argentina to Europe, India, and China. As per TradeImeX, Indonesia exported more than 24.2 million metric tons of palm oil in 2024. Consistent global consumption patterns and increasing use in biofuels maintain their relevance, especially in multipurpose chemical tankers handling both edible and industrial liquid cargoes.
Surging Preference for IMO Type 1 & IMO Type 3 Chemical Tankers
IMO Type 1 chemical tankers market represents the most stringent standard for carrying the most hazardous liquid chemicals. These tankers feature full double-hull construction, independent stainless steel cargo tanks, and advanced containment systems to prevent leaks and contamination. They also include dedicated piping, temperature control, and corrosion resistant. IMO Type 1 tankers are further used for safely transporting critical industrial chemicals across global trade routes.
The IMO Type 3 segment of the market is attaining popularity for carrying the least hazardous chemicals, such as edible oils, fats, and some alcohols. These vessels generally have single hulls with specialized coatings to prevent cargo contamination. IMO Type 3 vessels are also essential for transporting low-risk cargoes safely and efficiently. For instance, in January 2025, Seacon Shipping expanded its fleet with three new IMO Type 3 chemical tankers for enhancing safe transport of highly flammable, toxic liquids under strict international safety standards.
Coastal & Inland Chemical Tankers to Garner Large Revenues
The demand for coastal chemical tankers (5,000-9,999 DWT) is growing primarily along domestic or regional coastlines, serving as feeders or short-haul carriers between industrial hubs and ports. They are vital for the distribution of chemicals in areas with limited port infrastructure or shorter transport distances. These vessels carry IMO Type 2 or 3 cargoes. India and Indonesia rely heavily on this segment to support intra-regional trade. Coastal chemical tankers also strike a balance between manoeuvrability and cargo volume, making them an essential component of regional supply chains.
The inland (1,000–4,999 DWT) segment of the chemical tankers industry is gaining popularity for facilitating the movement of chemicals within landlocked regions or between production and storage facilities. In May 2025, China's Jiangxi New Jiangzhou Shipbuilding Heavy Industry completed the hull of a 135 m duplex stainless steel inland chemical tanker ordered by Netherlands based Mercurius Shipping Group. Europe also has a well-developed inland tanker network to facilitate crucial operations for last-mile connectivity and domestic distribution.
Thriving Deployment of Coated Chemical Tankers
The coated chemical tankers demand is escalating for transporting less aggressive cargoes, including vegetable oils. These vessels have steel tanks lined with specialized coatings for providing adequate protection against corrosion while offering a cost-effective alternative to stainless steel. For instance, in December 2023, Stolt Tankers became the first shipping company to apply graphene hull coating technology, X‑GIT FUEL, on one of its chemical tankers, Stolt Lotus. Coated tankers typically operate on short-haul or coastal routes, where cargo flexibility and economics are prioritized.
Thriving Presence of Chemical Tankers in Europe & North America
Europe holds a strong position in the chemical tanker market due to its advanced chemical industry, stringent environmental regulations, and emphasis on safety standards. Germany, the Netherlands, and Belgium serve as chemical production and distribution centres. As per trade group VCI, the total chemical-pharmaceutical production surged 2% in 2024, led by a 4% rise in chemicals. European shipping firms prioritize fleet modernization, investing in eco-efficient tankers to comply with IMO regulations. Additionally, Europe’s focus on sustainable practices encourages innovations, reinforcing its competitive edge.
The chemical tanker industry in North America is growing, supported by the region’s expanding shale gas production and increasing petrochemical exports. Investments in newbuild chemical tankers are rising to meet demand for safer, more efficient transport of diverse chemical products. Additionally, advancements in port infrastructure and strategic partnerships with global shipping companies are enhancing North America’s connectivity to international markets. Regulatory emphasis on environmental compliance is also driving modernization of fleets with eco-friendly vessels, positioning North America for continued growth.
Key players in the chemical tanker market are employing a range of strategic approaches to stay competitive in this specialized and highly regulated industry. A key focus is on fleet modernization, with investments in stainless-steel or coated tankers that can safely transport a wide variety of chemical cargoes while meeting stringent safety and environmental standards. Many companies pursue strategic partnerships with chemical producers and logistics providers to secure long-term contracts and optimize vessel utilization. Geographic diversification helps tap into growing demand for chemical transport.
Digitalization is enabling operators to use advanced software for route optimization, cargo monitoring, and predictive maintenance to boost operational efficiency. Sustainability is increasingly central, with companies adopting low-emission technologies and alternative fuels to align with global emissions targets. Additionally, some players pursue vertical integration by offering storage and port services, gaining greater control over the supply chain and enhancing profitability. These strategies collectively enable market participants to navigate regulatory challenges, manage operational risks, and maintain resilience in a volatile global market.
Founded in 1978 and headquartered in Riyadh, Saudi Arabia, Bahri is a leading global transportation and logistics company, especially known for its chemical and oil tanker services. Bahri has embraced digital innovation by launching advanced fleet management systems and expanding its eco-friendly fleet to align with global sustainability standards.
Established in 1959 and based in London, United Kingdom, Stolt-Nielsen Limited (SNL) is a global leader in chemical tankers and bulk liquid logistics. The company pioneered parcel tanker operations and continues to innovate with smart shipping technologies, efficient cargo handling systems, and investments in sustainability and supply chain optimization.
Headquartered in Singapore and founded in 1972, MOL Chemical Tankers Pte. Ltd. is a subsidiary of Mitsui O.S.K. Lines. The company specializes in transporting bulk liquid chemicals worldwide. It has focused on fleet expansion, operational efficiency, and adopting digital tools to enhance safety, compliance, and environmentally responsible shipping practices.
Founded in 1914 and based in Bergen, Norway, Odfjell SE is a prominent player in the chemical tanker and terminal segment and is known for its strong global fleet and terminal network. Odfjell leads in safety innovations, energy efficiency, and sustainable shipping through investments in eco-design vessels and digital systems.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other players in the chemical tanker market are Iino Kaiun Kaisha, Ltd., among others.
Unlock the latest chemical tanker market trends 2025 with our free sample report. Get expert insights into market drivers, fleet innovations, regional outlooks, and competitive landscapes. Download now to stay ahead in the evolving chemical shipping sector with Expert Market Research’s trusted data and forecast-driven analysis.
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In 2024, the market reached an approximate value of USD 36.19 Billion.
The market is projected to grow at a CAGR of 4.40% between 2025 and 2034.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach about USD 55.67 Billion by 2034.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Key strategies driving the market include fleet modernization with eco-friendly vessels, expanding capacity through newbuilds, focusing on specialized tankers for diverse chemicals, adopting digital technologies for operational efficiency, strengthening safety and environmental compliance, and forming strategic partnerships to access emerging markets and optimize global trade routes.
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 key players in the market report include Bahri, Stolt-Nielsen Limited (SNL), Mol Chemical Tankers Pte. Ltd., Odfjell SE, and Iino Kaiun Kaisha, Ltd., among others.
Asia Pacific is the most dominating segment in the market, driven by rapid industrialization, urbanization, and growing demand for chemicals in manufacturing, pharmaceuticals, and agriculture.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| 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. |
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