Chemical Tankers Market Size – USD 227.59 Billion in 2020, Growth - CAGR of 1.70%, Trends – Evolution of shale gas.
The global Chemical Tankers Market is forecast to reach USD 260.61 Billion by 2028, according to a new report by Reports and Data. The variety of chemicals transported in bulk in the past years has expanded significantly, and special varieties of ships are used extensively to meet the need.
Factors driving the market for chemical tankers shipping are, a rise in chemical trade agreements among the countries, increasing regulation regarding the safe shipment, and an increase in manufacturing activities. Moreover, awareness regarding product hygiene is another factor propelling the demand for the product.
China is the largest consumer in the APAC region for organic chemicals. In 2018, multiple trade routes started from China that propelled the demand for the market. The rising trade tension with the U.S. and China, due to the latter imposing tariffs and anti-dumping duties, has affected the global market. It is anticipated to impact the sector profoundly by causing disruption and change in trade flows in the coming years.
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Top Leading Players: Odfjell SE, Iino Kaiun Kaisha, Ltd., Stolt-Nielsen Limited, Navios Maritime Acquisition Corp., Stena Bulk, Nordic Tankers, Island Tug And Barge Ltd., Navig8 Chemical Tankers Inc., Petronav Ship Management Limited (PSL), and Algoma Central Corporation, among others.
Key Companies in the market include:
- As the IMO sulfur cap begins in January 2020, the chemical tankers are expected to take a hit with the changes in fuel cost. However, they are expected to find benefits as well, with the myriad of new fuels, they will be transporting from refineries to the bulk storage facilities.
- Organic chemicals are acquired from hydrocarbon sources such as natural gas and oil. They are primarily used as feedstock for the production of other chemicals or for products such as plastics, fibers, pesticides, and rubber.
- Deep-Sea chemical tankers has registered enormous growth in the year 2018. They are gaining positive growth owing to their offering for a large number of chemicals segregation. In addition, the consolidation and digitalization in the deep-sea chemical tanker are likely to affect the chemicals tanker market positively with the replacement of conventional fleet in the forecast period.
- IMO III held a significant market share on the basis of extensive applications of organic or natural compounds in multiple industries. As these tankers are not limited with any restriction on the cargo quantity, it is the most preferred tanker type among all the three.
- North America is forecasted to grow with a CAGR of 1.5% during the forecast period. The chemical production is expected to grow owing to the advent of shale gas along with low prices in the region. Most of the producers in the region are trying to branch out and reach the European and Asian market, which is expected to increase the lengthy route freight movement.
Key Regional Markets Covered in the Report:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
Chemical Tankers Market Upcoming Growth:
The Chemical Tankers market is driven by the demand for transportation of chemicals, oils, and other hazardous materials. The market has been witnessing steady growth over the past few years due to increasing trade of chemicals and petrochemicals between different regions of the world. Additionally, the growth in the chemical industry, particularly in emerging economies, is expected to drive the demand for chemical tankers in the future.
Furthermore, regulatory changes such as the International Maritime Organization's (IMO) regulations on sulfur emissions from ships have led to an increased demand for chemical tankers that can transport low-sulfur fuels. This has also led to the retrofitting of existing chemical tankers to comply with these regulations.
However, the Chemical Tankers market is also facing some challenges, such as increasing competition from other modes of transportation like pipelines and railways. Moreover, the high capital cost of new vessels and the rising cost of fuel are also major challenges for the industry.
In conclusion, the Chemical Tankers market is expected to witness steady growth in the coming years, driven by the increasing demand for transportation of chemicals and petrochemicals. However, the industry will also face some challenges that need to be addressed to ensure sustainable growth.
Key questions covered in the global Chemical Tankers Market report:
- What is the expected market size of the global Chemical Tankers Market during the forecast period?
- What factors are expected to hamper global Chemical Tankers Market growth over the forecast period?
- What key factors are expected to drive global revenue growth between 2021 and 2028?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Polyvinyl Alcohol market?
Segments covered in the report:
Product Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)
- Vegetable oils fats
- Organic chemicals
- Inorganic chemicals
- Other chemicals
Type of Cargo Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)
- IMO I
- IMO II
- IMO III
Route of Shipment Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)
- Oil
- Industrial
- Specialist Chemical
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