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Chemical Tanker Market To Reach USD 3.39 Billion By Year 2030

The Global Chemical Tanker Market size was valued at USD 34400 Million in 2023 and is projected to reach USD 49700 Million by 2030, growing at a CAGR of 4.70% from 2023 to 2030.

Swati Kalagate
Manufacturing and Construction
Pristine Intelligence LLP

Market Overview:

The Global Chemical Tanker Market size was valued at USD 34400 Million in 2023 and is projected to reach USD 49700 Million by 2030, growing at a CAGR of 4.70% from 2023 to 2030.

The chemical tanker market is a crucial component of the global shipping industry, specializing in the transportation of various chemicals, including acids, alcohols, and other hazardous materials. These tankers are purpose-built vessels equipped with specialized tanks and safety measures to ensure the secure transport of chemicals across international waters. The chemical tanker market has experienced steady growth, driven by increasing global trade in chemicals, particularly from regions with high production capacities such as Asia-Pacific and North America. Regulatory requirements regarding the safe transportation of hazardous materials have also contributed to the demand for modern and technologically advanced chemical tankers. The market is not without challenges. Fluctuations in oil prices, environmental regulations, and geopolitical tensions can impact the demand and supply dynamics of the chemical tanker market. Additionally, concerns over safety and environmental protection have led to stringent compliance standards, requiring significant investments in vessel design and operational procedures.

Top Key Players Covered in The Chemical Tanker Market:

    • Stolt-Nielsen Limited (UK)
    • Odfjell SE (Norway)
    • Navig8 Chemical Tankers Inc (US)
    • MOL Chemical Tankers (Japan)
    • Iino Kaiun Kaisha Ltd (Japan)
    • Team Tankers International Ltd (Bermuda)
    • Ardmore Shipping Corporation (Ireland)
    • Nordic Tankers A/S (Denmark)
    • Jo Tankers AS (Norway), and Other Major Players

Market Dynamics and Factors:           

Growing global trade of chemicals and petrochemicals is a significant driver for the chemical tanker market. As economies develop and industrialize, there's a rising demand for chemicals, leading to increased transportation needs. Rising concerns about greenhouse gas emissions and fuel costs are driving research and development into alternative fuels such as LNG (liquefied natural gas) and biofuels, offering opportunities for innovation in chemical tanker propulsion systems. Fluctuations in oil prices directly impact the chemical tanker market, as many chemicals are derived from petroleum products. Sharp changes in oil prices can affect shipping rates, operational costs, and investment decisions.

 The Chemical Tanker Market Report Highlight:

    • By Material, Stainless steel, renowned for its durability and resistance to corrosion, stands as a dominant material in the chemical tanker market. Its properties make it ideal for transporting a variety of chemicals safely and efficiently. Stainless steel tanks ensure product integrity, minimizing contamination risks and meeting stringent regulatory standards. This segment's prominence underscores the industry's commitment to reliability and safety in chemical transportation.
    • By Size, The deep-sea chemical tanker segment asserts dominance in the chemical tanker market by size. These vessels, specifically designed for transporting various chemicals across long distances, hold a significant share due to their capacity to navigate expansive ocean routes and accommodate large volumes of cargo. Their specialized features, including advanced safety measures and compatibility with diverse chemical cargoes, make them indispensable for global chemical transportation needs.
    • By Region, North America's domination of the chemical tanker market can be attributed to several key factors. Firstly, North America possesses a robust and advanced chemical industry that demands efficient transportation of various chemical products. The region is home to a significant number of chemical manufacturers, including pharmaceutical, petrochemical, and specialty chemical companies, which generate substantial chemical exports.

Key Industry Development:

In June 2023, Turkish Tersan Shipyard secured an order from Tune Chemical Tankers (TCT), a Dutch shipping company, for the construction of up to four chemical tankers powered by methanol fuel. According to the company's announcement, Tune Chemical Tankers (TCT) has initially contracted two vessels from the Turkish Tersan Shipyard, with the flexibility to expand the order to a total of four ships. These environmentally friendly vessels will have a capacity of 16,000 DWT and will be fueled by methanol, aligning with the company's commitment to sustainable shipping solutions.

In January 2023, Maritime Investment Company, Easterly, acquired an additional four tankers, expanding its fleet. Maritime Logistics Equity Partners (MLEP), a subsidiary of Easterly's Maritime Investment Company, has revealed the acquisition of four additional vessels through its second chemical tanker investment tranche. With this purchase, MLEP's fleet now consists of 11 ships. These newly acquired vessels are coated chemical tankers, making them the largest in MLEP's fleet.

The Chemical Tanker Market Segmentation:

By Material

    • Stainless Steel
    • Coated

 By Size

    • Inland Chemical Tankers
    • Coastal Chemical Tankers
    • Deep-Sea Chemical Tankers

 By Product Type

    • Organic Chemicals
    • Inorganic Chemicals
    • Vegetable Oils Fats

By Tank Type

    • IMO 1
    • IMO 2
    • IMO3

For this report, Pristine Intelligence has segmented the Chemical Tanker Market based on region:

Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)

North America

  • The U.S.
  • Canada
  • Mexico

Eastern Europe

  • Bulgaria
  • The Czech Republic
  • Hungary
  • Poland
  • Romania
  • Rest of Eastern Europe

Western Europe

  • Germany
  • UK
  • France
  • Netherlands
  • Italy
  • Russia
  • Spain
  • Rest of Western Europe

Asia Pacific

  • China
  • India
  • Japan
  • South Korea
  • Malaysia
  • Thailand
  • Vietnam
  • The Philippines
  • Australia
  • New-Zealand
  • Rest of APAC

Middle East & Africa

  • Turkey
  • Bahrain
  • Kuwait
  • Saudi Arabia
  • Qatar
  • UAE
  • Israel
  • South Africa

South America

  • Brazil
  • Argentina
  • Rest of SA
Pristine Intelligence LLP

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