The increasing chemical trade agreements and growing manufacturing activities across the globe are propelling the demand for chemical tanker shipping market.
The global chemical tanker shipping 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 widely used 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. Furthermore, 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 US 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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The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.
The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter's Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launch and brand promotions.
Key companies profiled in the report include:
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.
Market Segmentation by Types:
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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Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Chemical Tanker Shipping market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
Further key findings from the report suggest
- 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 transported from refineries to the bulk storage facilities.
- Organic chemicals are acquired from hydrocarbon sources such as natural gas and oil. They are preeminent 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 holds 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.
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