In 2017, the global Chemical Tanker Shipping Revenue was increased to 7734 million US$ from 8077 million US$ in 2013, and it will reach 9083 million US$ in 2025, growing at CAGR of 2.03% between 2018 and 2025.The revenue in this market is earned through shipping of chemicals and related products. Also, the growth of the chemical tankers market has also increased with an increase in demand for vegetable oils & fats.
In the past few years, the array of chemicals transported in bulk has significantly expanded and special varieties of ships are being extensively used to meet the need. Apart from the specialist ships designed to ship bulk chemicals by sea, transportation of bulk chemicals also requires special training for the crew involved in the entire process, starting from construction/design of the vessels to loading, storing, discharge, and tank cleaning operations. Owing to the complex characteristics of the various chemicals commonly transported in bulk through carriers, it is critical that the crew is aware of the potential risks associated with handling them.
Market Segmentation.
The market can be classified into vegetable oils & fats, organic chemicals, and inorganic chemicals based on the product type. During the forecast period, it is estimated for the vegetable oil and fat segment to grow at the highest CAGR in terms of both, value and volume. The awareness among the people regarding the health benefits availed from the consumption of vegetable oils & fats is resulting in the increased consumption and thus the growth of this segment.
IMO 1, IMO 2, and IMO 3 are the classifications of the chemical tankers market based on fleet type. In the forecast period, it is assumed for the IMO 2 fleet type segment to grow at the highest CAGR. Shipping of vegetable oils & fats along with the different type of chemicals such as alcohols, alkanes, and alkenyl amide are the factors accelerating the growth of this segment.
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 market segmentation based on fleet size. Owing to their large number of segregations deep-sea tankers are widely used for transporting chemicals.
Based on fleet material, the chemical tankers market has been segmented into stainless steel and coated. Chemical tankers have epoxy, phenolic, or zinc coatings. Epoxy coatings possess good resistance to alkalis, seawater, wines, vegetable oils, crude oils, gas oils, lube oils, jet fuels, gasoline, and weak acids. Most zinc coatings are porous and tend to trap or hold previous cargos, making it difficult to clean them to a good extent.
Based on application, the chemical tankers market has been classified into organic chemicals, inorganic chemicals, and vegetable oils & fats. Organic chemicals dominated the market with market share of 51.37% in 2018. The vegetable oils & fats segment of the chemical tankers market is projected to grow at the highest CAGR, in terms of both, value and volume during the forecast period.
Market Restrains.
Slow growth in the production of crude oil and formulation and implementation of regulations related to oil bunkering act as restraints to the growth of the chemical tankers market. Reduced capital investment for exploring crude oil and low international prices over the past few years have reduced the production of crude oil which in turn is limiting the growth of chemical tankers market. The production of shale oil has also been impacted in the U.S. due to the low investments for exploring and producing crude oil in the country between 2013 and 2015.
Geographical market insights.
The Asia Pacific region is estimated to be the largest market for chemical tankers during the forecast period. The Asia Pacific chemical tankers market is also projected to grow at the highest CAGR, in terms of value and volume during the forecast period. China is projected to lead the Asia Pacific chemical tankers market during the forecast period. The China chemical tankers market is also projected to grow at the highest CAGR, in terms of value and volume during the forecast period.
Major players in the market are,
- Stolt-Nielsen
- Odfjell
- Sinochem
- MOL Chemical Tankers
- Hansa Tankers
- Iino Kaiun Kaisha
- MTMM
- Team Tankers
- Ultratank
- Bahri
- WOMAR
- Chembulk
- Ace-Quantum
- Navig8
- Koyo Kaiun
Market segmentation By Type,
- Inland Chemical Tankers (1,000-4,999 DWT)
- Coastal Chemical Tankers (5,000-9,999 DWT)
- Deep-Sea Chemical Tankers (10,000-50,000 DWT)
Market segmentation By Application,
- Organic Chemicals
- Inorganic Chemicals
- Vegetable Oils & Fats
- Others
Market segmentation By Geography,
· North America
· United States
· Canada
· Mexico
· Asia-Pacific
· China
· India
· Japan
· South Korea
· Australia
· Indonesia
· Malaysia
Highlights of the report.
- At a CAGR of 4.5% the chemical tankers market is expected to grow to USD 33.11 Billion by 2022.
- The market can be classified into vegetable oils & fats, organic chemicals, and inorganic chemicals based on the product type.
- Inland chemical tankers, coastal chemical tankers, and deep-sea chemical tankers are the market segmentation based on fleet size.
- Based on fleet material, the chemical tankers market has been segmented into stainless steel and coated.
- The Asia Pacific region is estimated to be the largest market for chemical tankers during the forecast period.
In this study, the years considered to estimate the market size of Chemical Tanker Shipping:
- History Year: 2014 – 2018
- Base Year: 2018
- Estimated Year: 2019
- Forecast Year: 2019 – 2025
This report includes the estimation of market size for value (million USD) and volume (M MT). Both top-down and bottom-up approaches have been used to estimate and validate the market size of Chemical Tanker Shipping market, to estimate the size of various other dependent submarkets in the overall market. Key players in the market have been identified through secondary research, and their market shares have been determined through primary and secondary research. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified primary sources.
For the data information by region, company, type and application, 2018 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
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