What is the current size and annual growth rate of the chemical tanker shipping market?
The chemical tanker shipping market size has grown strongly in recent years. It will grow from $32.83 billion in 2024 to $34.56 billion in 2025 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to globalization and trade, stringent regulations and compliance, an industry shift towards specialized vessels, an increase in petrochemical production, and the emergence of bulk chemical transportation.
The chemical tanker shipping market size is expected to see strong growth in the next few years. It will grow to $44.25 billion in 2029 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to the demand for flexibility in fleet operations, increased focus on digitalization and automation, shift towards eco-friendly shipping practices, regional distribution network expansion, and technological advancements in tanker design. Major trends in the forecast period include crew welfare and training, advanced cargo handling technologies, emission reduction initiatives, and optimization of port facilities.
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What key drivers have fueled the chemical tanker shipping market’s development over the years?
The increasing demand for chemicals is expected to propel the growth of the chemical tanker shipping market. The term chemical refers to an element or any combination of these elements. Chemical tanker shipping refers to cargo ships constructed or adapted for carrying liquid chemicals in bulk. This tanker is used for carrying organic chemicals which are any chemical compound containing one or more atoms of carbon covalently linked to atoms of other elements, usually hydrogen, oxygen, nitrogen, and other inorganic chemicals. For instance, in November 2023, according to the IBISWorld, a US-based provider of business intelligence information, as of 2022, there are 3,880 businesses engaged in the manufacturing of chemical products in the United States, reflecting a 2.8% growth. Thus, the increasing demand for chemicals is driving the growth of the chemical tanker shipping market.
What is the segmentation for the chemical tanker shipping market?
The chemical tanker shipping market covered in this report is segmented –
1) 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)
2) By Cargo Type: IMO I, IMO II, IMO III
3) By Fleet Material: Stainless Steel, Coated, Epoxy
4) By Application: Organic Chemicals, Inorganic Chemical, Vegetables Oils And Fats, Other Applications
Subsegments:
1) By Inland Chemical Tankers (1,000-4,999 DWT): Small Tanker Barges, River Tankers
2) By Coastal Chemical Tankers (5,000-9,999 DWT): Coastal Tankers For Short Routes, Regional Tankers
3) By Deep-Sea Chemical Tankers (10,000-50,000 DWT): Medium-Range (MR) Tankers, Long-Range (LR) Tankers
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Who are the most influential companies in the chemical tanker shipping market?
Major companies operating in the chemical tanker shipping market include Sinochem Corporation, Stolt-Nielsen Ltd., Frontline Ltd., Euronav, Diamond S Shipping Inc., Ardmore Shipping, International Seaways Inc., Petronav Caspian Sea Marine Services Pvt. Ltd., Uni-Tankers A/S, PT. Berlian Laju Tanker Tbk., BW Group, Odfjell SE, Seatrans Group, Team Tankers International Ltd., Tokyo Marine Asia Pte Ltd., Duzgit Group, MOL Chemical Tankers, Nordic Tankers, Hansa Tankers, Navig8 Chemical Tankers Inc., Iino Kaiun Kaisha Ltd., Stena Bulk, Navios Maritime Partners L.P., Maersk Tankers, MOL Nordic Tankers, JO Tankers, Eitzen Chemical, Ace Tankers Management B.V., Scorpio Tankers Inc., Teekay Tankers Ltd., TORM
What are the top industry trends projected to impact the chemical tanker shipping market?
Product innovations are the key trends gaining popularity in the chemical tanker shipping market. Major operators in the market are innovating new environment-friendly products. For instance, in February 2024, Chemship, a European-based operates a sophisticated fleet of stainless steel chemical tankers designed for the transportation of a wide variety of liquid bulk materials, including specialized chemicals, vegetable oils, acids, lube oils, aromatics, and clean petroleum products has launched the MT Chemical Challenger, the first chemical tanker to use wind-assisted propulsion with Econowind’s VentoFoils. This vessel incorporates sustainable wind technology to improve its propulsion efficiency. It will be deployed on Chemship’s Trans-Atlantic route, linking the U.S. East Coast with the Mediterranean. This innovative technology is expected to reduce CO2 emissions by about 10%, significantly lowering the vessel’s environmental impact and operational costs.
What are the major regional insights for the chemical tanker shipping market, and which region holds the top position?
The countries covered in the chemical tanker shipping market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Chemical Tanker Shipping Market Report 2025 Offer?
The chemical tanker shipping market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Chemical tanker shipping refers to cargo ships constructed or adapted for carrying liquid chemicals in bulk. This is designed specifically to maintain the consistency of the chemicals it carries. Certain coatings are applied to these tanker ships to make it easier to identify the chemicals being transported.
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