The Chemical Tanker Shipping Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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In accordance with The Business Research Company’s comprehensive Chemical Tanker Shipping Global Market Report 2024, the chemical tanker shipping sector has exhibited robust growth in recent times, surging from $31.61 billion in 2024 to an estimated $33.43 billion by the same year, representing a commendable compound annual growth rate (CAGR) of 5.8%. This expansion is rooted in various historical factors such as globalization, heightened trade activities, stringent regulatory frameworks, an industry-wide pivot towards specialized vessels, augmented petrochemical production, and the advent of bulk chemical transportation solutions.
Projections for the chemical tanker shipping market forecast a compelling trajectory, foreseeing a substantial uptick to $41.75 billion by 2028, reflecting a notable CAGR of 5.7%. The anticipated growth is underpinned by multifaceted dynamics, including an increasing demand for operational fleet flexibility, a pronounced emphasis on digitalization and automation, a paradigm shift towards eco-conscious shipping practices, the expansion of regional distribution networks, and notable advancements in tanker design technologies. Noteworthy trends in the forecasted period encompass a heightened focus on crew welfare and training, the integration of advanced cargo handling technologies, a steadfast commitment to emission reduction initiatives, and the optimization of port facilities.
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 2024, 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 compared to the figures reported in 2021. Thus, the increasing demand for chemicals is driving the growth of the chemical tanker shipping market.
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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
Top 5 Major Players:
Prominent players within the chemical tanker shipping domain are strategically directing their efforts towards pioneering solutions, prominently exemplified by the adoption of LNG propulsion technology. This innovative approach involves harnessing liquefied natural gas (LNG) to power ships and marine vessels. A case in point is Fukuoka Shipbuilding, a prominent Japanese vessel manufacturing entity, which, in April 2024, unveiled the groundbreaking ‘LNG Dual-fuel Chemical Tanker.’ This stainless-steel tanker is seamlessly integrated with LNG propulsion technology, showcasing a noteworthy commitment to environmental sustainability. Notably, the deployment of such cutting-edge dual-fuel chemical tankers results in a substantial 25% reduction in carbon dioxide emissions compared to conventional marine fuels, heralding a transformative era in the realm of chemical tanker shipping.
The chemical tanker shipping market report table of contents includes:
1. Executive Summary
2. Chemical Tanker Shipping Market Characteristics
3. Chemical Tanker Shipping Market Trends And Strategies
4. Chemical Tanker Shipping Market – Macro Economic Scenario
5. Global Chemical Tanker Shipping Market Size and Growth
32. Global Chemical Tanker Shipping Market Competitive Benchmarking
33. Global Chemical Tanker Shipping Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Chemical Tanker Shipping Market
35. Chemical Tanker Shipping Market Future Outlook and Potential Analysis
36. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Chemical Tanker Shipping Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Chemical Tanker Shipping Market, Segmentation By Cargo Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Chemical Tanker Shipping Market, Segmentation By Fleet Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 75: Sinochem Corporation Financial Performance
Table 76: Stolt-Nielsen Ltd. Financial Performance
Table 77: Frontline Ltd. Financial Performance
Table 78: Euronav Financial Performance
Table 79: Diamond S Shipping Inc. Financial Performance
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