Chemical Tanker Shipping Market Commodities, High Growth Opportunities, Segmentation, Market Trends By 2023-2032|Stolt-Nielsen Ltd., Odfjell, Sinochem Corporation, MOL Chemical Tankers, Hansa Tankers

The Chemical Tanker Shipping Global Market Report 2023 by The Business Research Company, provides chemical tanker shipping market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Chemical Tanker Shipping Global Market Report 2023, the market size is expected to grow from $29.72 billion in 2022 to $31.41 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global chemical tanker shipping market is expected to reach $38.43 billion in 2027 at a CAGR of 5.2%.

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.

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The chemical tanker shipping market 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

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 June 2021 Wuhu Shipyard Co Ltd., a China-based military shipbuilding company launched the 2nd 22000 DWT Hybrid Chemical Tanker for Sweden-based Donsö Shipping AB. It is an environment-friendly chemical tanker with a DC battery bank auxiliary propulsion system that makes zero emissions. It was also the first dual-fuel ship, and ice-class reinforced ship. In addition, it fully complies with International Maritime Organization (IMO) emission standard 3 (Tier III).

The chemical tanker shipping market report table of contents includes: