Crude Oil Carrier Market Outlook, Overview And Forecast 2025-2034

The global crude oil carrier market size has seen steady growth in recent years and this trend is expected to continue in the upcoming future. As demand for oil and its by-products rises, so too does the requirement for efficient and effective transportation. The crude oil carrier market is poised to increase from $198.63 billion in 2024 to $205.24 billion in 2025, growing at a compound annual growth rate (CAGR) of 3.3%. The growth can be attributed to several factors, including increased oil production, geopolitical influences, economic growth, regulatory changes and fluctuating oil prices. In the forecast period, the market size is predicted to reach $243.71 billion in 2029, growing at a CAGR of 4.4% driven by emerging market demand, oil price forecasts, investments in carrier fleet expansion and global trade agreements.
How is Rising Demand for Crude Oil Impacting the Crude Oil Carrier Market?
The growing demand for crude oil and its by-products is driving the growth of the crude oil carrier market. In 2023, the U.S. saw an increase in crude oil output from 11.7 million b/d in 2022 to 12.4 million b/d. In the same year, the U.S. consumed an average of 86.6 billion cubic feet of natural gas per day – the highest annual consumption of natural gas compared to the previous year. This escalating demand impacts the crude oil carrier market significantly as these carriers are responsible for transporting bulk crude oil from offshore platforms to transshipment terminals.
What are the Key Segments in the Crude Oil Carrier Market?
The crude oil carrier market is segmented by:
1) Vessel Type: Very Large Crude Carrier (VLCC), Suezmax, Aframax, Ultra Large Crude Carrier (ULCC), Panamax
2) Dead Weight Tonnage: 120,000 MT-180,000 MT, 180,000 MT -320,000 MT, 25,000 MT-50,000 MT, 50,000 MT-75,000 MT, 75,000 MT-120,000 MT, Above 320,000 MT
3) Hull Type: Double Bottom, Double Hull, Single Bottom
4) Application: Diesel, Gasoline, Aviation Turbine Fuel, Other Applications
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Which are the Major Players in the Crude Oil Carrier Market?
Companies that dominate the crude oil carrier market include China Shipping Tanker Co. Ltd., Maersk Tankers A/S, Kuwait oil Tanker Company S.A.K, OSG Ship Management Inc., Alaska Tanker Company LLC, Keystone Shipping Co., Shipping Corporation of India Ltd., Frontline Ltd., Tsakos Energy Navigation Limited, National Iranian Tanker Company, Euronav NV, Tankers International LLC, SFL Corporation Ltd., Nordic American Tankers Limited, AET Tanker Holdings Sdn Bhd, Teekay Corporation, Angelicoussis Shipping Group Limited., Mitsui OSK Lines Ltd., Scorpio Tankers Inc., DHT Holdings Inc., Ardmore Shipping Corp., Oman Shipping Company S.A.O.C., Ocean Tankers Ltd., Diamond S Shipping Inc., Dynacom Tankers Management Ltd., Gener8 Maritime Inc., Hafnia Limited, International Seaways Inc., PAO Sovcomflot, Maran Tankers Management Inc., Navios Maritime Partners L.P.
What Trends are Shaping the Future of the Crude Oil Carrier Market?
One notable trend includes the development of eco-friendly and innovative solutions such as crude oil and liquefied natural gas (LNG) carriers. These advancements aim to enhance fuel efficiency and reduce emissions. The Zvezda shipyard in Russia, for instance, launched the Arc6 Valentin Pikul and Arc6 Sergei Witte to transport oil and LNG in adherence to these innovations.
Which Region Dominates the Crude Oil Carrier Market?
In 2024, Asia-Pacific was the largest region in the crude oil carrier market. The crude oil carrier market report covers Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Does The Crude Oil Carrier Market Report 2025 Offer?
A crude oil carrier is an ocean-going vessel designed for transporting crude oil or its by-products across seas and oceans. The Crude Oil Carrier Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends and opportunities.
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