Crude Oil Carrier Market Competitive landscape And Industry Expansion Strategies by 2023

Global Crude Oil Carrier Market – Overview

The crude oil carrier market is driven by the demand for crude oil globally. MRFR has published its findings recently about the growth of the crude oil carrier market, which states that the market will earn revenues worth USD 247.5 Billion while progressing at a 4.2% CAGR in the forecast period. The rising demand for bulk transportation of crude oil is a key factor boosting the development of the crude oil carrier market in the forecast period.

The rising rate of industrialization is seen to be having a considerable effect on the crude oil carrier market on a global scale. The intensifying demand for crude oil in various regional markets due to the expansion of the broadening applications of crude oil is also a compelling factor in the market’s expansion. The opportunities that will be favor the growth of the crude oil carrier market in the coming years is the mounting production levels of oil in the African continent. Additionally, the decreased bunker fuel costs are expected to provide an additional leverage to the crude oil carrier market. The market is however expected to be restrained by the poor outlook for long-haul routes in the market. The imposition of sanctions by U.S. on Iran recently and the unpredictable geopolitics of the Middle East may hamper the growth that can be realized by the market.

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Segmental Analysis

The segmentation of the crude oil carrier market is carried out on the basis of hull type and dead weight tonnage. On the basis of hull type, the crude oil carrier market is segmented into single bottom, double hull and double bottom. The double hull segment is fastest leading segment in the market. Based on dead weight tonnage, the crude oil market is segmented into 25,000 MT-50,000 MT, 50,000 MT-75,000 MT, 75,000 MT-120,000 MT, 120,000 MT-180,000 MT, 180,000 MT -320,000 MT, and above 320,000 MT. The 180,000 MT -320,000 MT segment is the leading segment in the market. The regions included in the market are Asia Pacific, North America, Europe, Latin America, Middle East and Africa.

Detailed Regional Analysis

The regional analysis of the crude oil carrier market comprises of regions such as Asia Pacific, North America, Europe, Latin America, Middle East and Africa. The Asia pacific region is growing at an optimal rate in terms of share size and opportunities in the region. The nations in the Asia Pacific region such as Japan, India and China are responsible for motivating the progress of the crude oil carrier market in the forecast period. The region is also significantly boosted by the freight charges for oil tankers that are affected substantially by trends in Chinese imports. Moreover, the incidence of major crude oil carrier operators in the region. The European is another market gaining prominence in terms of crude oil carriers which are developing at a swift rate currently. The rise in the level of crude shipping from regions such as Africa, Latin America, and the Middle East is expected to fuel the market in the forecast period.

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Competitive Analysis

The market is expected to benefit from the surge in the crude oil production globally. The growth in the oil demand has accelerated the demand potential of the crude oil carrier market. The influence of oil supply dynamics is expected to create profitable opportunities for growth of the market. The crude oil carrier market is substantially restricted with major players shaping the market’s competitive landscape. The distinguished companies present in the crude oil carrier market are Teekay Corporation, Frontline, Shipping Corporation of India, Tsakos Energy Navigation Limited, Nordic American Tankers, Ship Finance International Limited, Taiyo Cabletec Corporation, Maersk Tankers, Essar, Kuwait Oil Tanker Company S.A.K and Alaska Tanker Company.

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This release was published on openPR.