Chemical Tanker Shipping Market (by Type and Applications ): Insights and Forecast with Potential Impact of COVID-19 (2021-2030)

The Global Chemical Tanker Shipping Market size is estimated to be USD 29.20 billion in 2019 and is predicted to reach USD 44.48 billion by 2030 with a CAGR of 3.9% from 2020-2030.

In the past few years, the chemicals used get transported in bulk which had significantly expanded and special varieties of ships are being extensively used currently to meet the requirement. A chemical tanker is a type of tanker ship which is designed to transport chemicals in bulk. Owing to the complex features of the various chemicals commonly transported in bulk through carriers, it is critical that the crew is aware of the potential risks related with handling them.

These ships are majorly classified on the basis of type of cargo and size of the vessel. Some of the commonly used chemical tankers are crude oil tanker. The ships carry industrial chemicals and other clean petroleum products. Thus, the additional cost of the construction is explained by the ships with stainless steel tanks which carry a wider range of cargoes and can clean more rapidly between one cargo and another.

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Top Companies: Odell, Iino Kaiun Kaisha Ltd., Stolt- Nielsen Ltd., MISC, Tokyo Marine Asia Pte Ltd, Nordic tankers, Navig8 chemicals and others.

Market Dynamics and Trends:

High concentration of the production of chemical and rising demand across the globe is majorly responsible for the growth of market. Moreover, evolution of the shale gas is one of the important factor positively impacting the market growth. Additionally, increasing consumer concerns regarding healthy and hygienic food is also anticipated to drive vegetable/ animal oil and fats trade which in turn is supposed to bolster global chemical tanker shipping market during the forecast period. However, growing geopolitical issues among the countries are projected to hamper the market growth in the upcoming years.

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Market Segmentations and Scope of the Study:

The global chemical tanker shipping market share is analyzed on the basis of product, shipment route, cargo type and geography. On the basis of product, the market is segmented into organic chemicals, inorganic chemicals, vegetable oil & fats, and others. On the basis of cargo type, the market id segmented into IMO I, IMO II, and IMO III. According to the shipment route, the market is classified into the inland, coastal, and deep sea. The regional analysis of chemical tanker shipping market comprises of North America, Europe, Asia Pacific, and Rest of the World.

Geographical Analysis:

Industry participants have accepted innovative strategies related to environment protection owing to stringent regulations. Furthermore, they are also concentrating on safe transportation techniques and quality management. Hence, further the growth of market is characterized by numerous opportunities. North America is anticipated to attract new players in the market on account of shale gas progress in the region which is positively impacting production of ethylene in the region, hence in turn is estimated to boost organic chemicals shipment supply across the globe. The research report consists of a comprehensive assessment of the market and historical data, thoughtful facts, insights, and statistically supported and industry-validated market data. Additionally, it also contains projections using a suitable set of assumptions and methodologies.

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