Chemical Tankers Global Market Report 2024 - By Size, Share, Trends, Demand, Forecast To 2033

The chemical tankers market size has grown strongly in recent years. It will grow from $34.68 billion in 2023 to $37.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increased production and consumption of chemicals, a surge in oil and gas exports, economic growth in emerging markets and expansion of seaborne trade.

The chemical tankers market size is expected to see strong growth in the next few years. It will grow to $47.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to a growing petrochemical industry, an increasing demand for vegetable oils and fats and rising urbanization. Major trends in the forecast period include adoption of artificial intelligence, use of iot (internet of things)-enabled remote tank monitoring, automation in chemical tankers , real-time tracking solutions, rising investments and partnerships and collaborations.

Market Overview -
The chemical tankers are used to transport any chemical compound in bulk that can be exceedingly hazardous, with the majority of them being flammable and/or toxic, and some of them being extremely hazardous. Chemical tanker structural layouts and arrangements are frequently comparable to those outlined for oil tankers and required to comply with various safety aspects.

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Chemical Industry Growth Fuels Demand For Chemical Tankers
The growth of the chemical industry is expected to propel the growth of the chemical tankers market. Companies in the chemical industry will require chemical tankers to transport and shift their chemical compounds from one location to another. This factor creates a demand for chemical tankers. According to the American Chemistry Council, 2021, the US chemical industry will maintain its net exporter position, supporting total U.S. goods exports. By 2025, net exports of chemicals in the USA will reach $40.5 billion and chemical industry shipments are expected to reach $668 billion. As major economies reopen and import demand in partner economies increases, US chemical exports are likely to grow dramatically. Therefore, the growth of the chemical industry drives the chemical tankers market.

Competitive Landscape -
Major companies operating in the chemical tankers market report are Stolt-Nielsen Limited, Odfjell SE, MISC Berhad, Bahri, Navig8 Limited, Iino Kaiun Kaisha Ltd, MITSUI O.S.K. LINES, Hansa Tankers, PT Berlian Laju Tanker Tbk, Maersk Tankers, MOL Chemical Tankers, Tanglian Group, Jiangsu Pretank Process Co. Ltd, Zen Shipping & Ports India Pvt Ltd, Hafnia Ltd, China Merchants Jinling Shipyard Dingheng, Changzhou Treering Plastics Co ltd, Ace Tankers Management B.V, The Seatrans Group, Sovcomflot, Scot Tanker, Chemet SA, Rigel Shipping Canada Inc, Kenan Advantage Group, Clean Product Tankers Alliance, Ultratank, PanOcean Tanker, Sernacol, KROHNE Argentina, Bahri Chemicals, Gulf Energy Maritime, Petrochem Middle East, Ace Tankers, AquaChemie, Fairfield Chemical Carriers, CA Muller Fabrication, M/T Ternsund Chemical Tanker

Technological Innovations Propel Advancements In The Chemical Tanker Market
Technological advancements are shaping the chemical tanker market. Many companies are investing in the innovation and development of chemical tankers to provide ease, accessibility, convenience, and affordability to their users. For instance, in March 2021, SCF a Russian-based subsidiary of Sovcomflot launched its first LNG-Powered MR Chemical tanker. The MR kind of chemical tanker is designed to transport oil products and gas condensate. The vessels' power units will run on ecologically friendly LNG, reducing the volume of emissions into the atmosphere dramatically. The tanker will be around 50,000 tons, with a length of over 180 meters, a width of over 32 meters, and a draught of -13,4 meters. 1B ice-class vessels can safely navigate throughout the year, including in ice conditions in the Baltic Sea.

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Key Segments -
The chemical tankers market covered in this report is segmented -
1) By Product Type: Organic Chemicals, Inorganic Chemicals, Vegetable Oils And Fats, Other Product Types
2) By Cargo Types: IMO 1, IMO 2, IMO 3
3) By Size: 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)
4) By Fleet Material: Stainless Steel, Coated

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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