Chemical Tanker Market Current Analysis and Future Trajectory 2024 - 2031 | JO Tankers, IINO KAIUN KAISHA Ltd.

Market Overview:

The chemical tanker market is estimated to be valued at USD 36.16 Bn in 2024 and is expected to reach USD 49.21 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2031.

Market Dynamics:

The global chemical tanker market is expected to witness significant growth over the forecast period, owing to rising demand for transportation of petrochemicals across regions. Asia Pacific held the largest share of the global petrochemical market in 2021, owing to high demand from countries such as China, India, and Japan. Petrochemical transportation accounts for over 40% share of the total chemical tanker market. Additionally, growing shale gas extraction in North America is augmenting the production of petrochemicals such as ethylene and propylene in the region. This is boosting the demand for chemical tankers for transportation of petrochemicals to Asian markets, driving the market growth.

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Increasing demand for chemicals pushing freight rates higher

The global chemicals industry has witnessed strong growth over the past few years owing to rising demand from key end-use industries such as automotive, construction, pharmaceuticals, agriculture and consumer products. This rising demand for chemicals has led to a sharp uptick in trade volumes which is benefiting the chemical tanker sector. According to industry experts, the trade volumes of petrochemicals and other industrial chemicals are expected to increase by over 30% in the coming decade. With port congestion issues continuing at several major hubs, the tight tanker supply is driving freight rates significantly higher. Several tanker operators have reported record earnings in the recent quarters backed by high spot rates and long-term contracts. The continued demand growth for chemicals bodes well for tanker owners and is expected to support freight rates over the medium to long term.

Transition to green fuels presenting opportunities

The International Maritime Organization's (IMO) carbon emission regulations coming into effect from 2023 are compelling ship owners and operators to explore alternative marine fuels and technologies to reduce the industry's carbon footprint. The transition to greener fuels such as liquefied natural gas (LNG), biomethane, biofuels, hydrogen and ammonia is expected to open up new opportunities for chemical tankers. Specialized carriers will be required for transporting these new fuels across oceans and regions. Global infrastructure investment in production, storage, bunkering and distribution network of green marine fuels offers prospects for tanker owners to charter new gas-carrier vessels and convert some of their existing fleet. The development of bio-refineries globally to produce sustainable biofuels and chemicals also holds potential for incremental cargo volume growth benefitting tanker demand.

Sustainability trends shaping future fleet developments

Sustainability has become a dominant theme across industries including maritime transport in recent times. Tighter emissions regulations, carbon pricing mechanisms and shareholder pressures are compelling ship owners to future-proof their fleets against decarbonization. Tanker owners are increasingly opting for advanced eco-design vessels with minimized environmental footprints. Dual-fuel and hybrid tankers capable of running on alternate clean fuels are gaining prominence. The retrofitting of existing older ships with energy-efficient technologies and emissions abatement systems is also gathering steam. New ports and terminals are investing in shore power capabilities and low-carbon infrastructure to facilitate greener vessel operations. These sustainability trends will reshape fleet developments over the long-run favor

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Top Companies Featured in This Report:

★ JO Tankers
★ IINO KAIUN KAISHA Ltd.
★ Eitzen Chemical
★ Tokyo Marine Asia Pte Ltd.
★ Berlian Laju Tanker
★ Nordic Tankers
★ Seatrans chemical tankers
★ Navig8 Chemicals
★ Stolt-Nielsen Ltd
★ Odfjell

Market Segmentation:

By Product Type:

★ By Product Type: Organic Chemicals, Inorganic Chemicals, Vegetable Oils and Fats
★ By Fleet Type: IMO 1, IMO 2, and IMO 3
★ By Please Size Type: Inland Chemical Tankers (1000-4999 DWT), Coastal Chemical Tankers (5000-9999 DWT), and Deep Sea Chemical Tankers (10,000- 50,000 DWT)

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

Key Inquiries Addressed in this Report include:

📈 What was the size of the Chemical Tanker Market in 2024, and what is the projected value by 2031?

📈 What is the present global market landscape for the Chemical Tanker Market?

📈 What strategies offer optimal opportunities for growth maximization in the business?

📈 What recent trends are shaping the Chemical Tanker Market?

📈 How does the market share of Chemical Tanker Market revenue, sales, and size vary across specific geographical regions?

📈 Who are the prominent industry players in the Chemical Tanker Market?

📈 Which segment of the Chemical Tanker Market is experiencing heightened demand?

The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.

In summary, whether you're engaged in manufacturing, distribution, or investment within the Chemical Tanker sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.

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Author Bio:

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)

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