Chemical Tanker Market Current State and Future Development 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 chemical tanker market is expected to witness significant growth over the forecast period, driven by two major factors. First, there is increasing global trade of chemicals, especially between Asia, North America, and Europe. Chemical exports from Americas and Asia to Europe have grown considerably in recent years. additionally, growth in chemical manufacturing industries in developing countries is also fueling the demand for transportation of chemicals. Second, imo regulations to reduce emissions from shipping industry has led vessel owners to invest in new fuel-efficient vessels. Shippers are preferring newer fleets to comply with environmental norms in a cost-effective manner. These factors are positively impacting the demand for chemical tankers.

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Increasing transportation of oil and petroleum products globally will drive demand for chemical tankers

The global energy demand has been steadily rising each year as economies continue to industrialize and populations increase. A large portion of this energy is currently supplied by oil and petroleum products which require extensive transportation from production facilities to refineries and consumer markets around the world. Over the past decade, annual seaborne trade of crude oil and petroleum products has increased by over 30% according to industry reports. As both production and consumption centers of oil are commonly located in different parts of the world, enormous volumes of these commodities need to be transported via tankers. This sustained rise in oil trade volumes going forward will directly translate to higher demand for specialized tankers such as chemical tankers that can carry petrochemical products in liquid bulk.

Transition to cleaner marine fuels present an opportunity for chemical tankers

Due to the need to reduce greenhouse gas emissions from international shipping which accounts for nearly 3% of the global total, the IMO aims to cut carbon intensity from ships by 40% by 2030 from 2008 levels. This will necessitate a gradual transition away from conventional heavy fuel oil to cleaner alternative marine fuels across the global commercial shipping industry over the next decade. Potential drop-in fuel solutions being considered include liquefied natural gas (LNG), biofuels, hydrogen fuel cells and ammonia. As chemical tankers are already equipped to carry liquefied gas cargoes under cryogenic conditions, they could facilitate the transportation of cleaner-burning marine fuels such as LNG during the transition period. This represents an emerging business opportunity for chemical tankers to support global efforts to decarbonize marine trade.

Consolidation trend in the global tanker fleet ownership will shape the future chemical tanker market

A key underlying trend observed in the global tanker market in recent years has been the consolidation of vessel ownership and operation. Driven by economies of scale and synergistic advantages, many large shipping companies and oil majors have acquired smaller tanker fleets both organically and through mergers and acquisitions. This has led to greater concentration of tanker capacities within a select group of major owners. While an independent chemical tanker segment still exists, consolidation is gradually changing the structure of tanker operations. As integrated energy and shipping conglomerates gain more influence, it could potentially alter dynamics in terms of chartering decisions, scrapping schedules and newbuilding orders down the line for the remaining independent chemical tanker operators.

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Top Companies Included 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:

Based on 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)

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Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

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