Chemical Tanker Market Performance Review and Future Opportunities 2024 - 2031 | TIC Gums, Inc., Lucid Group, Vikas WSP Limited

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 exhibit significant growth over the forecast period. This can be attributed to two key drivers- increasing production of chemicals and growing international trade. The global chemical production has been increasing at a steady pace over the past few years to cater to the rising demand from industries such as pharmaceuticals, plastics, agriculture and others. Additionally, the steady growth in international trade has resulted in increased transportation of chemicals across regions via sea routes. It is estimated that international seaborne trade of chemicals will grow at over 3% annually till 2031. This rising trade will significantly drive the demand for chemical tankers during the forecast period.

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Chemical Tanker Market Drivers:

Increasing Global Seaborne Trade of Chemicals

The global seaborne trade volumes of chemicals and petrochemicals have increased significantly over the past decade due increased global demand for chemicals from various end-use industries such as construction, automotive, pharmaceuticals, etc. This growing demand is necessitating higher transportation of chemicals via sea routes, thereby driving demand for chemical tankers. It is estimated that the total volume of chemicals and petrochemicals traded via sea routes could increase by over 35% between 2023-2031.

Chemical Tanker Market Opportunity:

Rising Demand for Specialized Stainless SteelTankers

With increasing focus on bulk transportation of chemicals requiring special temperature and corrosion resistant cargo holds like acids, base chemicals and edible oils and fats, the demand for specialized tankers equipped with stainless steel tanks is rising. Stainless steel tanks enable safe carriage of wider range of cargoes compared to conventional epoxy or coating-based cargo tanks while complying with stringent quality and safety codes. Shippers prefer stainless steel tankers to avoid cargo contamination. This opens up opportunities for tanker owners and shipyards to cater to this niche segment through new build or retrofitting of existing fleet. The market for specialized stainless steel chemical tankers is projected to grow at 6-8% annually during forecast period supported by industrial demand for specialty chemicals.

Chemical Tanker Market Trends:

Rising Adoption of LNG as Bunker Fuel

To comply with stringent emission regulations, shipping companies are increasingly adopting Liquefied Natural Gas (LNG) as a bunker fuel for newbuilds due to its superior environmental credentials compared conventional fuels like heavy fuel oil. Chemical tanker owners are also looking at this option seriously with growing LNG trade expected to boost supplies globally. Leading tanker players have initiated plans to add LNG-powered newbuilds to their fleets. The availability of LNG as a widely supplied bunker fuel in major ports by 2030 could drive 40-50% of new chemical tanker deliveries to be LNG ready or dual-fuel powered. This is expected to spur investments in LNG bunkering infrastructure as well as long term contracts between shippers and LNG suppliers underlining a shift towards greener operations in the chemical tanker industry.

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Top Companies Included in This Report:

• TIC Gums Inc.
• Lucid Group
• Vikas WSP Limited
• Ashland Inc.

Market Segmentation:

Based on Product Type:

• Food Grade
• Industrial Grade
• Paper
• Mining
• Explosive
• Oil and Gas
• Pharmacy Grade
• Drugs
• Cosmetics
• Others

Based on Applications:

• Thickening Agent
• Emulsifier
• Stabilizer
• Gelling Agent
• Bonding Agent
• Fracturing Agent
• Flocculent
• Preservation Agent
• Water Retention
• Others

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)

Latest Trends in the Navigation Chemical Tanker Market:

💡 Surging Demand: Witness a rising demand for navigation Chemical Tanker owing to the escalating usage of GPS-enabled devices and the imperative for precise, up-to-date mapping data.

💡 Innovations in Technology: Witness the emergence of novel technologies aimed at enhancing the precision and dependability of navigation Chemical Tanker, encompassing real-time traffic updates, 3D mapping, and augmented reality.

💡 Tailored Solutions for Diverse Industries: Companies are tailoring navigation Chemical Tanker solutions to cater to the distinct requirements of various sectors such as automotive, aviation, and maritime.

💡 Fusion with Emerging Technologies: Observe the integration of navigation Chemical Tanker with cutting-edge technologies like artificial intelligence and the Internet of Things, facilitating the provision of advanced functionalities.

💡 Rise of Mobile Applications: Experience the proliferation of navigation Chemical Tanker in the form of mobile applications, offering enhanced convenience and accessibility to users.

💡 Emphasis on Environmental Sustainability: Witness the development of navigation Chemical Tanker systems that consider environmental factors such as traffic congestion and air quality, fostering the provision of sustainable transportation alternatives.

Frequently Asked Questions (FAQs) for Global Navigation Chemical Tanker Market Research:

What are the critical factors that companies should prioritize when entering the Navigation Chemical Tanker market?

What is the growth rate of the Navigation Chemical Tanker Market?

What is the current size of the Navigation Chemical Tanker Market?

Which region demonstrates the highest growth rate in the Navigation Chemical Tanker Market?

Which region commands the largest share in the Navigation Chemical Tanker Market?

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Author Bio:

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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