Chemical Tanker Market Insights and Strategic Future Projections 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:

Growing liquid cargo transportation across the globe is a major factor driving the growth of the chemical tanker market. The chemical tanker fleet size has been increasing significantly, with average annual growth of about 4% since 2010. This is attributed to rising chemical trade activities and increasing import-export of chemicals between countries. Additionally, growth in liquid chemical manufacturing is also fueling the demand for chemical tankers to transport these products from manufacturing sites to consumer locations. Developing economies in Asia Pacific and Middle East are witnessing rapid industrialization which is generating high demand for liquid chemicals for various industrial uses. This is positively impacting the chemical tanker market.

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Chemical Tanker Market Drivers: Increase in Global Trade of Chemicals Boosts Demand for Chemical Tankers

The chemical tanker market is highly dependent on global trade volumes of chemicals and petroleum products. Over the past decade, the global trade of chemicals and petroleum products has witnessed strong growth driven by rising production and consumption patterns across key markets. As per estimates, the global trade of chemicals grew at a CAGR of over 5% between 2018-2021. Major chemical exporting nations including the United States, China, Saudi Arabia, Germany and South Korea have significantly increased their chemical exports driving the need for transportation. Chemical tankers are the most efficient mode of transporting bulk liquid chemicals across long distances. With growing consumption of petrochemicals, plastics and fertilizers in Asia Pacific and Latin America, exporters in Middle-East and Europe have increased their trade activities. This has generated strong demand for specialized chemical tankers to ship these products to emerging markets.

Chemical Tanker Market Opportunity: Rising Production and Trade of Biofuels

Biofuels have emerged as one of the rapidly growing markets offering opportunities for chemical tankers. With global focus on decarbonization and energy security, many nations have mandated blending targets for biofuels including ethanol and biodiesel. The US, Brazil and Europe currently dominate global production and trade of ethanol. Meanwhile Asia-Pacific has also significantly scaled up biodiesel output in recent years. Transportation remains a major challenge for the bulk movement of biofuels across regions. Dedicated stainless steel and coated chemical tankers compliant with fuel grade ethanol/biodiesel regulations are increasingly deployed. As production capacity increases to meet targets, international traders will look to exploit arbitrage opportunities. This is set to open new trading lanes and generate higher vessel demand. Estimates indicate trade volumes of fuel grade ethanol could grow over 6% annually through 2030 supportingchemical tankers.

Chemical Tanker Market Trends: Digitalization and Automation

enhance Vessel Efficiency

In line with the broader marine market, chemical tanker owners are increasingly embracing digitalization and automation technologies to enhance vessel efficiency. Advanced sensors installed on vessels closely monitor fuel consumption, cargo handling equipment performance and optimize voyage planning based on weather routing. This helps reduce bunker consumption and increase cargo intake. Integrating tanks with monitoring systems enables real-time cargo status tracking for shippers. Predictive maintenance tools based on big data analysis assist in planned repairs avoiding breakdowns. Some owners have equipped newer vessels with

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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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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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