Press release
Chemical Tankers Shipping Market Shows Strong Growth Amidst Rising Demand and Innovations
The global chemical tankers shipping market size was USD 32.40 Billion in 2022 and is expected to register a rapid revenue CAGR of 4.6 % during the forecast period. The global chemical tankers shipping market is poised for significant growth, driven by an increase in production capacity among chemical manufacturers and a surge in worldwide demand for petrochemical products. Key players in the petrochemical sector are ramping up production to meet this rising demand. According to the International Energy Agency (IEA), 442 new crude oil refineries are set to commence operations globally between 2023 and 2027, highlighting the expansion efforts within the industry.In 2021, the global chemical production reached a value of USD 4,272 billion, marking a 14.7% increase from the previous year, as reported by the European Chemical Industry Council (Cefic). The primary raw materials for chemical production, known as feedstocks, mainly consist of oil and gas, which serve as essential sources for producing key chemicals such as ethylene, propylene, and ammonia. This growing demand for feedstocks directly impacts the chemical tankers shipping market, as these vessels play a crucial role in transporting a variety of petrochemical products.
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Innovations Driving Market Growth
Recent advancements in technology aimed at reducing emissions in chemical tankers are expected to further fuel market growth. Many companies are investing in the development of new methanol propulsion engine technology, aligning their operations with global sustainability standards such as the United Nations' net zero emission goal for 2050 and the FuelEU maritime initiatives. This focus on innovation is essential for meeting safety, quality, and operational efficiency standards while also minimizing environmental impacts.
Trends Shaping the Future
Another significant trend in the industry is the implementation of Selective Catalytic Reduction (SCR) systems to keep Nitrogen Oxide (NOx) emissions below 2 grams per kilowatt-hour. This initiative is part of the broader commitment by leading chemical tanker companies to comply with Environmental, Social, and Governance (ESG) criteria, promoting a more sustainable shipping industry.
Challenges in the Market
Despite these growth prospects, the market faces challenges due to unstable geopolitical conditions, which can disrupt trade routes and port operations. The shipping industry must navigate various restrictions imposed not only by the International Maritime Organization (IMO) but also by national regulations, which may be even stricter. Such regulatory pressures can lead to increased operational costs and affect overall market stability.
Market Segmentation Insights
The chemical tankers shipping market can be categorized by product type and cargo type. In terms of product type, the largest segment is vegetable oils and fats, driven by increased imports due to a drop in domestic edible oil prices. The food industry is the primary consumer of vegetable oils, which are gaining popularity due to their health benefits.
The organic chemicals segment is also expected to grow moderately as these chemicals are increasingly used in various industries, including pharmaceuticals and agriculture.
When examining cargo types, the market is divided into three categories: IMO 1, IMO 2, and IMO 3. The IMO 1 segment is projected to maintain a significant share of the market, as these vessels are designed to transport the most hazardous chemicals safely. Conversely, the IMO 2 segment is expected to see steady growth, as these tankers handle products that require extensive safety measures.
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Chemical Tankers Shipping Top Companies and Competitive Landscape
The global chemical tankers shipping market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions.
Some major players included in the chemical tankers shipping market report are:
Stolt-Nielsen
Odfjell SE
Navig8.
IINO KAIUN KAISHA, LTD
UPT United Product Tankers GmbH & Co KG.
Navios Maritime Partners L.P.
MAERSK TANKERS A/S
Petronav Ltd
ENESEL GROUP.
ABC MARITIME AG.
Chemical Tankers Shipping Latest Industry Updates
On 15 September 2023, MOL chemical tankers, a company specializing in the seaborne transport of various chemicals including vegetable oils, base oils, animal fats, and liquid fats collaborated with Acquiring Fairfield Chemical Carriers to expand and strengthen their market position. The transaction is valued at USD 400 million, and the deals is expected to be finalized by the end of 4th
On 21 August 2023, Atomos Energy, the largest Liquefied Petroleum Gas (LPG) distributor and trader in Japan, collaborated Maersk Tankers as voyage manager for five Very Large Gas Carriers (VLGCs). The service will help Astomos' fleet to achieve greater economic and environmental efficiency.
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Chemical Tankers Shipping Market Segmentation Analysis
For the purpose of this report, Emergen Research has segmented the global chemical tankers shipping market on the basis of products, route, cargo type, and region:
Product Type Outlook (Revenue, USD Billion; 2019-2032)
Vegetable oils and fats
Organic chemicals
Inorganic chemicals
Other chemicals
Route Outlook (Revenue, USD Billion; 2019-2032)
Inland
Coastal
Deep sea
Cargo type Outlook (Revenue, USD Billion; 2019-2032)
IMO 1
IMO 2
IMO 3
Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
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Browse More Report By Emergen Research:
Chemical Tankers Shipping Market Size @ https://www.emergenresearch.com/industry-report/chemical-tankers-shipping-market/market-size
Chemical Tankers Shipping Market Share @ https://www.emergenresearch.com/industry-report/chemical-tankers-shipping-market/market-share
Chemical Tankers Shipping Market Trends @ https://www.emergenresearch.com/industry-report/chemical-tankers-shipping-market/market-trends
Chemical Tankers Shipping Regional Market Demand @ https://www.emergenresearch.com/industry-report/chemical-tankers-shipping-market/regional-market-demand
Chemical Tankers Shipping Market Analysis @ https://www.emergenresearch.com/industry-report/chemical-tankers-shipping-market/market-analysis
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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