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Crude Oil Carrier Market 2024 Production Analysis, Latest Trends, Industry Share And Forecast To 2033
Crude Oil Carrier Market Share
According to The Business Research Company's, The crude oil carrier market size has grown steadily in recent years. It will grow from $193.14 billion in 2023 to $201.54 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to oil demand and production, geopolitical factors, economic growth and oil consumption, regulatory changes, oil price fluctuations..
The crude oil carrier market size is expected to see steady growth in the next few years. It will grow to $233.32 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to emerging market demand, oil price forecasts, investments in carrier fleet expansion, global trade agreements, oil production expansion.. Major trends in the forecast period include eco-friendly vessel designs, digitalization and automation, lng-powered carriers, dual-fuel technology adoption, slow steaming practices..
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Market Drivers and Trends:
The rising demand for crude oil and its by-products is expected to propel the growth of the crude oil carrier market going forward. Crude oil is a combination of hydrocarbons that occurs in the liquid phase in natural subterranean reservoirs and stays liquid under normal pressure despite passing through surface-separating facilities. The by-products are products obtained by the extraction process in a refinery, and these products include gasoline, aviation fuel, diesel, and asphalt. The crude oil carriers are used in the transportation of bulk crude oil and related by-products from the offshore platforms to a transshipment terminal. For instance, in March 2023, according to the US Energy Information Administration, a US-based federal statistical system for gathering, processing, and disseminating energy data, the U.S. crude oil output increased to 12.4 million b/d in 2023 from the record high of 11.7 million b/d in 2022. Furthermore, the US consumed an average of 86.6 billion cubic feet of natural gas per day (Bcf/d) in 2022, the highest annual consumption of natural gas in the U.S. as compared to the previous year. Therefore, the rising demand for crude oil and its by-products is driving the crude oil carrier market.
Product innovation is the key trend gaining popularity in the crude oil carrier market. Major companies operating in the crude oil carrier market are focused on developing innovative products to strengthen their position in the market. For instance, in November 2021, Nippon Yusen Kabushiki Kaisha, a Japan-based oil shipping and logistics company, launched the substantial crude oil carrier (VLCC) Tateshina. This ship has energy-saving features like ladder fins that control water flow at the stern and lessen energy loss, high-efficiency large-diameter propellers, and low-friction paint applied to the hull. As a result, the IMO's phase 2 EEDI requirements are met, and energy efficiency (carbon dioxide emissions per unit of transportation) is anticipated to increase by around 23% in comparison to traditional VLCCs. The Japanese classification body ClassNK has assigned the ship a Cyber Resilience Guideline (CybR-G) mark. This is the first time a vessel has ever received a cyber notation.
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Major Key Players of the Market:
China Shipping Tanker Co. Ltd.; Maersk Tankers A/S; Kuwait oil Tanker Company S.A.K; Essar Global Fund Limited; OSG Ship Management Inc.; Alaska Tanker Company LLC; Keystone Shipping Co.; Shipping Corporation of India Ltd.; Frontline Ltd.; Tsakos Energy Navigation Limited; National Iranian Tanker Company; Euronav NV; Tankers International LLC; SFL Corporation Ltd.; Nordic American Tankers Limited; AET Tanker Holdings Sdn Bhd; Teekay Corporation; Angelicoussis Shipping Group Limited.; Mitsui OSK Lines Ltd.; Scorpio Tankers Inc.; DHT Holdings Inc.; Ardmore Shipping Corp.; Oman Shipping Company S.A.O.C.; Ocean Tankers Ltd.; Diamond S Shipping Inc.; Dynacom Tankers Management Ltd.; Gener8 Maritime Inc.; Hafnia Limited; International Seaways Inc.; PAO Sovcomflot; Maran Tankers Management Inc.; Navios Maritime Partners L.P.
Crude Oil Carrier Market 2024 Key Insights:
• The crude oil carrier market size will grow to $233.32 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%.
• Increasing Crude Oil Demand Drives Expansion In The Crude Oil Carrier Market
• Nippon Yusen Kabushiki Kaisha's Pioneering Vlcc Tateshina Sets New Standards In Crude Oil Carrier Technology
• Asia-Pacific was the largest region in the crude oil carrier market in 2023
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