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Chemical Tankers Global Market Report 2024 To 2033 | Stolt-Nielsen Limited, Odfjell SE, MISC Berhad, Bahri, Navig8 Limited, Iino Kaiun Kaisha Ltd
Chemical Tankers Market Share
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According to The Business Research Company's, The chemical tankers market size has grown strongly in recent years. It will grow from $34.68 billion in 2023 to $37.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increased production and consumption of chemicals, a surge in oil and gas exports, economic growth in emerging markets and expansion of seaborne trade.
The chemical tankers market size is expected to see strong growth in the next few years. It will grow to $47.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to a growing petrochemical industry, an increasing demand for vegetable oils and fats and rising urbanization. Major trends in the forecast period include adoption of artificial intelligence, use of iot (internet of things)-enabled remote tank monitoring, automation in chemical tankers , real-time tracking solutions, rising investments and partnerships and collaborations.
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Market Drivers and Trends:
The growth of the chemical industry is expected to propel the growth of the chemical tankers market. Companies in the chemical industry will require chemical tankers to transport and shift their chemical compounds from one location to another. This factor creates a demand for chemical tankers. According to the American Chemistry Council, 2021, the US chemical industry will maintain its net exporter position, supporting total U.S. goods exports. By 2025, net exports of chemicals in the USA will reach $40.5 billion and chemical industry shipments are expected to reach $668 billion. As major economies reopen and import demand in partner economies increases, US chemical exports are likely to grow dramatically. Therefore, the growth of the chemical industry drives the chemical tankers market.
Technological advancements are shaping the chemical tanker market. Many companies are investing in the innovation and development of chemical tankers to provide ease, accessibility, convenience, and affordability to their users. For instance, in March 2021, SCF a Russian-based subsidiary of Sovcomflot launched its first LNG-Powered MR Chemical tanker. The MR kind of chemical tanker is designed to transport oil products and gas condensate. The vessels' power units will run on ecologically friendly LNG, reducing the volume of emissions into the atmosphere dramatically. The tanker will be around 50,000 tons, with a length of over 180 meters, a width of over 32 meters, and a draught of -13,4 meters. 1B ice-class vessels can safely navigate throughout the year, including in ice conditions in the Baltic Sea.
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Major Key Players of the Market:
3M Company, Wurth Group, Illinois Tool Works Inc, Tetrosyl Ltd, Armor All, Sonax GmbH, Turtle Wax Inc, Chemical Guys, Autoglym, Simoniz USA, Shining Carz Private Limited, A.J. Industries, Amfos International, JMD International, UE Autotech (I) Private Limited, S.K.Group Of Marketing, Linyi Xingguan Technology Co. Ltd, Dongguan Power Eagle Lubricant Technology Ltd, Guangzhou Veslee Chemical Co. Ltd, Shanghai Huaqi Industrial Co. Ltd, Zhongshan Michel Chemicel Co. Ltd, Zhongshan Tekoro Car Care Industry Co Ltd, Hebei Fangke New Material Technology Co Ltd, Halfords, Axle Group Holdings, Liqui Moly GmbH, MA-FRA, SCT-Vertriebs GmbH, Autoland Car Care, Cartec BV, Amtra, Lavr Auto Chemicals, Grassmart LLC, Toshiba Corporation, Maxim Integrated, Analog Devices Inc, Infineon Technologies AG, ON Semiconductor, Alloy Products, Rohm Semiconductor, Amazing Goop, STMicroelectronics, Renesas Electronics Corporation, NXP Semiconductors, Formula 1 Wax, Auto Magic, MaFra International, Armored Auto Group, Bullsone, Liqui Moly, Ditec Middle East Auto Care, Majestic Car Care, Enzo Car Care, BlueTeam Car Services, Alba Royal Care, Soft 99 Corporation, TurtleWax South Africa, Crazy Detailer, EZ Car Care, Keizin Automotive, Meguiars, ProTouch Car Care.
Chemical Tankers Market 2024 Key Insights:
• The chemical tankers market size is expected to see strong growth in the next few years. It will grow to $47.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Chemical Industry Growth Fuels Demand For Chemical Tankers
• Technological Innovations Propel Advancements In The Chemical Tanker Market
• Asia-Pacific was the largest region in the chemical tanker market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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