Press release
Prominent Crude Oil Carrier Market Trend for 2025: Advancements In Carrier System For The Crude Oil Carrier Market
Crude Oil Carrier Market
The anticipated surge in demand for crude oil and its derivatives is projected to fuel the expansion of the crude oil carrier market in the future. Crude oil, consisting of hydrocarbons, is found in liquid form in natural underground reserves and remains as such under standard pressure, even when it has passed through surface separation facilities. The by-products obtained from refinery extraction processes include gasoline, aviation fuel, diesel, and asphalt. Crude oil carriers are utilized to transport mass quantities of crude oil and associated by-products from offshore platforms to transshipment terminals. For example, the US Energy Information Administration reported in March 2023 that U.S. crude oil production increased to 12.4 million b/d in 2023, up from the record-breaking 11.7 million b/d in 2022. The US also reported record-breaking natural gas consumption in 2022, averaging 86.6 billion cubic feet per day. This escalating demand for crude oil and its derivatives is a significant factor contributing to the growth of the crude oil carrier market.
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What is the future CAGR of the crude oil carrier market, and how will it impact industry expansion?
The size of the crude oil carrier market has been consistently expanding over the last few years. The market's expansion is projected to continue, increasing from $198.63 billion in 2024 to $205.24 billion in 2025, reflecting a compound annual growth rate (CAGR) of 3.3%. The growth witnessed in the past can be linked to factors such as oil demand and production, geopolitical influences, economic advancement, changes in regulations, and shifts in oil prices.
We predict a consistent expansion in the crude oil carrier market size in the upcoming years. The anticipated rise to ""$243.71 billion by 2029, exhibits a compound annual growth rate (CAGR) of 4.4%. This projected growth in the forecast period derives from factors like demand from nascent markets, forecasts of oil prices, investments towards enlargement of carrier fleets, international trade pacts, and extension of oil production. The forecast period will likely see major trends such as environmentally friendly vessel designs, integration of digitalization and automation, LNG-based carriers, adoption of dual-fuel technology, and implementation of slow steaming practices.
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What are the most significant trends transforming the crude oil carrier market today?
Key players in the crude oil carrier market are introducing groundbreaking strategies such as crude oil and liquefied natural gas (LNG) carriers, with an aim to elevate fuel efficiency and curtail emissions. These carriers are specialized ships built for safely and efficiently transporting crude oil and LNG, vital energy resources. A case in point, Zvezda shipyard, a shipbuilding firm from Russia, in August 2023, launched Arc6 Valentin Pikul and Arc6 Sergei Witte to transport oil and LNG, as a part of their ongoing initiatives. The latest product from this line is a ship named Sergei Witte, with a capacity of 172,600 cubic metres. These vessels play a key role in the Arctic energy plans of Russia, due to the rising demand for LNG and oil exports from this area.
Which key market segments comprise the crude oil carrier market and drive its revenue growth?
The crude oil carrier market covered in this report is segmented -
1) By Vessel Type: Very Large Crude Carrier (VLCC), Suezmax, Aframax, Ultra Large Crude Carrier (ULCC), Panamax
2) By Dead Weight Tonnage: 120,000 MT-180,000 MT, 180,000 MT -320,000 MT, 25,000 MT-50,000 MT, 50,000 MT-75,000 MT, 75,000 MT-120,000 MT, Above 320,000 MT
3) By Hull Type: Double Bottom, Double Hull, Single Bottom
4) By Application: Diesel, Gasoline, Aviation Turbine Fuel, Other Applications
Subsegments:
1) By Very Large Crude Carrier (VLCC): Conventional VLCC, Modern VLCC, Converted VLCC, Others
2) By Suezmax: Conventional Suezmax, Modern Suezmax, Converted Suezmax, Others
3) By Aframax: Conventional Aframax, Modern Aframax, Converted Aframax, Others
4) By Ultra Large Crude Carrier (ULCC): Conventional ULCC, Modern ULCC, Converted ULCC, Others
5) By Panamax: Conventional Panamax, Modern Panamax, Converted Panamax, Others
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What regions are at the forefront of crude oil carrier market expansion?
Asia-Pacific was the largest region in the crude oil carrier market in 2024. The regions covered in the crude oil carrier market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the crude oil carrier market?
Major companies operating in the crude oil carrier market include China Shipping Tanker Co. Ltd., Maersk Tankers A/S, Kuwait oil Tanker Company S.A.K, 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.
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What Is Covered In The Crude Oil Carrier Global Market Report?
• Market Size Forecast: Examine the crude oil carrier market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the crude oil carrier market for a structured understanding.
• Key Players Overview: Analyze major players in the crude oil carrier market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the crude oil carrier market.
• Segment Contributions: Evaluate how different segments drive overall growth in the crude oil carrier market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the crude oil carrier market.
• Industry Challenges: Identify potential risks and obstacles affecting the crude oil carrier market.
• Competitive Landscape: Review strategic developments in the crude oil carrier market, including expansions, agreements, and new product launches.
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