Global Chemical Tankers Market to Reach $51.04 Billion by 2029, Growing at 7.1% CAGR

What industry-specific factors are fueling the growth of the chemical tankers market?
The anticipated expansion in the chemical industry is foreseen to stimulate the rise of the chemical tankers market. There is a necessity for chemical tankers among corporations in the chemical industry for the transportation and transfer of their chemical substances from one place to another, thereby driving a demand for these tankers. To illustrate, a trend report in May 2022 by bASF SE, a chemical company in Germany, suggests that there will be a 2.7% growth in global chemical production in 2024, which is a quicker growth pace compared to the 1.7% rate in 2023. Hence, the expansion in the chemical industry is a primary driver for the development of the chemical tankers market.

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What Is the projected market size and growth rate for the chemical tankers market?
The expansion of the chemical tankers market has been substantial in the past few years. The market, which will rise from $36.51 billion in 2024 to $38.8 billion in 2025, is expected to maintain a compound annual growth rate (CAGR) of 6.3%. Factors contributing to the growth during the historic period include heightened production and consummation of chemicals, a boost in oil and gas exports, economic development within emerging markets, and an increase in seaborne trade.

Projected robust growth in the chemical tankers market size is anticipated in the coming years, with its worth estimated to reach $51.04 billion by 2029, fostering a compound annual growth rate (CAGR) of 7.1%. This expansion during the forecast period can be associated with factors such as the booming petrochemical sector, increased demand for vegetable oils and fats, along with escalating urbanization. Noteworthy trends expected during this forecast period encompass the integration of artificial intelligence, the application of IoT (Internet of Things) for remote tank monitoring, automation advancements in chemical tankers, real-time tracking solutions, augmented investments, and strategic partnerships and collaborations.

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What new trends are reshaping the chemical tankers market and its opportunities?
Companies commanding a strong presence in the chemical tankers market have turned their focus onto technological innovations, such as LNG propulsion technology, in order to offer their users higher levels of comfort, affordability, and accessibility. This technology not only improves fuel efficiency in chemical tankers but also reduces emissions, paving the way for more sustainable maritime activities. A case in point is Fukuoka Shipbuilding, a shipbuilder based in Japan. In April 2024, the company unveiled its third range of stainless steel chemical tankers, powered by liquefied natural gas (LNG), for Fairfield Chemical Carriers, an engineering company in the US. This LNG propulsion technology fitted on these vessels can lower carbon dioxide emissions by as much as 25%, when compared with the traditional marine fuels.

What major market segments define the scope and growth of the chemical tankers market?
The chemical tankers market covered in this report is segmented -

1) By Product Type: Organic Chemicals, Inorganic Chemicals, Vegetable Oils And Fats, Other Product Types
2) By Cargo Types: IMO 1, IMO 2, IMO 3
3) By Size: Inland Chemical Tankers (1,000-4,999 DWT), Coastal Chemical Tankers (5,000-9,999 DWT), Deep-Sea Chemical Tankers (10,000-50,000 DWT)
4) By Fleet Material: Stainless Steel, Coated

Subsegments:
1) By Organic Chemicals: Aromatics, Alcohols, Aldehydes And ket*ones
2) By Inorganic Chemicals: Acids, Alkalis, Salts
3) By Vegetable Oils And Fats: Edible Oils, Non-Edible Oils
4) By Other Product Types: Specialty Chemicals, Pharmaceutical Raw Materials, Fertilizers

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Which region dominates the chemical tankers market?
Asia-Pacific was the largest region in the chemical tanker market in 2024. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in the chemical tankers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Which key market leaders are driving the chemical tankers industry growth?
Major companies operating in the chemical tankers market include Stolt-Nielsen Limited, Odfjell SE, MISC Berhad, Bahri, Navig8 Limited, Iino Kaiun Kaisha Ltd, MITSUI O.S.K. LINES, Hansa Tankers, PT Berlian Laju Tanker Tbk, Maersk Tankers, MOL Chemical Tankers, Tanglian Group, Jiangsu Pretank Process Co. Ltd, Zen Shipping & Ports India Pvt Ltd, Hafnia Ltd, The Seatrans Group, Sovcomflot, Scot Tanker, Chemet SA, Rigel Shipping Canada Inc, Kenan Advantage Group, Clean Product Tankers Alliance, Ultratank, PanOcean Tanker, Sernacol, KROHNE Argentina, Gulf Energy Maritime, Petrochem Middle East, Ace Tankers, AquaChemie, Fairfield Chemical Carriers, CA Muller Fabrication, M/T Ternsund Chemical Tanker

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What Is Covered In The Chemical Tankers Global Market Report?

•Market Size Forecast: Examine the chemical tankers market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the chemical tankers market for a structured understanding.
•Key Players Overview: Analyze major players in the chemical tankers market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the chemical tankers market.
•Segment Contributions: Evaluate how different segments drive overall growth in the chemical tankers market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the chemical tankers market.
•Industry Challenges: Identify potential risks and obstacles affecting the chemical tankers market.
•Competitive Landscape: Review strategic developments in the chemical tankers market, including expansions, agreements, and new product launches.

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