Press release
Chemical Tanker Shipping Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Chemical Tanker Shipping
The chemical tanker shipping market is likely to expand due to the rising need for chemicals. A chemical relates to an element or any combination thereof. Chemical tanker shipping encompasses cargo vessels designed or modified to transport liquid chemicals en masse. These tankers are typically used to convey organic chemicals, which are compounds that include one or more carbon atoms covalently bound to atoms of other elements, commonly hydrogen, oxygen, nitrogen, and other inorganic chemicals. For example, IBISWorld, an American supplier of business intelligence data, reported in November 2023 that as of 2022, the United States has 3,880 businesses involved in chemical product manufacturing, marking a 2.8% increase. Therefore, the upsurge in chemical demand is propelling the growth of the chemical tanker shipping market.
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What Is the projected market size and growth rate for the chemical tanker shipping market?
The scale of the chemical tanker shipping industry has expanded robustly over the past few years. The market is projected to rise from $32.83 billion in 2024 to $34.56 billion in 2025, marking a compound annual growth rate (CAGR) of 5.3%. Back in history, factors such as globalization and trade, adherence to strict regulations and compliance, a transition within the industry towards specialized vessels, heightened petrochemical production, and the rise of bulk chemical transportation largely contributed towards this growth.
The market size for chemical tanker shipping is anticipated to witness significant expansion in the forthcoming years, predicted to surge to $44.25 billion in 2029, with a compound annual growth rate (CAGR) of 6.4%. The projected growth in this period can be attributed to the rising need for flexible fleet operations and heightened emphasis on digitalization and automation, alongside the shift towards environmentally responsible shipping methods. Additionally, expansion of regional distribution networks and advancements in tanker technology also contribute to this growth. The forecast period is set to observe major trends such as the enhancement of crew welfare and training, the emergence of sophisticated cargo handling technologies, initiatives on reducing emissions, and the upgrade in port facilities.
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What new trends are reshaping the chemical tanker shipping market and its opportunities?
Product advancement is emerging as a dominant trend in the chemical tanker shipping industry. Major market players are initiating environmentally friendly product innovations. For example, Chemship, a Europe-based company that operates an advanced fleet of stainless steel chemical tankers for the transport of various liquid bulk materials such as specialised chemicals, vegetable oils, acids, lube oils, aromatics, and clean petroleum products, introduced the MT Chemical Challenger in February 2024. Featuring the first chemical tanker utilizing wind-assisted propulsion courtesy of Econowind's VentoFoils, this ship integrates sustainable wind technology to enhance its propulsion efficiency. The MT Chemical Challenger is set to serve on Chemship's Trans-Atlantic route, bridging the U.S. East Coast and the Mediterranean. The incorporated technology is projected to reduce the CO2 emissions by roughly 10%, significantly decreasing the ship's environmental footprint and operational costs.
What major market segments define the scope and growth of the chemical tanker shipping market?
The chemical tanker shipping market covered in this report is segmented -
1) By Type: 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)
2) By Cargo Type: IMO I, IMO II, IMO III
3) By Fleet Material: Stainless Steel, Coated, Epoxy
4) By Application: Organic Chemicals, Inorganic Chemical, Vegetables Oils And Fats, Other Applications
Subsegments:
1) By Inland Chemical Tankers (1,000-4,999 DWT): Small Tanker Barges, River Tankers
2) By Coastal Chemical Tankers (5,000-9,999 DWT): Coastal Tankers For Short Routes, Regional Tankers
3) By Deep-Sea Chemical Tankers (10,000-50,000 DWT): Medium-Range (MR) Tankers, Long-Range (LR) Tankers
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Which region dominates the chemical tanker shipping market?
North America was the largest region in the chemical tanker shipping market in 2024. The regions covered in the chemical tanker shipping market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the chemical tanker shipping industry growth?
Major companies operating in the chemical tanker shipping market include Sinochem Corporation, Stolt-Nielsen Ltd., Frontline Ltd., Euronav, Diamond S Shipping Inc., Ardmore Shipping, International Seaways Inc., Petronav Caspian Sea Marine Services Pvt. Ltd., Uni-Tankers A/S, PT. Berlian Laju Tanker Tbk., BW Group, Odfjell SE, Seatrans Group, Team Tankers International Ltd., Tokyo Marine Asia Pte Ltd., Duzgit Group, MOL Chemical Tankers, Nordic Tankers, Hansa Tankers, Navig8 Chemical Tankers Inc., Iino Kaiun Kaisha Ltd., Stena Bulk, Navios Maritime Partners L.P., Maersk Tankers, MOL Nordic Tankers, JO Tankers, Eitzen Chemical, Ace Tankers Management B.V., Scorpio Tankers Inc., Teekay Tankers Ltd., TORM
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What Is Covered In The Chemical Tanker Shipping Global Market Report?
• Market Size Forecast: Examine the chemical tanker shipping market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the chemical tanker shipping market for a structured understanding.
• Key Players Overview: Analyze major players in the chemical tanker shipping market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the chemical tanker shipping market.
• Segment Contributions: Evaluate how different segments drive overall growth in the chemical tanker shipping market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the chemical tanker shipping market.
• Industry Challenges: Identify potential risks and obstacles affecting the chemical tanker shipping market.
• Competitive Landscape: Review strategic developments in the chemical tanker shipping market, including expansions, agreements, and new product launches.
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