Press release
Crude Oil Carrier Market Anticipated To Witness Robust Growth, Surpassing $243.71 Billion By 2029
Crude Oil Carrier
What Is the Current Crude Oil Carrier Market Size and Its Estimated Growth Rate?
The Crude Oil Carrier Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
What Is the Current Crude Oil Carrier Market Size and Its Estimated Growth Rate?
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How Are Emerging Segments Shaping the Crude Oil Carrier Market Landscape?
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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Which Growth Factors Are Influencing Crude Oil Carrier Market Expansion?
The growth of the crude oil carrier market is anticipated to be driven by the increasing demand for crude oil and its derivatives. Crude oil, comprised of various hydrocarbons, remains liquid under standard pressure conditions, despite passing through surface-separation facilities and despite being located in natural underground reservoirs. The by-products, which include gasoline, aviation fuel, diesel, and asphalt, are derived from the refining process. Crude oil carriers transport these bulk crude oil and related by-products from offshore platforms to transshipment terminals. The US Energy Information Administration, a US-based federal statistical system for collecting, processing, and disseminating energy data, reported that the U.S. crude oil production increased to 12.4 million b/d in 2023 from an all-time high of 11.7 million b/d in 2022. In addition, the US recorded its highest annual consumption of natural gas in 2022, consuming an average of 86.6 billion cubic feet per day. This surge in demand for crude oil and its derivatives is fuelling the crude oil carrier market.
Who Are the Dominant Players Across Different Crude Oil Carrier Market Segments?
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.
What Are the Latest Developing Trends in the Crude Oil Carrier Market?
Prominent players in the crude oil carrier market are pioneering innovative offerings such as crude oil and liquefied natural gas (LNG) carriers to improve fuel efficiency and lessen emissions. The carriers for crude oil and LNG refer to purpose-built ships intended for the conveyance of crude oil and LNG, assuring secure and effective transportation of these energy commodities. For example, in August 2023, Zvezda shipyard, an enterprise in shipbuilding based in Russia, introduced Arc6 Valentin Pikul and Arc6 Sergei Witte for the purpose of oil and liquefied natural gas (LNG) transportation in ongoing projects. The most recent of this series is a ship named Sergei Witte with a capacity of 172,600 cubic meters. These vessels are invaluable for Russia's Arctic energy schemes, particularly with the mounting demand for LNG and oil exports emanating from the region.
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Which Geographic Regions Are Expected to Dominate the Crude Oil Carrier Market in the Coming Years?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Crude Oil Carrier Market?
2. What is the CAGR expected in the Crude Oil Carrier Market?
3. What Are the Key Innovations Transforming the Crude Oil Carrier Industry?
4. Which Region Is Leading the Crude Oil Carrier Market?
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