Press release
Strong Growth Ahead: Chemical Tanker Shipping Market Size To Grow At Arecord 6.4% Cagr By 2029
Chemical Tanker Shipping Market Size
What Is the Projected Growth of the Chemical Tanker Shipping Market?
In recent years, the market size of chemical tanker shipping has experienced significant growth. Predicted to increase from $32.83 billion in 2024 to $34.56 billion in 2025, it's anticipated to grow at a compound annual growth rate (CAGR) of 5.3%. Factors contributing to the growth during the historic period include globalization and trade, strict regulations and compliance, a trend towards specialized vessels in the industry, a rise in petrochemical production, and the advent of mass chemical transportation.
The size of the chemical tanker shipping market is anticipated to experience robust growth in the coming years, expanding to $44.25 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 6.4%. The projected growth in this period can be credited to factors such as the imperative for versatility in fleet management, growing emphasis on digitalization and automation, shift towards environmentally friendly shipping methods, regional distribution network scale-up, and technological innovations in tanker design. Key trends forecast for this period encompass crew welfare and training, state-of-the-art cargo handling technologies, initiatives for reducing emissions, and enhancement of port facilities.
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What Are the Different Chemical Tanker Shipping Market Segments?
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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What Are the Primary Drivers Shaping the Chemical Tanker Shipping Market?
A surge in chemical requirements is anticipated to boost the chemical tanker shipping market's expansion. The term "chemical" pertains to a single element or a combination of these elements. Chemical tanker shipping involves cargo vessels specifically designed or modified for the transport of liquid chemicals in large quantities. These tankers primarily carry organic chemicals, which are compounds with at least one carbon atom covalently bonded to other element atoms, often hydrogen, oxygen, nitrogen, and other inorganic chemicals. For example, according to IBISWorld, a U.S.-based company that supplies business intelligence data, the number of businesses engaged in chemical product manufacturing in the U.S. stood at 3,880 in 2022, demonstrating a growth of 2.8% compared to November 2023. Consequently, the heightened demand for chemicals is propelling chemical tanker shipping market's growth.
Which Companies Are Leading in the Chemical Tanker Shipping Market?
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
What Trends Are Expected to Dominate the Chemical Tanker Shipping Market in the Next 5 Years?
Innovations in product development are increasingly trending in the chemical tanker shipping industry. Many key players in the market are introducing more eco-friendly products. For instance, Chemship, a European operation that manages a highly technical fleet of stainless steel chemical tankers for transporting a broad range of liquid bulk materials, launched the MT Chemical Challenger in February 2024. This vessel, which is the first of its kind in the chemical tanker industry to make use of wind-assisted propulsion via Econowind's VentoFoils, uses eco-friendly wind technology to enhance propulsion efficiency. It is allocated to Chemship's Transatlantic route, connecting the U.S. East Coast to the Mediterranean. This groundbreaking technology is projected to reduce CO2 emissions by approximately 10%, extensively diminishing the vessel's environmental footprint and operational expenses.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Chemical Tanker Shipping Market?
2. What is the CAGR expected in the Chemical Tanker Shipping Market?
3. What Are the Key Innovations Transforming the Chemical Tanker Shipping Industry?
4. Which Region Is Leading the Chemical Tanker Shipping Market?
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