Increasing Crude Oil Demand Drives Expansion In The Crude Oil Carrier Market: The Driving Engine Behind Crude Oil Carrier Market Evolution in 2025

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Crude Oil Carrier Market Size Growth Forecast: What to Expect by 2025?
In recent times, the market size for crude oil carriers has seen stable growth. The projections show an increase from $198.63 billion in 2024 to $205.24 billion in 2025, marking a compound annual growth rate (CAGR) of 3.3%. The historic growth can be linked to a multitude of factors such as the demand and production of oil, geopolitical influences, economic development, regulatory shifts, and the fluctuating prices of oil.

How Will the Crude Oil Carrier Market Size Evolve and Grow by 2029?
Expectations are high for steady expansion in the crude oil carrier market size over the next several years. The market is projected to soar to "$243.71 billion in 2029, experiencing a compound annual growth rate (CAGR) of 4.4%. The anticipated growth during the forecast period is linked to factors such as increasing demand from emerging markets, predictions on oil prices, investments to extend carrier fleets, worldwide trade accords, and oil production enlargement. Some of the key trends to look out for in the forecast period include environmentally-conscious vessel designs, digitalization and automation, carriers powered by LNG, adoption of dual-fuel technology, and slow steaming practices.

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What Drivers Are Propelling the Growth of Crude Oil Carrier Market Forward?
The growth of the crude oil carrier market is anticipated to be fueled by the increasing demand for crude oil and its derivatives. Crude oil is a compound of hydrocarbons that exists in the liquid phase in natural underground reservoirs, and retains its liquid state under regular pressure, even after going through surface-separation facilities. Derivatives of crude oil, such as gasoline, aviation fuel, diesel, and asphalt, are products acquired via an extraction process in a refinery. Crude oil carriers are employed to transport bulk quantities of crude oil and associated derivatives from offshore platforms to transshipment terminals. For example, data from the US Energy Information Administration, a US-based federal system for collecting, processing, and disseminating energy-related data, indicated that the U.S. crude oil production rose to 12.4 million b/d in 2023, up from a record 11.7 million b/d in 2022. In addition to this, in 2022, the US averaged a consumption of 86.6 billion cubic feet of natural gas daily (Bcf/d), marking the highest annual natural gas consumption in the U.S. compared to the preceding year. As such, the escalating demand for crude oil and its by-products is spurring the growth of the crude oil carrier market.

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Which Emerging Trends Are Transforming the Crude Oil Carrier Market in 2025?
Leading corporations in the crude oil carrier market are pioneering new solutions, such as crude oil and liquified natural gas (LNG) carriers, aiming at amping up fuel efficiency and curbing emissions. These carriers pertain to specialized ships developed for transporting crude oil and LNG, promising safe and efficient transport of these energy assets. As a case in point, in August 2023, Zvezda shipyard, a shipbuilding firm in Russia, introduced Arc6 Valentin Pikul and Arc6 Sergei Witte for the conveyance of oil and LNG, as a part of their nascent projects. The most recent addition to this fleet is the Sergei Witte, boasting a capacity of 172,600 cubic meters. These vessels are integral to Russia's Arctic energy initiatives, in light of the escalating demand for LNG and oil exports from this area.

What Are the Key Segments in the Crude Oil Carrier Market?
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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Who Are the Key Players Shaping the Crude Oil Carrier Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Crude Oil Carrier Market?
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

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