Chemical Tankers Market to Grow at 6.4% CAGR, Reaching $49 Billion by 2029

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Chemical Tankers Market Outlook: How is the Market Expected to Grow by 2025?
The size of the chemical tankers market has seen consistent growth in the past few years. The market, valued at $36.51 billion in 2024, is projected to increase to $38.19 billion in 2025, growing at a compound annual growth rate (CAGR) of 4.6%. Factors contributing to the market's growth during the historical period include augmented production and usage of chemicals, a boost in oil and gas exports, economic development in up-and-coming markets, and the growth of marine trade.

Chemical Tankers Market Forecast: What Size Will It Reach By 2029?
Robust expansion is anticipated in the chemical tankers market in the coming years, with predictions of it reaching $49 billion by 2029, at a Compound Annual Growth Rate (CAGR) of 6.4%. This surge in the market during the forecast period can be linked to the escalating petrochemical sector, burgeoning demand for vegetable oils and fats, and escalating urbanization. Dominant trends projected during this period encompass the incorporation of artificial intelligence, the employment of IoT (Internet of Things)-enabled remote tank scrutiny, automation in chemical tankers, real-time tracking solutions, increased investment and joint ventures and partnerships.

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Which Key Market Drivers Will Shape Chemical Tankers Industry Trends in 2025-2029?
The expansion of the chemical sector is likely to fuel the chemical tankers market's growth. In order to convey and move their chemical compounds from one place to another, firms in this industry will necessitate the use of chemical tankers, thus generating a demand for them. For instance, a report from BASF SE, a German chemical company, in May 2022 suggested that the global chemical production is predicted to rise by 2.7% in 2024, a higher growth rate than the 1.7% witnessed in 2023. As a result, the chemical industry's development is a key driver of the chemical tankers market.

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What Are the High-Growth Segments in 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

Which Global Trends Are Driving Chemical Tankers Market Expansion?
Leaders in the chemical tankers market, such as Fukuoka Shipbuilding and Fairfield Chemical Carriers, are prioritizing technological development like LNG propulsion to add simplicity, reachability, handiness, and cost-effectiveness for their consumers. Incorporating LNG propulsion in chemical tankers not only limits emissions but also boosts fuel efficacy, thus promoting ecologically-friendly maritime activities. For instance, Fukuoka Shipbuilding, based out of Japan, launched the third stainless steel chemical tankers powered by liquified natural gas (LNG) for Fairfield Chemical Carriers, an engineering firm from the US. This advancement in LNG propulsion technology leads to a reduction of carbon dioxide emissions by nearly 25% when measured against conventional marine fuels.

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Who Are the Fastest-Growing Companies in the Chemical Tankers Industry?
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

What Is the Regional Outlook for the Chemical Tankers Market by 2029?
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.

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This release was published on openPR.