Global Crude Oil Carrier Market Expansion at 3.9% CAGR, Valued at $236.22 Billion by 2029

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What Are the Crude Oil Carrier Market Size Forecast for 2025?
In the past few years, the size of the crude oil carrier market has seen a consistent increase. From 2024 to 2025, it's projected to rise from $198.63 billion to $203 billion, reflecting a compound annual growth rate (CAGR) of 2.2%. The expansion during the historical period can be credited to several factors like the demand and production of oil, geopolitical aspects, economic development, changes in regulations, and fluctuation in oil prices.

What Is the Market Size Outlook for Crude Oil Carrier Until 2029?
A consistent uptrend is anticipated in the crude oil carrier market size in the upcoming years, with its valuation hitting $236.22 billion in 2029, marking a compound annual growth rate (CAGR) of 3.9%. This growth trajectory over the forecast period could be ascribed to factors such as burgeoning demand from emerging markets, oil price predictions, capital inflow for carrier fleet augmentation, international trade agreements, and oil production ramp-up. Predominant trends anticipated over the forecast period encompass environmentally friendly ship designs, digitalization and automation initiatives, LNG-propelled carriers, dual-fuel technology adoption, and slow steaming practices.

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What Are the Major Factors Driving Demand in the Crude Oil Carrier Market?
The surge in the need for crude oil and its derivatives is anticipated to fuel the growth of the crude oil carrier market in the future. Crude oil, a mix of hydrocarbons, remains liquid under normal pressure even though it passes through surface-separating facilities post its extraction from natural underground reservoirs. The derivatives, obtained during the refining process, include products like gasoline, aviation fuel, diesel, and asphalt. Crude oil carriers play a crucial role in moving bulk crude oil along with its by-products from offshore facilities to a transfer terminal. For example, in March 2023, the US Energy Information Administration (a federal system in the US for collecting, managing, and dispersing energy data) reported that the U.S. crude oil production raised to 12.4 million b/d in 2023, up from a record 11.7 million b/d in 2022. Moreover, the US averaged a consumption of 86.6 billion cubic feet of natural gas per day (Bcf/d) in 2022, marking the highest annual consumption of natural gas in the U.S. compared to the last year. Hence, the escalating need for crude oil and its derivatives is causing the expansion of the crude oil carrier market.

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How Are End-Use Segments Shaping the Crude Oil Carrier Market Outlook?
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

What Are the Strategic Trends Transforming the Crude Oil Carrier Market Landscape?
Prominent enterprises in the crude oil carrier sector are venturing into innovative solutions like crude oil and liquefied natural gas (LNG) carriers to amplify fuel efficiency and curb emissions. These carriers are specialized ships engineered for carrying and delivering crude oil and LNG efficiently and safely. An example of this was seen in August 2023 when Zvezda shipyard, a Russian shipbuilding firm, unveiled Arc6 Valentin Pikul and Arc6 Sergei Witte, new vessels designed to carry oil and LNG as a part of their current projects. The ship named Sergei Witte, the recent model has a capacity of 172,600 cubic meters. These vessels play a decisive role in Russia's Arctic energy endeavors, seeing the escalating demand for LNG and oil exports from that area.

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Who Are the Prominent Companies in the Crude Oil Carrier Market by ?
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.

Which Region Is Expected to See the Highest CAGR 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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