Chemical Tanker Shipping Market to Discern Steadfast Expansion During 2016 - 2024

Global Chemical Tanker Shipping Market: Overview

In the past few years, the array of chemicals transported in bulk has significantly expanded and special varieties of ships are being extensively used to meet the need. Apart from the specialist ships designed to ship bulk chemicals by sea, transportation of bulk chemicals also requires special training for the crew involved in the entire process, starting from construction/design of the vessels to loading, storing, discharge, and tank cleaning operations. Owing to the complex characteristics of the various chemicals commonly transported in bulk through carriers, it is critical that the crew is aware of the potential risks associated with handling them.

The increased focus on all these factors has led to vast research and development in the overall market for chemical tanker shipping in the past few years. The introduction of industry best practice guidelines has enriched the field of chemical tankers, ensuring the safety of those associated with the entire shipping process. The global market for the specialist ships so designed/constructed/adapted for the purpose has also witnessed significant positive developments as a result.

This report presents exhaustive data about the global chemical tanker shipping market, expected to be helpful to readers working across fields such as key suppliers of liquefied chemicals, chemical transportation, chemical processing, chemical handling, and bulk chemical services.

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Global Chemical Tanker Shipping Market: Segmentation

Modern chemical tankers are chiefly designed to ship some of the vast number of hazardous chemicals covered by the International Maritime Organization Bulk Chemical Codes. A variety of types of chemical tankers are generally used for shipping chemicals in bulk. The segmentation can be done on the basis of criteria such as the type of chemical being carried by the tanker, the type of coating used in the tanker, transportation routes, and product type.

On the basis of the type of chemical being carried by the tanker: IMO type I, IMO type II, and IMO type III. The IMO I type of tankers are used for shipping most hazardous chemicals. IMO type II tankers are used to ship less hazardous chemicals, and the IMO type III tankers are used to ship the least hazardous varieties of chemicals. Of these, the IMO type II and type III chemical tankers are most commonly used as compared to the IMO type I tankers as type I tankers require detailed and complex arrangements, modern equipment, and well-trained resources for transportation.

On the basis of type of coating used in the chemical tanker, based on which the type of cargo to be carried by the tanker is determined, the market for chemical tanker shipping can be segmented into stainless steel tanks and epoxy coated tankers. For the transportation of aggressive acids, such as sulfuric and phosphoric acid, stainless steel tanks are commonly utilized. Epoxy coated chemical tankers are mostly used for the transportation of vegetable oil. On the basis of product type, the chemical tanker shipping market by can be segmented into organic oil, inorganic oil, vegetable oil, animal oil, and fats.

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Global Chemical Tanker Shipping Market: Geographical Dynamics

From a geographic perspective, the global chemical tanker shipping market has been examined in the report for regional markets such as Europe, North America, Asia Pacific, and Middle East and Africa. Of these, the Asia Pacific market presently dominates the global chemical tanker shipping market. Nearly one-third of the total revenue of the global chemical tanker shipping market is contributed by the Asia Pacific market and the regional market is expected to witness significant growth owing to the flourishing refinery/petrochemical market and increased focus and funds invested towards the development of sea transportation infrastructure in the region.

Moreover, the rising GDPs of emerging economies such as India, China and Singapore in the region are also driving increased demand for a variety of chemicals, hence driving the market for chemical tanker shipping market. The Europe chemical tanker shipping market follows Asia Pacific and is expected to remain one of the most promising regions for the chemical tanker shipping market. Rapid development of the shale gas industry is expected to be the key driving force for the North America market. The market in Middle East is expected to be driven by refinery expansion projects.

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