North America Chemical Tanker Shipping Market Size, Share & Trends Analysis Report, By Fleet (IMO 1, IMO 2), By Product (Inland, Coastal, Deep-Sea), By Application, By Country, And Segment Forecasts, 2024 - 2030

North America Chemical Tanker Shipping Market Size, Share & Trends Analysis Report, By Fleet (IMO 1, IMO 2), By Product (Inland, Coastal, Deep-Sea), By Application, By Country, And Segment Forecasts, 2024 - 2030

North America Chemical Tanker Shipping Market Growth & Trends

The North America chemical tanker shipping market size is expected to reach USD 13.1 million by 2030 and is anticipated to grow at a CAGR of 3.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing chemical products exports and low chartered rates are expected to drive the market during the forecast period.

After a severe downfall in 2015 to 2016, the U.S. shale oil/gas is likely to reach its full production scale by 2018. It is also expected to increase its ethylene and caustic soda exports in reliance with associated low energy prices. These factors are expected to drive the chemical tanker market in North America.

The growing economy of Mexico and other South American countries is expected to spur the growth of the market in the region. Moreover, as Mexico enjoys free trade with most of the South American nations, it is expected to act as an added advantage for the industry.

The Great Lakes region is one of the most significant shipping routes for trade between Canada and the U.S. Charters in this area are expected to maintain competitive freight rates on account of weak spot prices and an oversupply of chemical tankers. However, negative sentiments among manufactures regarding the renegotiation of NAFTA coupled with the lack in supply of chemical tankers is likely to hamper the shipping industry in this region.

The chemical tanker ships used for trading includes inland, coastal and deep-sea ships. The selection of the ships for transportation depends upon the demand size and type of cargos such as IMO I, IMO II, and IMO III. There are approximately 73 tank terminals located in Canada and 1,566 located in the U.S.

North America Chemical Tanker Shipping Market Report Highlights

• The IMO 2 segment dominated the market in 2023 with a revenue share of 50.4%. The IMO 2 transport less hazardous chemicals, vegetable oils, and fats.
• The deep-sea chemical tankers segment dominated the market in 2023 with a share of 54.7% 2023 due to the rise in the trading of chemicals across countries.
• The vegetable oil and fats segment dominated the market in 2023, with a share of 40.2%. This growth is attributed to the rise in the use of vegetable oil in the food industry.

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