Chemical Tankers Market Forecasts to 2030 – Global Analysis By Product Type (Organic Chemicals, Inorganic Chemicals, Vegetable Oils and Fats, Additives, Lube Oils, Molasses and Other Product Types), Fleet Material (Stainless Steel, Coated and Other Fleet

Chemical Tankers Market Forecasts to 2030 – Global Analysis By Product Type (Organic Chemicals, Inorganic Chemicals, Vegetable Oils and Fats, Additives, Lube Oils, Molasses and Other Product Types), Fleet Material (Stainless Steel, Coated and Other Fleet Materials), Fleet Type (International Maritime Organization (IMO) 1, International Maritime Organization (IMO) 2, International Maritime Organization (IMO) 3 and Other Fleet Types), Fleet Size Type (Inland Chemical Tankers (1000-4999 DWT), Coastal Chemical Tankers (5000-9999 DWT), Deep Sea Chemical Tankers (10,000- 50,000 DWT) and Other Fleet Size Types) and By GeographyAccording to Stratistics MRC, the Global Chemical Tankers Market is accounted for $35.26 billion in 2023 and is expected to reach $54.79 billion by 2030 growing at a CAGR of 6.5% during the forecast period. A chemical tanker is a cargo ship designed specifically for the transportation of chemicals. These tankers are used to transport various chemicals. Chemical tankers help maintain the consistency of chemicals because they are transported all over the world. The range of chemicals that are now shipped in bulk has significantly increased, and specialized ships have been built to meet chemical tankers' demands. Bulk chemical transportation by water requires specialized crew training that includes both theoretical and practical components in order for the crew to fully understand the unique characteristics of the various chemicals, in addition to specialized ships and equipment.

According to this Odfjell, Odfjell is expected to make an agreement to take four new orders from Sinochem Shipping to manufacture 840,900 DWT chemical tankers. This agreement aims at enabling Odfjell to serve the growing demand for chemical tankers, which are used to ship chemicals and chemical products.

Market Dynamics:

Driver:

Safety standards and strict regulations

The global Chemical Tankers market expected to drive growth during the forecast period. The transportation of dangerous chemicals is subject to stringent laws and safety requirements imposed by regulatory bodies and the government. Specialized tools, instructions, and operational practices are needed to comply with these rules. Due to this, chemical tankers that can adhere to safety and environmental regulations are in higher demand, ensuring the safe transportation of chemicals.

Restraint:

High capital expenditure

The global Chemical Tankers market expected to hinder growth during the forecast period. Chemical tankers require a sizable outlay of capital for construction, upkeep, and operation. Significant financial resources are needed for the creation of tankers, adherence to safety regulations, and the application of cutting-edge technologies. However, this may make it difficult for new competitors to enter the market and restrict market expansion. Tanker construction and compliance require significant financial resources, which deters new market entrants.

Opportunity:

Technological innovations

The market for chemical tankers has opportunities due to the development of technology. Tanker designs that are cutting-edge, like those with double hulls and sophisticated cargo handling systems, improve safety and effectiveness. Additionally, the fusion of automation, IoT, and digital solutions streamlines processes, lowers expenses, and enhances fleet management. Automation, digital solutions, and inventive tanker designs improve fleet management's efficiency, effectiveness, and safety.

Threat:

Economic turbulence

The Chemical Tankers market is expected to hamper growth during the forecast period. Market fluctuations and unpredictability in international trade can affect the chemical tanker industry. Economic downturns, trade disputes, and geopolitical tensions can have an effect on the demand for chemicals, which in turn has an impact on the market for chemical tankers. However, the demand for chemicals and the tanker market may be impacted by changes in the world economy, trade disputes, and geopolitical tensions.

Covid-19 Impact:

The COVID-19 pandemic has had a wide range of effects on the chemical tanker market. On the one hand, the restrictions put in place to contain the virus, such as lockdowns and travel bans, disrupted global supply chains, reducing production and demand for chemicals. As a result, there was a brief decline in the demand for chemical tankers. On the other hand, the pandemic brought to light the importance of the chemical industry, particularly for vital sectors like healthcare and hygiene products. Moreover, the stability and expansion of the market were threatened by the general unpredictability, the economic downturn, and the logistical difficulties brought on by the pandemic.

The Organic chemicals segment is expected to be the largest during the forecast period

The Organic chemicals segment is expected to be the largest share during the forecast period. Many substances derived from carbon-based sources, such as hydrocarbons and other organic compounds, are included in the category of organic chemicals. Pharmaceuticals, plastics, textiles, and food processing are just a few of the industries where these chemicals are used. Additionally, the transportation of organic chemicals requires specialized tankers that can handle their unique properties and ensure safe delivery due to their widespread usage and high demand. As a result, the market for organic chemicals typically holds a sizeable market share in the chemical tanker sector.

The IMO 2 segment is expected to have the highest CAGR during the forecast period

The IMO 2 segment is anticipated to witness the highest CAGR growth during the forecast period. Vegetable oils, solvents, and substances with lower flashpoints are just a few examples of the moderately hazardous chemicals that IMO 2 tankers are designed to transport. The rising production and consumption of solvents and chemicals in various industries, as well as the rising demand for vegetable and edible oils, all contribute to the expansion of IMO 2 tankers. As a result, the market for chemical tankers is anticipated to expand in the IMO 2 segment, driven by the demand for shipping these moderately hazardous chemicals.

Region with largest share:

During the anticipated period, Asia-Pacific will hold the largest market share for chemical tankers. Asia-Pacific has developed into a significant hub for chemical transportation as a result of its strong industrial growth and expanding chemical manufacturing sector. The need for effective transportation via chemical tankers is fueled by the area's strong economic growth, expanding population, and rising demand for chemicals in a variety of industries. The dominance of Asia Pacific in the market for chemical tankers is further supported by the existence of significant chemical manufacturers, petrochemical complexes, and seaports with developed infrastructure.

Region with highest CAGR:

The market for chemical tankers is anticipated to grow at the highest compound annual growth rate (CAGR) in the Middle East and Africa (MEA) region. A rise in chemical production and exports is being seen in this region, thanks to investments made in petrochemical complexes and the construction of new manufacturing facilities. The MEA region is rich in natural resources and has enormous oil and gas reserves, which gives the chemical industry a solid foundation.

Key players in the market

Some of the key players in Chemical Tankers market include Bahri, Berlian Laju Tanker, Eitzen Chemical, Iino Kaiun Kaisha Ltd, JO Tankers, Lomar Shipping, Maersk Tankers, MISC Berhad, MOL Chemical Tankers, Navig8 Limited, Nordic Tankers, Odfjell , Seatrans Chemical Tankers, Stolt-Nielsen Ltd, Team Tankers , Tokyo Marine Asia Pte Ltd. and Wilmar International.

Key Developments:

In November 2020, Odfjell, a Norwegian shipping company, has launched a new pool in collaboration with operator Navig8 Chemical Tankers. Both offer in order six chemical tanker vessels to the 12-ship collaboration.

In August 2020, Bahri, a global transport and logistics company, has recently signed an agreement to build ten 49,999-dwt Medium Range (MR) chemical tankers with Hyundai Mipo Dockyard, a follower of the Hyundai Heavy Industries Group and operator of one of the world’s biggest state-of-the-art shipbuilders.

In August 2020, Oslo-listed Stolt-Nielsen announced that its branch Stolt Tankers has decided to acquire five chemical tankers from Chemical Transportation Group for use in the Stolt Tankers Joint Service.

Product Types Covered:
• Organic Chemicals
• Inorganic Chemicals
• Vegetable Oils and Fats
• Additives
• Lube Oils
• Molasses
• Other Product Types

Fleet Material Covered:
• Stainless Steel
• Coated
• Other Forms

Fleet Type Covered:
• International Maritime Organization (IMO) 1
• International Maritime Organization (IMO) 2
• International Maritime Organization (IMO) 3
• Other Fleet Types

Fleet Size Types Covered:
• Inland Chemical Tankers (1000-4999 DWT)
• Coastal Chemical Tankers (5000-9999 DWT)
• Deep Sea Chemical Tankers (10,000- 50,000 DWT)
• Other Fleet Size Types

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements