Chemical Tankers Market Poised to Grow at Highest Pace owing to Increasing Chemical Trade Globally
The chemical tanker market involves the transportation of various bulk liquid chemicals across geographies via sea routes in specialized stainless steel tanks onboard tanker ships. Key products transported include organic chemicals, inorganic chemicals, vegetable oils and fats, and other liquids. Chemical tankers offer cost-effective and bulk transportation of chemicals to countries lacking local manufacturing capability.
The global chemical tanker market is estimated to be valued at US$ 36.16 billion in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the chemical tanker market are JO Tankers, IINO KAIUN KAISHA Ltd., Eitzen Chemical, Tokyo Marine Asia Pte Ltd., Berlian Laju Tanker, Nordic Tankers, Seatrans chemical tankers, Navig8 Chemicals, Stolt-Nielsen Ltd, and Odfjell . The industry is witnessing growing demand for seaborne transportation of chemicals from the industrially developing nations in Asia and Middle East. Major technological advancements in sensor technologies allow real-time tracking of cargo conditions and aid optimizing fleet usage.
Secondly, the demand for Chemical Tanker Market Trends is high from major industries such as paints and coatings, petrochemicals, oil and gas, and agriculture that require bulk transportation of chemicals and petrochemical products. The recovery of oil prices from the COVID-19 slump has also increased shale oil and gas extraction, augmenting trade in petrochemicals and boosting chemical tanker demand.
Advanced sensor technologies now allow real-time monitoring of cargo conditions, alarm triggering for irregularities, and energy-efficient routing and operation. Such technologies help improve fleet asset utilization, schedule reliability, safety, and reduce uncertainties.
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