Chemical Tanker Shipping Propelled By Increasing Demand For Oil And Petrochemical Products
The global chemical tanker market is estimated to be valued at US$ 36.16 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.
Chemical tankers are specialized tanker ships designed for the containment and transportation of chemicals in bulk. They are fitted with inert gas systems, specialized pumping & piping systems, materials of construction that are compatible with the chemicals being carried, firefighting equipment, and safety features for the safety of crew and prevention of environmental pollution. With increasing oil demand and expansion of petrochemical industries, chemical tankers are witnessing significant growth. The global petrochemical industry relies heavily on seaborne transportation of raw materials and end-products via chemical tankers.
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. JO Tankers, IINO KAIUN KAISHA Ltd., and Eitzen Chemical are some of the leading players in the market.
The Chemical Tanker Market Trends demand for petrochemicals and oil products is increasing at a rapid pace globally driving the need for transportation of these chemicals in bulk. Developing economies in Asia Pacific and Middle East are witnessing high demand growth which is propelling the chemical tanker market.
Key players are expanding their global fleet strength and investing in new ships to tap the opportunities in international trades. The bunker-friendly ECO-design ships are also gaining popularity. Consolidation is expected in the market with top players targeting to increase their market share through mergers and acquisitions.
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