Chemical Tanker Market Research Report 2023
Global Chemical Tanker Market Size By Material (Stainless Steel, Coated), Size (Inland Chemical Tankers, Coastal Chemical Tankers, Deep-Sea Chemical Tankers), Product Type (Organic Chemicals, Inorganic Chemicals, Vegetable Oils Fats, Others), Tank Type (IMO 1, IMO 2, IMO 3) And Region Global Market Analysis and Forecast, 2023-2030
Global Chemical Tanker Market Synopsis
The Global Chemical Tanker Market size was valued at USD 34400 Million in 2023 and is projected to reach USD 49700 Million by 2030, growing at a CAGR of 4.70% from 2023 to 2030.
Chemical tankers are specialized cargo ships designed for the transportation of liquid chemicals in bulk. These vessels are built with a series of tanks or compartments to carry various types of chemicals, including industrial chemicals, petroleum products, liquefied gases, and other hazardous substances.
- Chemical tankers are constructed to meet stringent safety standards to ensure the secure transportation of the cargo. The tanks are usually made of stainless steel or coated with specialized materials to resist corrosion and prevent chemical reactions. These ships also have advanced pumping and piping systems to handle different types of chemicals and maintain their integrity during loading, unloading, and transportation.
- To ensure the safety of the crew, vessel, and the environment, chemical tankers adhere to strict international regulations, including the International Maritime Organization's (IMO) International Convention for the Safety of Life at Sea (SOLAS) and the International Convention for the Prevention of Pollution from Ships (MARPOL).
- Chemical tankers play a vital role in global trade by facilitating the transportation of chemicals required for various industries such as manufacturing, agriculture, pharmaceuticals, and energy.
Top Key Players Involved Are:
"Stolt-Nielsen Limited (UK), Odfjell SE (Norway), Navig8 Chemical Tankers Inc (US), MOL Chemical Tankers (Japan), Iino Kaiun Kaisha Ltd (Japan), Team Tankers International Ltd (Bermuda), Ardmore Shipping Corporation (Ireland), Nordic Tankers A/S (Denmark), Jo Tankers AS (Norway), Odfjell Tankers AS (Norway), Stena Bulk AB (Sweden), MTMM Group (Singapore), Essberger Tankers (Germany), Bahri Chemicals (Saudi Arabia), Coastal Tankers Pte Ltd (Singapore), MISC Berhad (Malaysia), NCC Group (Japan), Ikarus Petroleum Industries Ltd (Greece), Uni-Tankers A/S (Denmark), Euronav Tankers NV (Belgium) and Other Major Players"
The Global Chemical Tanker Market Trend Analysis
Growth of the Chemical Industry
- The growth of the chemical industry drives the chemical tanker market by increasing the production and consumption of chemicals. With a growing population, urbanization, and rising disposable incomes, there is an increased demand for a wide range of chemical products. These products include industrial chemicals, fertilizers, plastics, pharmaceuticals, and other specialty chemicals.
- As chemical manufacturers strive to meet this demand, they require efficient and reliable transportation solutions to move their products from production facilities to various markets across the globe. Chemical tankers play a crucial role in fulfilling this need by providing a safe and efficient mode of transportation for bulk liquid chemicals.
- As the chemical industry continues to grow, the demand for chemical tankers increases correspondingly. Ship owners and operators respond to this demand by investing in the construction of new chemical tankers or expanding their existing fleets. This growth in the chemical tanker fleet capacity allows for the transportation of larger volumes of chemicals, supporting the expansion of the chemical industry. As the chemical industry expands, the need for chemical tankers grows, leading to investments in new vessels and the overall development of the chemical tanker market.
Investments in Port Infrastructure and Logistics Networks
- Improved port infrastructure, such as deepening and widening of channels, expansion of berths, and installation of modern cargo handling equipment, enables more efficient operations for chemical tankers.
- Investments in logistics networks, such as road, rail, and inland waterway infrastructure, provide better intermodal connectivity for the chemical tanker market. Well-connected logistics networks allow for the seamless transportation of chemicals from production sites to ports and from ports to inland destinations. Efficient connectivity options reduce transportation costs, enhance supply chain reliability, and open up new market opportunities for chemical tanker operators.
- Investments in port infrastructure and logistics networks often focus on developing new ports or improving existing ones in different geographical locations. New ports may offer strategic advantages in terms of proximity to chemical production centers, access to key trade routes, or availability of specialized facilities.
Segmentation Analysis of the Global Chemical Tanker Market
Global Chemical Tanker Market Cover By Material, Size, Product Type, Tank Type. The Organic Chemicals segment is anticipated to dominate the market over the forecast period.
- Organic chemicals find applications across various industries, including pharmaceuticals, petrochemicals, plastics, textiles, and agriculture. The extensive use of organic chemicals in diverse sectors drives the demand for their transportation, leading to a dominant position in the chemical tanker market.
- Organic chemicals are often transported in large volumes due to their widespread usage and production scale. Chemical tankers are designed to handle bulk quantities of liquids, making them suitable for transporting organic chemicals efficiently and cost-effectively.
- In conclusion, organic chemicals are expected to dominate the product type of the chemical tanker market due to their wide range of applications, bulk volume transportation requirements, global trade, hazardous nature, and the overall growth of the chemical industry.
Regional Analysis of the Global Chemical Tanker Market
North America is Expected to Dominate the Market over the Forecast Period.
- North America's domination of the chemical tanker market can be attributed to several key factors. Firstly, North America possesses a robust and advanced chemical industry that demands efficient transportation of various chemical products. The region is home to a significant number of chemical manufacturers, including pharmaceutical, petrochemical, and specialty chemical companies, which generate substantial chemical exports.
- North America benefits from a well-developed infrastructure, including a vast network of ports and terminals that facilitate the efficient loading and unloading of chemical tankers. This infrastructure enables the seamless transportation of chemicals across the continent and facilitates trade with other regions.
- In Conclusion, the combination of a strong chemical industry, well-developed infrastructure, stringent safety regulations, and technological advancements has positioned North America as a dominant player in the chemical tanker market. The region's ability to meet the demands of the industry while ensuring safety and environmental compliance has contributed to its success in this sector.
Source: Review of Maritime Transport 2022
The Above graph shows the dominance of Panama as the leading flag state for chemical tanker registrations in Central America, with a value of 5178 million US Dollars, showcasing its prominent position in the region. Alongside Panama, Liberia also demonstrates its influence as a preferred flag state for chemical tankers. Both countries have established favorable maritime policies, streamlined registration processes, and enticing economic incentives, making them attractive choices for shipowners and operators. This dominance emphasizes the important role that Panama and Liberia play in shaping the chemical tanker industry within Central America and Middle East & Africa.
COVID-19 Impact on the Chemical Tanker Market
- The COVID-19 pandemic has had a significant impact on the chemical tanker market, both in North America and globally. The outbreak of the virus resulted in widespread disruptions in supply chains, manufacturing operations, and global trade, which had a ripple effect on the demand and transportation of chemical products.
- One of the immediate consequences of the pandemic was the reduction in industrial activity and production. Many countries implemented lockdown measures and restrictions to contain the spread of the virus, leading to the closure or reduced operations of chemical plants and factories.
- In conclusion, the COVID-19 pandemic has had a multifaceted impact on the chemical tanker market. The decline in industrial activity, disruptions in supply chains, logistical challenges, changes in trade patterns, and safety concerns all contributed to the challenges faced by the industry. However, the increased demand for essential chemicals partially offset some of the negative effects, highlighting the resilience of the chemical tanker market during this global crisis.
Top Key Players in the Global Chemical Tanker Market
- Stolt-Nielsen Limited (UK)
- Odfjell SE (Norway)
- Navig8 Chemical Tankers Inc (US)
- MOL Chemical Tankers (Japan)
- Iino Kaiun Kaisha Ltd (Japan)
- Team Tankers International Ltd (Bermuda)
- Ardmore Shipping Corporation (Ireland)
- Nordic Tankers A/S (Denmark)
- Jo Tankers AS (Norway)
- Odfjell Tankers AS (Norway)
- Stena Bulk AB (Sweden)
- MTMM Group (Singapore)
- Essberger Tankers (Germany)
- Bahri Chemicals (Saudi Arabia)
- Coastal Tankers Pte Ltd (Singapore)
- MISC Berhad (Malaysia)
- NCC Group (Japan)
- Ikarus Petroleum Industries Ltd (Greece)
- Uni-Tankers A/S (Denmark)
- Euronav Tankers NV (Belgium) And Other Major Players
Key Industry Developments in the Global Chemical Tanker Market
In June 2023, Turkish Tersan Shipyard secured an order from Tune Chemical Tankers (TCT), a Dutch shipping company, for the construction of up to four chemical tankers powered by methanol fuel. According to the company's announcement, Tune Chemical Tankers (TCT) has initially contracted two vessels from the Turkish Tersan Shipyard, with the flexibility to expand the order to a total of four ships. These environmentally friendly vessels will have a capacity of 16,000 DWT and will be fueled by methanol, aligning with the company's commitment to sustainable shipping solutions.
In January 2023, Maritime Investment Company, Easterly, acquired an additional four tankers, expanding its fleet. Maritime Logistics Equity Partners (MLEP), a subsidiary of Easterly's Maritime Investment Company, has revealed the acquisition of four additional vessels through its second chemical tanker investment tranche. With this purchase, MLEP's fleet now consists of 11 ships. These newly acquired vessels are coated chemical tankers, making them the largest in MLEP's fleet.
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Global Chemical Tanker Market |
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Base Year: |
2022 |
Forecast Period: |
2023-2030 |
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Historical Data: |
2016 to 2022 |
Market Size in 2022: |
USD 34400 Mn. |
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Forecast Period 2023-30 CAGR: |
4.70% |
Market Size in 2030: |
USD 49700 Mn. |
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Segments Covered: |
By Material |
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By Size |
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By Product Type |
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By Tank Type |
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By Region |
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Global Chemical Tanker Market |
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Base Year: |
2022 |
Forecast Period: |
2023-2030 |
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Historical Data: |
2016 to 2022 |
Market Size in 2022: |
USD 34400 Mn. |
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Forecast Period 2023-30 CAGR: |
4.70% |
Market Size in 2030: |
USD 49700 Mn. |
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Segments Covered: |
By Material |
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By Size |
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By Product Type |
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By Tank Type |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the Report: |
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Chapter 1: Introduction
1.1 Research Objectives
1.2 Research Methodology
1.3 Research Process
1.4 Scope and Coverage
1.4.1 Market Definition
1.4.2 Key Questions Answered
1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
3.1 By Material
3.2 By Size
3.3 By Product Type
3.4 By Tank Type
Chapter 4: Market Landscape
4.1 Porter's Five Forces Analysis
4.1.1 Bargaining Power of Supplier
4.1.2 Threat of New Entrants
4.1.3 Threat of Substitutes
4.1.4 Competitive Rivalry
4.1.5 Bargaining Power Among Buyers
4.2 Industry Value Chain Analysis
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.5.4 Challenges
4.4 Pestle Analysis
4.5 Technological
Frequently Asked Questions
What would be the forecast period in the Chemical Tanker Market research report?
The forecast period in the Chemical Tanker Market research report is 2023-2030
Who are the key players in the Chemical Tanker Market?
Stolt-Nielsen Limited (UK), Odfjell SE (Norway), Navig8 Chemical Tankers Inc (US), MOL Chemical Tankers (Japan), Iino Kaiun Kaisha Ltd (Japan), Team Tankers International Ltd (Bermuda), Ardmore Shipping Corporation (Ireland), Nordic Tankers A/S (Denmark), Jo Tankers AS (Norway), Odfjell Tankers AS (Norway), Stena Bulk AB (Sweden), MTMM Group (Singapore), Essberger Tankers (Germany), Bahri Chemicals (Saudi Arabia), Coastal Tankers Pte Ltd (Singapore), MISC Berhad (Malaysia), NCC Group (Japan), Ikarus Petroleum Industries Ltd (Greece), Uni-Tankers A/S (Denmark), Euronav Tankers NV (Belgium) and Other Major Players
What are the segments of the Chemical Tanker Market?
The Chemical Tanker Market is segmented into By Material, Size, Product Type, and Tank Type. By Material, the market is categorized into Stainless Steel, Coated. By Size, the market is categorized into Inland Chemical Tankers, Coastal Chemical Tankers, and Deep-Sea Chemical Tankers. By Product Type, the market is categorized into Organic Chemicals, Inorganic Chemicals, Vegetable Oils Fats, and Others. By Tank Type the Market is Categorized into IMO 1, IMO 2, and IMO 3. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia Pacific (China; India; Japan; South Korea; Malaysia; Thailand; Vietnam; The Philippines; Australia; New-Zealand; Rest of APAC), Middle East & Africa (Turkey; Bahrain; Kuwait; Saudi Arabia; Qatar; UAE; Israel; South Africa), South America (Brazil; Argentina; Rest of SA)
What is the Chemical Tanker Market?
Chemical tankers are specialized cargo ships designed for the transportation of liquid chemicals in bulk. These vessels are built with a series of tanks or compartments to carry various types of chemicals, including industrial chemicals, petroleum products, liquefied gases, and other hazardous substances. Chemical tankers are constructed to meet stringent safety standards to ensure the secure transportation of the cargo. The tanks are usually made of stainless steel or coated with specialized materials to resist corrosion and prevent chemical reactions. These ships also have advanced pumping and piping systems to handle different types of chemicals and maintain their integrity during loading, unloading, and transportation.
How Big is the Chemical Tanker Market?
The Global Chemical Tanker Market size was valued at USD 34400 Million in 2023 and is projected to reach USD 49700 Million by 2030, growing at a CAGR of 4.70% from 2023 to 2030.
