Global Chemical Tankers Market Size, Manufacturers, Supply Chain, Sales Channel and Clients, 2021-2027

In 2020, the global Chemical Tankers market size was US$ 8162.5 million and it is expected to reach US$ 9505.5 million by the end of 2027, with a Compound Annual Growth Rate (CAGR) of 2.2% during 2021-2027. Key drivers of the chemical tankers market are the rapid expansion of the chemical industry, increasing usage of vegetable oils and oilseeds, etc. 

 

Further, due to the increasing demand for a variety of chemicals, specialized ships are being designed to meet the transportation needs of these chemicals in bulk. Also growing chemical plant construction, shifting of companies to new technologies, and changing value chains will drive the chemical tankers market growth in the coming years.

Other factors contributing to the growth of the chemical tankers market are significant interest in organic chemicals and their potential application in a variety of end-use industries, low rates for waterborne transportation, increasing engagement of trade activities, etc. 

Moreover rising concerns among consumers for healthy and hygienic food, a boom in shale gas production, and the emergence of eco-friendly alternatives such as bio-based polymers will propel the growth of the market in the coming years. Moreover, with technological advancements, there is a need for rapid upskilling of the workforce in the chemical industry which will ultimately create lucrative opportunities for the growth of the market in the future. 

As the demand for chemicals grows the need for shipping a variety of chemical products in bulk will also arise. Hence shipping companies are investing their resources into developing specialized ships that can transport bulk chemicals by sea. Also, the entire shipping process includes a variety of complex processes like construction/design of vessels, loading, storage, tank cleaning, and discharge services which require highly skilled personnel for handling the various risk factors associated with the entire process. Therefore up-gradation of the workforce, special skill training, and following industry best practices are some of the ways shipping companies are channelizing their resources to meet the ever-growing demand of the chemical industry. Thus increase in complexities leading to further up-gradation of key market players will accelerate the growth of the chemical tankers market during the forecast period.  

Sustainable And Eco-Friendly Alternatives

The rise of the circular economy and the emergence of eco-friendly products such as bio-based polymers, organic chemicals have huge potential for application in a variety of end-use industries propelling the growth of the market in the coming years. Increasing demand from petrochemicals, food, and beverages, gasoline additives, and crop protection, etc is boosting the market growth. Moreover growing consumer concerns regarding healthy and hygienic food are driving the need for fresh vegetable oils and oilseeds. Also, low charter rates for waterborne transportation are also contributing to the growth of the chemical tankers market during the forecast period. The growing trade activities will also spur the growth of the market in the coming years.

Rapid Technological Advancements

Chemical companies have already started investing in new technologies for increasing their operational efficiencies. The usage of IoT sensors for tracking an end product’s performance, growing automation of various back end processes, rising investments in blockchain technology for establishing supply chain transparency, faster traceability, and timely delivery of chemicals are just some of the ways in which modern technology is transforming the chemical industry leading to the rapid expansion of the chemical tankers market growth. Moreover, a significant boom in shale gas production, rapid chemical plant construction, and the growing need for upskilling of the workforce is also fueling the growth of the chemical tankers market during the forecast period. 

Growing Digitization And Rapidly Changing Market

The key market players of the chemical tankers industry are adapting to changing business practices. In order to stay relevant and gain a competitive edge companies are rerouting their strategies and aligning to new operational models for higher growth and efficiency. Growing digitalization of services, investments in artificial intelligence,  robotic automation, increasing mergers and acquisitions for the adoption of newer technologies, strengthening of portfolios, and rising research and development initiatives for the improvement of newer product lines is further fueling the growth of the chemical tankers market during the forecast period.

Chemical Tankers Market Share Analysis

Based on type, deep-sea chemical tankers are expected to hold the largest chemical tankers market share during the forecast period with a share of 73% as these chemical tankers find widespread application in carrying bulk chemicals as they have multiple units and segregations.

Based on application, the organic chemicals segment is expected to hold the largest chemical tankers market share during the forecast period with a share of 51% due to growing demand for organic chemicals from a variety of industries such as petrochemicals, gasoline additives, food, and beverages, etc.

Based on region, the Asia-Pacific segment is expected to provide lucrative opportunities for growth in the chemical tankers market share during the forecast period due to rising investment budgets, growing petrochemical and refining market in the region, etc

A chemical tanker is a type of tanker ship designed to transport chemicals in bulk. The top three companies, Stolt-Nielsen, Odfjell, and MOL Chemical Tankers, have 30% of the market share.

 

Chemical Tankers Market by Type

Chemical Tankers Market by Region

Report Metric	Details
Report Name	Chemical Tankers Market
The market size in 2020	USD 8162.5 Million
The revenue forecast in 2027	USD 9505.5 Million
Growth Rate	Compound Annual Growth Rate (CAGR) of 2.2% from 2021 to 2027
Market size available for years	2021-2027
Forecast units	Value (USD)
Segments covered	Type, End-User, Offerings, and Region
Report coverage	Revenue & volume forecast, company share, competitive landscape, growth factors, and trends
Geographic regions covered	North America, Europe, Asia Pacific, Latin America, Middle East & Africa