The global chemical tanker shipping market is anticipated to reach USD 2.50 trillion by 2025, according to a new report by Grand View Research, Inc. The growing chemical trade on account of increasing manufacturing activities across the world is projected to augment market demand. The disparity in regional production and demand trends has triggered the global trade for chemicals and derivatives.
Organic chemicals such as acetic acid, alcohols, propene, benzene, salt, benzyl acetate, methanol, formic acid, and phenol are some of the vital substances shipped through chemical tankers across the world. The U.S., China, Germany, and Russia are some of the major exporters of chemicals and are expected to foster the global chemical trade over the coming years.
The U.S. will probably grow at a high rate on account of increasing number of fleet owners, shipbuilders & charterers, availability of raw material, and capital inflow from multinational companies. The expanding market of Asia Pacific is one the most significant areas for growth due to the presence of a large number of small manufacturers in the region.
Further key findings from the report suggest:
- The global chemical tanker shipping market was valued at USD 2.07 trillion in 2016 and is estimated to grow at a growth rate of 2.1% from 2017 to 2025 to reach a market valuation of USD 2.50 trillion
- Chemical tanker shipping market is concentrated on account of presence of considerable number of fleet operators
- Competitive freight rates on account of easy availability of containers through freight forwarders and clearing agents places higher power in the hands of buyers
- Deep sea chemical tanker shipments accounted for the most significant share in 2016 and is projected to grow at the highest CAGR over the coming years on account of extensive international trade
- IMO III cargo type accounted for the largest volume share in 2016 due to high shipment of vegetable oils & fats and other non-volatile chemicals across regions
- Asia Pacific accounted for the most significant volume share due to presence of major manufacturing counties such as China and India which have a strong foothold in the chemical industry
- Chemical tanker shipping companies are expanding their fleets to cater to the growing chemical trade business globally. New entrants in the market are expected to result in excess supply of tankers in the industry, thereby reducing charter rates.
- Some of the significant chemical tanker charters include Navig8 Group, Odfjell SE, Stolt Nielsen, MSC, Stena Bulk, and Maersk Tankers
Grand View Research has segmented the global chemical tanker shipping market on the basis of product, shipment route, cargo type, and region:
Product Outlook (Volume, Kiloton; Revenue, USD Million, 2014 – 2025)
- Organic chemicals
- Inorganic chemicals
- Vegetable oils & fats
Shipment Route Outlook (Volume, Kiloton; Revenue, USD Million, 2014 – 2025)
- Deep sea
Cargo Type Outlook (Volume, Kiloton; Revenue, USD Million, 2014 – 2025)
- IMO I
- IMO II
- IMO III
Regional Outlook (Volume, Kiloton; Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.