Rise in shale gas production benefits the Global Chemical Oil Tankers Market

chemical oil tankers market Overview:

The chemical oil tankers market was valued at USD 26.59 billion in 2018 and is expected to reach USD 33.11 billion by 2023, at a compound annual growth rate of 4.5% between 2018 and 2023. Chemical tankers are cargo ships through which liquid chemicals can be transported in bulk. These tankers carry chemical products in different ways. Chemical tankers have been specially designed to ensure the consistency of onboard chemicals. These tankers are covered with certain substances that facilitate the identification of the elements to be transported; tankers for chemicals that are carried from the sea are between 25,000 tonnes and 35,000 tonnes.

Chemical tankers consist of a series of separate cargo tanks covered with a special coating such as phenolic epoxy or zinc paint or stainless steel. The new chemical tankers are designed primarily to ship a few large volumes of hazardous chemicals that fall under the organizations' international codes for bulk chemicals. Different types of tank trucks are generally used to send chemicals in bulk.

Market Drivers and Restraints:

The GDP of emerging economies such as India, China and Singapore in the Asia Pacific region leads to higher demand for a variety of chemicals. The rapid development of the shale gas industry should be the prominent driver of the world market. The investments in the refining expansion plans are touted to proliferate the demand for these oil tankers across the world.

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Report segmented as

By Product Type:

  • Organic Chemicals,
  • Inorganic Chemicals,
  • Vegetable Oils & Fats

ByFleet Type:

  • IMO 1,
  • IMO 2,
  • IMO 3

By Fleet Material:

  • Stainless Steel,
  • Coated

Geographical Analysis:

Based on the region, global chemical oil tankers market is segmented as Asia Pacific, North America, Europe, Latin America, Middle East and Africa. Of these, the Asia Pacific and the Middle East and Africa are the most prominent regions for this market.

Important Market Players:

Among the leading companies in the market are Eitzen Chemical, oil tankers Seatrans, Odfjell, Mineral tankers, Stolt-Nielsen Ltd., Tokyo Marine Asia Pte Ltd., Nordic tankers, Navig8 Chemicals, IINO KAIUN KAISHA, and Berlian Laju Tanker.

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

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