Chemical Tanker Market key Insights Based on Product Type, End-use and Regional Demand Till 2027
Chemical tankers are a type of cargo ships that are designed and produced primarily for the bulk transport of liquid chemicals. These ships have to be produced to very stringent standards that are required for compliance to the compulsory international Bulk Chemical Code.
Chemical tankers are designed to carry dangerous cargoes, which could be potential toxic, flammable, which further divides chemical tankers into 3 key categories – IMO1, IMO2, and IMO3. Of these IMO1 tankers carry the most dangerous chemicals, and need to be built to the strictest standards and equipped with maximum safety measures. IMO2 and IMO3 display an incremental reduction in safety requirements as compared to IMO1s, for the transportation of relatively safer chemical loads.
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The value of the global chemical tankers market is projected to reach approximately USD 5 billion for 2019. On the other hand the related shipping industry is expected to reach a value of around USD 28.5 billion in the same period. This growth can be widely attributed to the increasing number of chemical production industries and the demand for industrial chemicals.
Strong Presence of Shipbuilding Industry to Sustain Chemical Tanker Production
The chemical tanker industry has been impacted positively by the recent growth spurt in the shale gas sector. On the other hand, some of the most common chemicals currently being transported in chemical tankers include phenols, alcohols, methanol, propene, benzyl acetate, acetic acid, and benzene. A large portion of these materials come out of Russia, the United States, Germany, and China. These high impact of these large economies is expected to help in the sustained growth of the chemical tankers industry.
The chemical tanker business of the United States is expected to especially grow at a fast rate, owing to the country’s large scale ship building industry, the high rate of capital inflows, and easy access to the requisite raw materials. This is expected to be augmented by the recent boom in shale gas exploration here and the increase in ethylene production, which has boosted organic chemicals worldwide.
On the basis of region, the Chemical Tanker market study contains:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa (MEA)
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Key players analyzed in the Chemical Tanker market study:
- Stolt-Nielsen Limited
- Odfjell SE
- Nordic Tankers A/S
- Navig8 Group
- MOL Chemical Tankers Ltd.
- Team Tankers International Ltd.
- Bahri (National Shipping Company of Saudi Arabia)
- Hansa Tankers
- Iino Kaiun Kaisha, Ltd.
- Chembulk Tankers
- Sinochem Group
Queries addressed in the Chemical Tanker market report:
- How has the global Chemical Tanker market grown over the historic period?
- Why are the Chemical Tanker market players targeting region for increased product sales?
- What patented technologies are the players utilizing in the global Chemical Tanker market?
- Which regions are displaying the fastest growth in the Chemical Tanker market?
- What are the underlying micro- macroeconomic factors affecting the global Chemical Tanker market?
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