A detailed study on Global Chemical Tanker Market has been conducted to understand its landscape in 2023.

A detailed study on Global Chemical Tanker Market has been conducted to understand its landscape in 2023.

Survey period: March 12-28, 2023
Survey company: SDKI Inc.
Survey Base: We surveyed 538 market players of all sizes.
Number of valid answers: 538
Survey method: 228 field surveys, 312 Internet surveys
Survey Respondents: The survey was conducted among companies based on revenue. Question: What is a chemical tanker? What is the size of the global chemical tanker market and what is the projected growth rate to 2035? A chemical tanker is a specialized vessel for transporting large quantities of liquid chemicals and dangerous goods. We have dedicated tanks coated with materials compatible with the chemicals we transport and safety devices to minimize the risk of spills and leaks. It has undergone a variety of training, including hazardous materials handling and firefighting, and emergency response.
The global chemical tanker market is projected to reach approximately US$45.3 billion by 2035, from a market value of approximately US$32.61 billion in 2022. The global chemical tanker market is growing at a CAGR of around 4.58% during 2023-2035.
Question: What are the factors driving the growth of the global chemical tanker market?
The factors driving the growth of the global chemical tanker market are: Growing Chemical Industry- The expansion of the chemical industry is estimated to drive the growth of the chemical tanker market. Companies in the chemical industry expect chemical tankers to transport and transship chemical compounds from one location to another. This factor creates demand for chemical tankers. The U.S. chemical industry will remain a net exporter in 2021, supporting all U.S. commodity exports, according to the American Chemistry Council. By 2025, net chemical exports to the United States should reach approximately US$40.5 billion and chemical industry shipments should reach approximately US$668 billion. U.S. chemical exports could rise significantly as major economies reopen and import demand from partner countries increases. Hence, the growth of the chemical industry has driven the chemical tanker market.
Technological advances – Technological advances are shaping the chemical tanker market. Many companies invest in chemical tanker innovation and development to provide users with ease of use, accessibility, comfort and affordability. For example, Sovcomflot’s Russia-based subsidiary SCF launched its first LNG-powered HIS MR chemical tanker in March 2021. The MR chemical tanker is designed to transport petroleum products and gas condensate. The ship’s propulsion system will run on environmentally friendly LNG, significantly reducing emissions to the atmosphere. The tanker weighs about 50,000 tons, is over 180 meters long, over 32 meters wide and has a draft of minus 13.4 meters. Ice Class 1B vessels can navigate safely all year round, even in the ice conditions of the Baltic Sea.
Other factors contributing to market growth are:
international trade growth
Growing demand for vegetable oil
Increasing economic transportation costs and chemical production capacity in emerging economies
Shale gas production increase
Growing demand for specialty chemicals
[Image 1: https://prtimes.jp/i/72515/2497/resize/d72515-2497-095e4dba855cfcaabb6d-0.png&s3=72515-2497-5350916b3d5d414e5fb7367033cb9ea6-1280×720.png] Question: What are the challenges that will hamper the growth of the global chemical tanker market?
Factors limiting market growth include:
As environmental regulations become more stringent, it is becoming more difficult and costly for companies to comply with environmental regulations. This has reduced the demand for chemical tankers, especially those that are older and do not meet the latest
environmental standards.
Fluctuations in crude oil prices have a major impact on the global chemical tanker market. Rising oil prices could increase
transportation costs and reduce demand for chemical tankers. Safety is a major concern in the chemical tanker industry, especially when it comes to transporting hazardous chemicals. Incidents and accidents can have serious consequences and could lead to a decrease in demand for chemical tankers.

Question: What are the major classifications of the global chemical tanker market?
The global chemical tanker market can be segmented by product, tank type, material, size and region. These segments branch further as follows:
by product

organic chemicals
Inorganic chemicals
vegetable oil

Based on product, the organic chemicals segment will hold a 60% share of the global market in 2023. This segment is gaining momentum due to potential industrial applications. Organic chemical manufacturing began with the shale gas boom, with ethylene being the primary feedstock.
[Image 2: https://prtimes.jp/i/72515/2497/resize/d72515-2497-7a714892bda32bb6d695-1.png&s3=72515-2497-b5e04ba05273fd14ad1b6dac1340f9f0-1280×720.png]

By tank type


The market is segmented into IMO 1, IMO 2, and IMO 3 based on tank type. IMO 1 tankers are mainly used to transport products such as crude oil. The IMO 1 tanker is specially designed to transport luxury goods.
[Image 3: https://prtimes.jp/i/72515/2497/resize/d72515-2497-ce24655cdf1f3dbb0038-2.png&s3=72515-2497-7697e22e281c0969ec057743c5f9467b-1280×720.png]

by material

stainless steel

by size

Inland Chemical Tanker (1,000-4,999DWT)
Coastal chemical tanker (5,000-9,999 DWT)
Deep Sea Chemical Tanker (10,000-50,000DWT)

By region

North America
Asia Pacific

Question: Who are the leading companies in the global chemical tanker market? What are some of the recent developments in the global chemical tanker market?
Below are companies that built the global chemical tanker market: Bahri, Stolt-Nielson, Odfjell, Navig8, MOL CHEMICAL TANKERS PTE. LTD., Wilmar International Ltd., MISC Berhad, Team Tankers, and IINO KAIUN KAISHA, LTD. is .
The latest developments in the global chemical tanker market are: In August 2020, UK-based Stolt-Nielsen Limited, which focuses on logistics, distribution and aquaculture opportunities, acquired five chemical tankers from Chemical Transportation Group for an undisclosed amount. With this acquisition, Stolt-Nielsen Limited plans to replace retired vessels in the coming years and age the fleet with
competitively priced vessels that can serve all high sea routes. We aim to provide our customers with high quality, reliable and flexible services. The Chemical Transportation Group (CTG) is a US-based chemical transportation group.
In August 2020, Bahri, a global transportation and logistics company, announced the acquisition of Hyundai Mipo Dockyard, the successor to Hyundai Heavy Industries Group, which operates the world’s largest state-of-the-art shipyard, and ten 49,999 DWT MR chemical tankers. has just signed a construction contract.
In 2019, MOL Chemical Tankers announced a partnership with Den Hartogh Logistics of the Netherlands to meet growing demand for storage tanks.

Question: Which regions are expected to offer lucrative growth opportunities in the global chemical tanker market?

Asia-Pacific is expected to account for approximately 42% of the global market in 2022, offering lucrative growth opportunities. Increasing demand for chemicals and petrochemicals from end-use industries such as automotive, construction, and pharmaceuticals in the region is expected to drive market growth. Moreover, increasing investment in infrastructure development and increasing demand for environmentally friendly chemicals are expected to further drive the market growth in the Asia-Pacific region.
Japan has a well-developed port infrastructure and is connected to other major chemical markets such as China, South Korea and Taiwan. This has made it easier for chemical tanker operators to transport chemicals to and from Japan. For example, in 2021, Japan will export about US$19.5 billion of organic chemicals, making it the 19th largest exporter of organic chemicals in the world, driving significant growth for the chemical tanker market in the region. Japan is a lucrative market for chemical tanker operators due to its strategic location, growing demand for chemicals, well-developed infrastructure and stringent regulations.
Europe will account for around 25% of the global market in 2022 and is expected to grow significantly during the forecast period, owing to increased demand for specialty chemicals such as fine chemicals and agrochemicals. Favorable government policies and regulations to promote sustainable development in the region, coupled with the emphasis on environmentally friendly chemicals, are expected to further drive the market growth.
The North American region is expected to be a lucrative market for chemical tankers, accounting for about 20% of the global market in 2022, with increasing demand for petrochemicals such as benzene and propylene. Presence of major players in the chemical industry, favorable government regulations and initiatives to promote the growth of the chemical industry are expected to drive the market growth. Additionally, transportation advancements in the chemical tanker industry have been established in the region, which is expected to further boost the market growth in North America.
[Image 4: https://prtimes.jp/i/72515/2497/resize/d72515-2497-ff5e07d84bd1692a0fe4-3.png&s3=72515-2497-961f4083ded6a790236e8981cddf4b08-1280×720.png] About us:
SKI’s goal is to provide authoritative, in-depth research and insights. We focus on researching and providing detailed reports on growth indicators, challenges, trends, and the competitive landscape, as well as working with our clients to develop business strategies for maximum growth and success. Achieve total transformation. Our expertise is the result of years of working with companies of all sizes in various market sectors.

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