Chemical Tanker Market is Anticipated to Witness High Growth Owing to Rising Seaborne Trade of Oil & Chemical Products

The global chemical tanker market comprises hydrocarbon and chemical tankers that are engaged in seaborne transportation of commodity and specialty chemicals. The shipping of chemicals via dedicated tankers is a safe, cost-effective, and reliable mode of transportation. Chemical tankers offer segregated cargo tanks that help prevent contamination and ensure product purity during transportation. Shipping chemicals via tankers also reduces carbon footprint significantly compared to road and rail options.

Key Takeaways

Key players operating in the chemical tanker market are JO Tankers, IINO KAIUN KAISHA Ltd., Eitzen Chemical, Tokyo Marine Asia Pte Ltd., Berlian Laju Tanker, Nordic Tankers, Seatrans chemical tankers, Navig8 Chemicals, Stolt-Nielsen Ltd, and Odfjell. The key players are investing in newbuildings and expanding their fleet size to tap growing opportunities in Asia and North America.

The global chemical tanker market is anticipated to witness significant growth opportunities owing to rising demand for specialty chemicals from end-use industries. Countries like China, India, and Southeast Asian nations offer promising growth prospects with rising manufacturing activities.

Major players are exploring opportunities in the Americas and pursuing fleet expansion strategies to gain a foothold in the lucrative US chemical shipping market. Players are focusing on acquiring small regional fleets and partnering with local traders to expand their global footprint.

- Growing chemical manufacturing capacity additions in Asia Pacific to cater to rising domestic demand in industries like plastics, petrochemicals, agrochemicals etc is expected to drive ton-mile growth.

Market Restrains:
- Volatility in oil and chemical product prices can impact shipping demand in the short term.

Segment Analysis

The Asia Pacific region dominates the chemical tanker market with over 40% share. China, Japan, and India are among the largest producers and consumers of chemicals globally. This drives the need for transportation of petrochemicals, organic and inorganic chemicals via sea routes. The region is projected to witness the fastest growth during the forecast period due to expanding manufacturing sector and domestic demand. North America and Europe hold a substantial share as well. The developed infrastructure and presence of chemical industry hubs in the US and Western Europe support the movement of chemicals through seaborne trade in these regions.

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