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chemical tankers shipping market is expected to witness continued growth in the coming years, fueled by a flourishing chemical industry
VANCOUVER, BRITISH COLUMBIA, CANADA, June 19, 2024 /EINPresswire / -- The global chemical tankers shipping market is expected to witness continued growth in the coming years, fueled by a flourishing chemical industry and rising demand for efficient and safe transportation of bulk liquid chemicals. According to a report by Emergen Research, the market is projected to reach a valuation of USD 50.99 billion by 2032, registering a steady Compound Annual Growth Rate (CAGR) of 4.60%.
Market Overview
Chemical tankers are specialized vessels designed to transport a wide range of liquid chemicals, including organic and inorganic chemicals, liquefied gases, vegetable oils, and hazardous substances. These tankers are equipped with advanced technology and segregated cargo holds to ensure safe and efficient transportation across international trade routes. The market caters to the needs of chemical manufacturers, traders, and end-users, playing a critical role in global chemical supply chains.
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Key Trends Shaping the Market
Flourishing Chemical Industry: The growth of the chemical industry, particularly in Asia Pacific, is a major driver for the chemical tankers market. Expanding production capacities and increasing international trade in chemicals are driving the demand for reliable and efficient transportation solutions.
Rising Bio-based Products: The growing demand for bio-based lubricants and other eco-friendly chemicals is expected to propel the IMO-2 carrier segment within the chemical tanker market. These specialized tankers are designed to handle bio-derived products with minimal environmental impact.
Technological Advancements: The adoption of advanced technologies like cargo monitoring systems, automated loading/unloading mechanisms, and improved navigation systems is enhancing operational efficiency and safety in chemical tanker shipping.
Market Drivers and Restraints
Drivers:
Increasing demand for vegetable oils and fats
Stringent environmental regulations mandating cleaner shipping practices
Growing international trade in chemicals
Restraints:
Fluctuations in global oil prices impacting operational costs
Stringent safety regulations leading to higher construction and maintenance expenses
Geopolitical tensions disrupting trade routes
Growth Opportunities
Expansion into Emerging Markets: Growing chemical industries in regions like Latin America and Africa present lucrative opportunities for chemical tanker operators.
Investment in Eco-friendly Technologies: Development and adoption of new technologies, such as wind propulsion systems and alternative fuels, can enhance sustainability and attract environmentally conscious clients.
Focus on Diversification: Expanding service offerings to include value-added services like cargo handling and storage can provide a competitive edge.
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SWOT Analysis: A Snapshot of the Market Landscape
Strengths:
Specialized fleet catering to diverse chemical cargo needs
Established global network of ports and shipping routes
Stringent safety regulations ensuring secure transportation
Weaknesses:
Dependence on volatile oil prices
High capital expenditure for building and maintaining specialized tankers
Competition from alternative modes of transportation for short-haul routes
Opportunities:
Growth in bio-chemical trade
Technological advancements for improved efficiency and sustainability
Expansion into emerging markets
Threats:
Geopolitical instability disrupting trade flows
Stringent environmental regulations impacting operational costs
Potential economic downturns affecting demand for chemical products
Chemical Tankers Shipping Top Companies and Competitive Landscape
The global chemical tankers shipping market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions.
Some major players included in the chemical tankers shipping market report are:
Stolt-Nielsen
Odfjell SE
Navig8.
IINO KAIUN KAISHA, LTD
UPT United Product Tankers GmbH & Co KG.
Navios Maritime Partners L.P.
MAERSK TANKERS A/S
Petronav Ltd
ENESEL GROUP.
ABC MARITIME AG.
Latest Strategic Developments and M&A Activity
On 15 September 2023, MOL chemical tankers, a company specializing in the seaborne transport of various chemicals including vegetable oils, base oils, animal fats, and liquid fats collaborated with Acquiring Fairfield Chemical Carriers to expand and strengthen their market position. The transaction is valued at USD 400 million, and the deals is expected to be finalized by the end of 4th
On 21 August 2023, Atomos Energy, the largest Liquefied Petroleum Gas (LPG) distributor and trader in Japan, collaborated Maersk Tankers as voyage manager for five Very Large Gas Carriers (VLGCs). The service will help Astomos' fleet to achieve greater economic and environmental efficiency.
Chemical Tankers Shipping Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global chemical tankers shipping market on the basis of products, route, cargo type, and region:
Product Type Outlook (Revenue, USD Billion; 2019-2032)
Vegetable oils and fats
Organic chemicals
Inorganic chemicals
Other chemicals
Route Outlook (Revenue, USD Billion; 2019-2032)
Inland
Coastal
Deep sea
Cargo type Outlook (Revenue, USD Billion; 2019-2032)
IMO 1
IMO 2
IMO 3
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Country scope
U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of MEA
Eric Lee
Emergen Research
+91 90210 91709
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