Chemical tankers shipping market Size Worth USD 50.99 billion in 2032 | Emergen Research

Vancouver, Dec. 07, 2023 (GLOBE NEWSWIRE) -- In 2023, the global chemical tankers shipping market experienced robust growth, reaching a substantial size of USD 32.40 Billion, with a projected rapid revenue Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period. The driving forces behind this expansion include the increasing production capacity of chemical manufacturers, a surging global demand for chemicals, and the ongoing efforts of petrochemical refineries to meet rising product requirements.

Key global chemical tanker players are investing significantly in innovative technologies to decarbonize shipping, aligning with United Nations (UN) standards, net zero emission goals for 2050, and FuelEU maritime initiatives. Notably, advancements in methanol propulsion engine technology and the adoption of Selective Catalytic Reduction Reactors (SCR) to maintain Nitrogen Oxide (NOx) emissions below 2 grams per kilowatt-hour are shaping the industry's trajectory towards sustainable practices.

According to the European Chemical Industry Council (Cefic), the global production of chemicals reached USD 4,272 Billion in 2021, reflecting a substantial increase of 14.7%. Feedstock, such as Oil & Gas (O&G), plays a pivotal role in chemical manufacturing, serving as the primary source of hydrogen and carbon for essential chemicals like ethylene, propylene, and ammonia.

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Despite these positive trends, the industry faces challenges stemming from unstable geopolitical conditions. Restrictions imposed by the International Maritime Organization (IMO) and various countries, coupled with potential disruptions in ocean trade routes due to geopolitical tensions, may impact supply chains, leading to modifications and increased commodity prices.

Product Type Insights: Vegetable Oils and Fats Lead Revenue Share

Breaking down the market by product type, the vegetable oils and fats segment claimed the largest revenue share in 2022. This is attributed to the growing import of vegetable oils, driven by a decline in domestic edible oil prices. The food industry is a significant consumer of vegetable oils, with increasing demand due to awareness of health benefits, including reduced cardiovascular disease risk, improved metabolism, and omega-3 fatty acids.

The organic chemicals segment is poised for moderately fast revenue growth, fueled by their diverse applications across industries such as medical, biochemical, pharmaceuticals, and bioengineering. These chemicals find use in everyday products like shampoo, gasoline, perfume, drugs, and various additives.

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Cargo Type Insights: IMO 1 Segment Dominates

Examining cargo types, the IMO 1 segment is expected to hold a significantly large revenue share during the forecast period. These vessels are designed to transport chemicals with the highest overall hazard or danger, emphasizing the importance of safety measures in handling toxic and environmentally harmful substances.

The IMO 2 segment is anticipated to experience steady revenue growth, focusing on transporting products that require substantial preventive measures to avoid environmental issues. Dual-fuel operation capability and dedicated drain systems contribute to the appeal of IMO 2 chemical tankers.

Regional Insights: North America Leads, Asia Pacific Shows Fastest Growth

In 2022, North America emerged as the leader in the global chemical tankers shipping market, driven by increased chemical imports and rising demand for ethane in the United States. The U.S. chemical industry, representing over a quarter of the U.S. GDP, has witnessed a significant uptick in ethylene production investments.

The Asia Pacific region is expected to register the fastest revenue growth during the forecast period, propelled by the surging demand for chemicals in countries like China. China dominates the global chemical market, contributing to 55% of the global acetic acid capacity, 50% of carbon black capacity, and 45% of titanium oxide capacity.

The European market is projected to hold a considerable revenue share, fueled by the escalating need for high specialty chemicals, including pesticides, fertilizers, cosmetics, fragrances, and flavourings. Europe stands as the second-largest chemical producer globally, with substantial investments planned for research and innovation.

In summary, the global chemical tankers shipping market is on a trajectory of steady growth, driven by factors such as increasing chemical production, technological innovations for sustainability, and regional demand dynamics. However, geopolitical uncertainties pose potential challenges, emphasizing the need for industry players to navigate regulatory landscapes adeptly.

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Scope of Research

Major 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.

Strategic Development

• 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 4^th quarter.
• 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.

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Segments Covered in Report

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
• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Benelux
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Turkey
    • Rest of Middle East & Africa

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