New York, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The global chemical tankers market size is projected to expand at ~5% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 45 billion by the end of 2035, up from a revenue of ~USD 31 billion in the year 2022. The growth of the market is attributed to the increasing demand for vegetable oils. In international trade, vegetable/palm oil is normally transported in segmented packages aboard chemical tankers with lined or stainless steel tanks. India is the world's largest importer of cooking oil with import volumes ranging from 6.6 to 14.1 billion. The country's cooking oil demand would increase from around 27 million tons in 2021-22 to 30 million tons in 2030-31. However, cooking oil production in India is expected to increase from almost 13 million tons to around 23 million tons in over the same period, leaving a deficit of around 7 million tons.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4923
Other factors that are believed to drive the growth of the chemical tanker market include the increase in world trade and the increased need for chemical tankers to transport chemicals between regions. This was particularly important in regions such as Asia and Europe, where production and demand for chemicals is growing rapidly. In addition, the aging of the existing fleet is also attributed to the growth of the market. As they age, the need to replace old fleets with new ones has increased demand for advanced chemical tankers that are much safer and more efficient.
Chemical Tankers Market: Key Takeaways
- Market in North America to propel highest growth
- The vegetable oils & fats segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Increasing Trade of Oils across the Globe to Boost Market Growth
Chemical tankers transport a variety of industrial chemicals and can also clean petroleum products when configured as chemical and oil tankers. Global oil consumption is expected to reach 104.1 million barrels per day by 2026. That would represent an increase of 4.4 million barrels per day from 2019 levels. Chemical tankers are specially designed to transport a wide range of liquid chemical cargoes. The most complex are the processed bulk liquid chemicals, acids, cooking oils, alcohols, biofuels and clean petroleum products.
The complexity of these compounds requires galvanized or stainless steel tanks, modern vessels and skilled personnel capable of handling sometimes hazardous, flammable or corrosive ingredients. Ammonia, the basic ingredient in all synthetic nitrogen fertilizers, has increased at a global rate of 1.6% per year over the past decade. Today, China is the main producer with a 28% share of world production. The chemical industry is growing rapidly, driven by the increasing demand for chemicals and chemical products. These products are used in a variety of industries including pharmaceutical, plastics, consumer goods and agriculture. Due to this demand, the need for chemical tankers is also increasing.
Chemical Tankers Market: Regional Overview
The global chemical tankers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding export and import of oils to Drive the Market Growth in North America Region
The chemical tankers market in North America region is estimated to garner the largest revenue by the end of 2035. The growth of the market is mainly due to the increasing export and import of oils. Crude oil imports to the United States increased by about 235,000 barrels per day in 2021, reaching more than 6.1 million barrels per day. In the year 2021, net crude oil imports were estimated at around 3.1 million b/d. Imports of petroleum products (excluding crude oil) to the United States increased by 19% in 2021, while exports increased by 7%.
On the other hand, increasing production of chemical products is also expected to drive the growth of the market in the region. The United States is one of the world's largest domestic producers of chemicals, with chemical shipments worth nearly USD 770 billion in the year 2021 and more than USD 438 billion in value added from US chemicals in the same year.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4923
Growing petrochemical and refining industry to Propel the Growth in the Asia Pacific Region
The Asia Pacific chemical tankers market is estimated to garner the highest CAGR by the end of 2035. The Asia Pacific region is home to some of the world's largest petrochemical and refining industries. This is due to the region's abundant natural resources, such as oil and gas, as well as its growing population and economy. The growth of these industries is driving the demand for chemical tankers to transport the raw materials and products. The governments of many countries in the Asia Pacific region are increasing their investment budgets in infrastructure development. This is leading to the construction of new petrochemical and refining plants, which is further driving the demand for chemical tankers. The IMO 2 fleet is expected to be the fastest-growing fleet type in the Asia Pacific chemical tankers market during the forecast period.
The public awareness of the health benefits of edible vegetable oils and fats is increasing in the Asia Pacific region. This is leading to an increase in the demand for these products, which requires the transportation of vegetable oils and fats by chemical tankers. The GDP of many emerging countries in the Asia Pacific region is growing rapidly. This is leading to an increase in the demand for various chemicals, such as fertilizers, plastics, and paints. The transportation of these chemicals requires chemical tankers.
Chemical Tankers, Segmentation by Product Type
- Organic Chemicals
- Inorganic Chemicals
- Vegetable Oils & Fats
Amongst these segments, the vegetable oils & fats segment is anticipated to hold the largest share over the forecast period. The growth of the segment is attributed to the increasing demand for vegetable oils such as virgin coconut oil, palm oil, mustard oil and others. In the year 2021-22 crop year, global vegetable oil production reached around 200 million tons.
Among the different vegetable oil categories, palm oil has the largest production volume with a production of almost 73 million tons during this period. In addition, soybean oil is the most popular type of cooking oil in the United States. It is commonly found in fried dishes, canned fish, salad dressings and margarine. In the year 2022, Americans consumed about 12 million tons of soybean oil. In addition, rising consumption of healthy oil is also expected to fuel the segment's growth.
Chemical Tankers, Segmentation by Fleet Type
- IMO 1
- IMO 2
- IMO 3
Amongst these segments, the IMO 2 segment is anticipated to hold a significant share over the forecast period. The International Maritime Organization (IMO) has imposed stricter regulations on sulfur emissions from ships. These regulations, which came into effect in 2020, require ships to use fuels with a sulfur content of no more than 0.5%. This has led to an increased demand for IMO 2 compliant ships, such as IMO 2 chemical tankers. The petrochemical industry is growing rapidly, and this is driving the demand for IMO 2 chemical tankers.
Petrochemicals are used in a wide range of products, including plastics, fertilizers, and paints. The transportation of these products requires IMO 2 compliant ships. There has been an increase in the number of newbuild IMO 2 chemical tankers in recent years. This is due to the fact that many owners are replacing their older, non-compliant ships with new, IMO 2 compliant ships. The demand for IMO 2 chemical tankers is growing in emerging markets, such as China and India. These countries are experiencing rapid economic growth, and this is leading to an increase in the demand for petrochemicals.
Purchase Copy of this Report @ https://www.researchnester.com/purchage/purchase_product.php?token=4923
Chemical Tankers, Segmentation by Fleet Material
- Stainless Steel
- Coated
Few of the well-known market leaders in the global chemical tankers market that are profiled by Research Nester are Bahri, Stolt-Nielsen Limited, Odfjell, Navig8 Limited, MOL CHEMICAL TANKERS PTE. LTD, Wilmar International Ltd, MISC Berhad, Team Tankers International Ltd, Group, Global Chemical Group, Hafnia Group., and other key market players.
Recent Development in the Market
- Hafnia Group announced an agreement with Chemical Tankers, Inc. to acquire 21 modern, fuel-efficient IMO II chemical tankers. CTI's fleet consists exclusively of highly specialized, ECO-designed vessels built in leading shipyards.
- Odfjell announced the addition of a newly built stainless steel chemical tanker, Bow Cheetah, to its fleet. Equipped with steam/hot water heating and thermal oil, the fleet is ideal for transporting a wide variety of sensitive goods.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
