Global Chemical Tankers Market Report and Forecast 2024-2032

Global Chemical Tankers Market Size

The global chemical tanker market stood at a value of around USD 36.19 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 4.4% to reach about USD 53.33 billion by 2032.

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Increasing Demand for Stainless Steel Chemical Tankers for Exporting Chemicals Driving the Market

Chemical tankers made up of stainless steel are extremely durable with high strength to weight ratio. Also, the thickness of the wall of these ships is low, which increases the cargo capacity. These advantages make it ideal for the export activities of bulk chemicals, which is propelling the chemical tankers market. Moreover, the rigid quality of these tankers, along with excellent hygiene control, allow the transportation of chemicals without any contamination. Some other favourable properties of stainless steel chemical tankers include fire and heat resistance, high resistance to extreme temperature variations, and the non-porous surface of the tanker, which are driving the segment’s growth. Over the forecast period, the increasing inclination towards stainless steel tankers as cost-effective alternatives to their counterparts such as coated tankers is likely to fuel the segment growth.

The Asia Pacific Accounts for a Significant Share in the Market for Chemical Tankers

The market in the Asia Pacific region is being driven by the improving economic growth of emerging economies such as India and China. In India, the outpacing domestic demand for vegetable oils is likely to increase the reliance of the country on overseas imports. This factor is likely to boost the demand for chemical tankers in the forecast period. Meanwhile, the growing innovations and advancements by the major chemical manufacturing firms in the region owing to the increasing demand for sulphuric acid and methanol from various end-use industries are anticipated to add to the chemical tankers market growth in the forecast period.

Market Segmentation

Chemical tanker is defined as a type of cargo ship which is used to transport bulk chemicals. These ships have high damage stability, and can survive harsh environments. The content in chemical tanker can be extremely toxic and dangerous, because of which chemical tanker needs to comply with the International Bulk Chemical Code.

Based on product type, the market can be segmented into:

• Organic Chemicals
• Inorganic Chemicals
• Vegetable Oils and Fats
• Others

By fleet type, the market is divided into:

• IMO Type 1
• IMO Type 2
• IMO Type 3

On the basis of fleet size, the market is classified into:

• Inland Chemical Tankers (1,000-4,999 DWT)
• Coastal Chemical Tankers (5,000-9,999 DWT)
• Deep Sea Chemical Tankers (10,000-50,000 DWT)

The market can be bifurcated based on fleet material into:

• Stainless Steel
• Coated

The EMR report looks into the regional markets of chemical tankers like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Application of Chemical Tankers for the Transportation of Vegetable Oils and Fats to Boost the Market Growth

The increasing demand for chemical tankers for the transportation of vegetable oils and fats is driving the market growth. Vegetable oils and fats are reactive and have a high sensitivity to poor handling. Chemical tankers provide them with excellent temperature control, proper handling, and sufficient storage, hence propelling the market growth. Vegetable oils also account for a significant share in the daily caloric food supply. In this regard, the increasing international trading of vegetable oils is anticipated to propel the demand for chemical tankers in the forecast period. Moreover, the rapid emergence of chemical tankers as the main form to transport commodities which fulfil the energy requirements of the world is likely to lead to a steady growth of the chemical tankers market in the forecast period.

Over the forecast period, the increasing deployment of type 1 and type 2 chemical tankers in the chemical industry for moving harmful and toxic chemicals such as sulphuric acid, caustic soda, and phosphoric acid, among others, is anticipated to provide impetus to the market. Furthermore, the growing research and development (R&D) activities by major chemical tanker manufacturers for designing superior quality tankers that comply with the cleaning standards are likely to bolster the growth of the chemical tankers market in the coming years.

Key Players in the Global Market for Chemical Tankers

The report gives a detailed analysis of the following key players in the global chemical tankers market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Bahri
• Stolt-Nielsen Limited (SNL)
• Mol Chemical Tankers Pte. Ltd.
• Odfjell SE
• Iino Kaiun Kaisha, Ltd.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report