Enjoy complimentary customisation on priority with our Enterprise License!
The chemical tanker market is estimated to grow at a CAGR of 5.58% between 2022 and 2027. The size of the market is forecast to increase by USD 10,122.22 million. The growth of the market depends on several factors, including the increase in LNG (Liquefied Natural Gas) tanker transportation, the advances in the propulsion system of tankers, and the fluctuation in a baltic dry index.
This report extensively covers market segmentation by product (organic chemicals, vegetable fats and oils, inorganic chemicals, and others), type (inland, coastal, and deep sea), and geography (APAC, Middle East and Africa, North America, South America, and Europe). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, Download Report Sample
The increase in LNG tanker transportation is notably driving the market growth, although factors such as the fluctuation in baltic dry index may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Chemical Tanker Market Driver
The increase in LNG tanker transportation is a key factor driving the growth of the global chemical tanker market. The supply growth of LNG tanker transportation in 2021 was supported by the increase in the commercial production of LNG, owing to the commissioning of LNG liquefication production plants in Eastern and Western Australia, Sabine Pass LNG facility, and revamping of LNG exports from Angola and Egypt.
Natural gas prices increased between March and early October 2021, which drove the demand for oil and gas products. This increase is expected during the forecast period and will drive the market. The logistics of LNG can also take place using the pipeline. However, the advantages of LNG chemical tankers over pipeline transportation are driving the demand for the former. The global LNG fleet is set to remain in excess in 2022, which, in turn, will drive the growth of the market during the forecast period.
Significant Chemical Tanker Market Trend
Advances in the propulsion system of tankers are the primary trend in the global chemical tanker market growth. Marine two-stroke diesel engines have largely replaced marine steam turbine engines as two-stroke diesel engines are more economical than steam turbine engines for commercial purposes. Technological advances have led to the development of cross-compound double-reduction steam turbines. These steam turbines are compact in size and take up less space in the ship engine room. In addition, the steam turbine has the advantage of easy astern movement, with up to just 50% astern output power. The introduction of the controllable pitch propeller (CPP) for running tanker ships in forward and astern directions without changing the direction of rotation of the engine leads to more power generation.
This, in turn, enables the transportation of more volume of goods using tankers. Historically, LNG tankers made use of moderately efficient steam turbine-driven propulsion systems. The innovation in the propulsion system can be attributed to the GDF SUEZ Global Energy and Provalys vessels. These vessels have the capacity to be driven by dual-fuel diesel-electric propulsion (DFDE) systems. The DFDE propulsion system is capable of utilizing diesel and oil as well as steam-boiled-off- gases, thus enhancing the vessels' efficiency by 25%-30% than conventional propulsion systems.
Major Chemical Tanker Market Challenge
The fluctuation in the baltic dry index is a major challenge to the growth of the global chemical tanker market. The global chemical tanker that encompasses the transportation of crude oil, chemicals, and refined petroleum products is witnessing fluctuations in the Baltic dry index, an economic indicator related to the average index of moving goods in the sea by considering 23 global shipping routes. A high Baltic dry index reflects that the demand for the tanker ship is more when compared with its supply.
Moreover, the building of new ships is creating an oversupply in the market, which is posing a challenge for vendors and reducing the shipping freight. The chemical tanker industry has been facing fluctuations in the Baltic dry index for both dirty tankers and clean tankers, owing to the increase in the tanker fleet size since 2008. Such factors will hinder the market growth during the forecast period.
Key Chemical Tanker Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Chemical Tanker Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ace-Tankers - The company offers a chemical tanker that helps in commercial asset management of chemicals and vegetable oils. Also, under this segment, the company specializes in tanker transportation with its multi-grade stainless steel chemical tankers.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Technavio categorizes the global chemical tanker market as a part of the global oil and gas storage and transportation market within the global oil and gas market. The global oil and gas storage and transportation market cover companies engaged in the transportation and/or storage of gas, oil, and/or refined products. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The market share growth by the organic chemicals segment will be significant during the forecast period. Organic chemicals are widely used in the food and beverages industry because of their preservatives and antioxidant. Also, the rapid rise of shale gas in China and North America has boosted the production of organic chemicals in these regions. Advanced technologies for preventing the growth of harmful bacteria are being introduced in chemical tankers. Thus, such factors drive the growth of the global chemical tanker market during the forecast period.
Get a glance at the market contribution of various segments Request a PDF Sample
The organic chemicals segment was valued at USD 11,458.60 million in 2017 and continue to grow by 2021. The segment is expected to grow owing to the rising demand for pharmaceuticals, fertilizers, pesticides, crop protection, pesticides, food and beverages, personal care products and cosmetics, polymers, water treatment, and other products. Such factors will increase the segment growth in the market during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in focus in APAC is anticipated to increase as a result of factors like significant local production, significant expansion plans in China, and the widespread presence of key chemical producers in the region. It is anticipated that growing awareness of the health benefits offered by organic chemicals, along with lenient government regulations in the area, will enhance demand for organic chemicals in the area, which will, as a result, drive the chemical tanker demand in the region. APAC is anticipated to expand over the projected period as a result of the sizeable production bases of chemical companies and the existence of cutting-edge transportation technologies. Due to these factors, the market will grow during the forecast period.
COVID-19 originated in China and later spread into APAC in 2020, which was further declared as a pandemic by the World Health Organization (WHO) in 2020. However, in 2021, due to the availability of COVID-19 vaccines and the vaccination drives carried out by the governments of APAC countries, trade activities resumed in the shipping sector. The import and export of oil and gas products resumed gradually as shipping ports became operational. The demand for oil and gas products will continue to increase. Hence, the regional chemical tanker market will grow during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
|
Chemical Tanker Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
150 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 5.58% |
|
Market growth 2023-2027 |
USD 10,122.22 million |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
4.97 |
|
Regional analysis |
APAC, Middle East and Africa, North America, South America, and Europe |
|
Performing market contribution |
APAC at 42% |
|
Key countries |
US, Saudi Arabia, China, Singapore, and Norway |
|
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
AceTankers, Bahri, Fairfield Chemical Carriers, HANSA TANKERS MANAGEMENT AS, IINO KAIUN KAISHA Ltd., IMC Ship Management Pte Ltd., K Line Pte Ltd., KOYO KAIUN Co. Ltd., M.T.M. Ship Management Pte Ltd., MOL CHEMICAL TANKERS PTE. LTD., Navig8 Group, Odfjell SE, PT BERLIAN LAJU TANKER TBK, Sinochem Group Co. Ltd., Stena Bulk, Stolt Nielsen Ltd., Team Tankers International Ltd., UltraTank, Wilmar International Ltd., and Womar Pools Pte Ltd. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
