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The Global Tanker Shipping Market size is estimated to grow at a CAGR of 4.39% between 2022 and 2027. The market size is forecast to increase by 159.2 million t. The growth of the market depends on several factors such as growth in the global oil and gas logistics market, a rise in international seaborne trade, and growing LNG trade.
This tanker shipping market report extensively covers market segmentation by type (oil tankers and liquid gas tankers), mode of transportation (coastal, deep sea, and inland), and geography (APAC, Europe, Middle East and Africa, North America, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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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.
The rise in international seaborne trade is the key factor driving the growth of the market. An increase in global exports and imports is a major factor contributing to the growth of the world economy. The third quarter of 2021 saw the value of world imports and exports rise to USD 5.6 trillion. International maritime trade continued to increase as a result of the growth in global trade activities after the 2008 financial crisis.
In addition, it costs less to ship by sea than is the case for alternative methods. This is expected to lead to an increase in the volume of seaborne trade. It is expected that, as a result of this growth in seaborne trade, the need for storage containers will grow and lead to increased demand in the global tanker shipping market during the forecast period.
Advances in the propulsion system of tankers is the primary trend in the market. Advances in technology have led to the development of double-reduced steam turbines and cross-mixed steam turbines. These steam turbines are compact in size and take up less space in the ship's engine room. In addition, the steam turbine also has the advantage of easy reverse motion, the reverse output power is only 50%.
Moreover, innovation in the propulsion system is possible due to the GDF SUEZ Global Energy and Provalys vessels. These ships are capable of being propelled by a dual-fuel diesel-electric propulsion (DFDE) system. The DFDE propulsion system is capable of using diesel and oil as well as steam-boiled gas, increasing the ship's efficiency by 25-30% compared to conventional propulsion systems. Hence, these factors will fuel the growth of the global tanker shipping market during the forecast period.
High operational cost is a challenge that affects the growth of the market. Tank container maintenance requires significant capital investment due to various costly items, such as maintenance of ISO (International Organization for Standardization) classified tanks, crew costs, and expenses, repair, and regular operation maintenance.
Furthermore, many operational risks, such as technical failures, machinery breakdowns, extreme weather conditions, and collisions with other vessels, are associated with oil tanker transportation. In addition, the useful life of the tank container is only 10 to 12 years. After that, certain renovations or overheads are required to prolong the useful life. Thus, these factors will impede the growth of the global tanker shipping market during the forecast period.
The market research 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 Tanker Shipping Market Customer Landscape
Companies 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.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The oil tankers segment is estimated to witness significant growth during the forecast period. The oil tanker is a general term used to refer to tankers that carry or transport products such as crude oil, gasoline, gasoline, paraffin, kerosene, refined petroleum, and other process-derived chemicals. crude oil refining. The global tanker shipping market is expected to witness significant growth due to the rising demand for products, such as petroleum and diesel, to meet the growing global auto sales.
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The oil tankers segment was the largest segment and was valued at 419.39 million t in 2017. However, despite strong demand for crude oil and its products, the rise in tanker supply relative to demand creates a challenge to the tanker shipping market. The imbalance between oil tanker demand and supply reduces freight rates thereby boosting the growth of the tanker segment of the global tanker shipping market during the forecast period.
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APAC is estimated to contribute 53% 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. Increased urbanization and a growing middle class have led to an increase in demand for cars in the region, which in turn has further increased demand for petroleum products such as diesel, gasoline, and gas.
Furthermore, crude oil demand is expected to increase due to growing consumption in China, India, Japan, South Korea, Indonesia, and Malaysia. Growing demand has prompted these countries to increase oil and gas production to meet future demand. As a result, these countries are ramping up their exploration and production (E&P) activities, which will boost the growth of the tanker shipping market in the region during the forecast period.
In 2020, the outbreak of COVID-19 had a negative impact on the tanker shipping market in APAC. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of activities in end-user industries. Hence, the demand for tanker shipping has risen, which will propel the growth of the regional market during the forecast period.
The tanker shipping market 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.
Tanker Shipping Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.39% |
Market growth 2023-2027 |
159.2 million t |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.21 |
Regional analysis |
APAC, Europe, Middle East and Africa, North America, and South America |
Performing market contribution |
APAC at 53% |
Key countries |
China, Singapore, South Korea, Japan, and Norway |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bahri, COSCO Shipping Co. Ltd., DHT Holdings Inc., Eastern Pacific Shipping, Euronav NV, FRONTLINE PLC, IINO KAIUN KAISHA Ltd., International Seaways Inc., MAERSK TANKERS AS, Mitsui O.S.K. Lines Ltd., Odfjell SE, PETRONAS Chemicals Group Berhad, SFL Corp. Ltd., Sovcomflot, Stolt Nielsen Ltd., Teekay Corp., and Tsakos Energy Navigation 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 the 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 market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Mode of Transportation
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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