Registering a CAGR of 4.10% over the forecast period of 2022-2027, the chemical tanker market is anticipated to reach the market value of US$ 37.36 billion in the year 2027 from US$ 26.64 billion in the year 2021.
Chemical Tankers Market Overview
MOL chemical tankers, Stolt-Nielsen, and Odfeill, the top three companies in the market possess around 30% market share. In order to meet the need special varieties of ships are widely used and the selection of chemicals transported in bulk has been considerably expanded. Other than specific ships designed to ship bulk chemicals by sea, special training is required for the crew involved in the transportation of bulk chemicals including right from design/construction of the vessels to loading, discharge, storing, and tank cleaning.
The factors that prove to be obstacles in the growth of the market are the implementation and formulation of regulations related to oil bunkering along with slow growth in the production of crude oil. What led to the slow production of crude oil is the low international prices of crude oil along with reduced capital investments for its exploration. Oil production has decreased in China as well due to low oil prices in the country.
The report also assesses the key opportunities in the Chemical Tankers market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall global Chemical Tankers Market has also been forecasted for the period 2022-2027, taking into consideration the previous growth patterns, the growth drivers, and the current and future trends.
Chemical Tankers Industry Recent Developments
May 24, 2021: MOL Chemical Tankers supports the fight against piracy, and we are pleased to announce that we have signed the Gulf of Guinea Declaration on Suppression of Piracy.
November 2017: According to this agreement, Odfjell (Norway) is expected to take four new orders from Sinochem Shipping (Singapore) to manufacture 840,900 DWT chemical tankers. This agreement aims at enabling Odfjell (Norway) to serve the growing demand for chemical tankers, which are used to ship chemicals and chemical products.
Who are the Major Players in Chemical Tankers Market?
Top Key Players in the Chemical Tankers Market have been identified through secondary research, and their market shares have been determined through primary and secondary research. The companies referred to in the market research report include Odfjell, Sinochem, MOL Chemical Tankers, Iino Kaiun Kaisha, Team Tankers, MTMM, Ultratank, Bahri, Hansa Tankers, Chembulk, WOMAR, Navig8, Ace-Quantum, Koyo Kaiun, Stolt-Nielsen, and others.
What are the major Applications, Types, and Regions for Chemical Tankers Market?
By Type, Chemical Tankers Market has been segmented 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)
By Applications, Chemical Tankers Market has been segmented into
- Organic Chemicals
- Inorganic Chemicals
- Vegetable Oils & Fats
- Other
Chemical Tankers Market Regional Analysis
North American chemical production has started rising, and the manufacturers are planning for capacity expansion because of the huge natural gas production coupled with low prices. The U.S. distributes a significant portion of its total chemical production to Mexico and Canada followed by China and Belgium. The majority of the North American manufacturers are finding their way to the Asian and European markets, thereby increasing lengthy route freight movement in the region.
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East & Africa
- Latin America
What is our Chemical Tankers Market report scope?
Report Attributes
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Report Details
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Forecast Period 2022 to 2027 CAGR
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CAGR of 4.10% during the review period (2022 to 2027).
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By Type
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- 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)
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By Application
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- Organic Chemicals
- Inorganic Chemicals
- Vegetable Oils & Fats
- Other
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By Companies
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Odfjell, Sinochem, MOL Chemical Tankers, Iino Kaiun Kaisha, Team Tankers, MTMM, Ultratank, Bahri, Hansa Tankers, Chembulk, WOMAR, Navig8, Ace-Quantum
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Regions Covered
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- North America
- Europe
- Asia-Pacific
- Rest of the World
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Countries Covered
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- US
- Canada
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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Base Year
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2022
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Historical Year
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2017 to 2021
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Forecast Year
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2022 to 2027
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Number of Pages
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119
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Customization Available
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Yes, the report can be customized as per your needs
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Key Takeaways from this Chemical Tankers Report
- Evaluate Chemical Tankers market potential through analyzing growth rates (CAGR %), Volume (Units), and Value ($M) data given at country level - for product types, end-use applications, and by different industries verticals.
- Understand the different dynamics influencing the market - key driving factors, challenges, and hidden opportunities.
- Get in-depth insights on your competitor's performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT, and more.
- Analyze the sales and distribution channels across key geographies to improve top-line revenues.
- Understand the industry supply chain with a deep dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the Chemical Tankers market entropy - M&As, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics, and regulatory landscape for more than the top 20 countries globally for the market.
All our reports are customizable to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
Frequently Asked Question -
Who are the prominent manufacturers of chemical tanker market in the global market?
The chemical tanker majors such as stolt- nielsen, odfjell, mol nordic tanker, navig8 tanker and team tanker secured eminent positions in the global chemical tanker market
What is the study period of this market?
The Chemical Tankers Market is studied from 2020 - 2027.
What is the growth rate of Chemical Tankers Market?
The Chemical Tankers Market is growing at a CAGR of 4.10%.
Which region has highest growth rate in Chemical Tankers Market?
Asia-Pacific is growing at the highest CAGR over 2020- 2027
Who are the key players in Chemical Tankers Market?
Odfjell, Sinochem, MOL Chemical Tankers, Iino Kaiun Kaisha, Team Tankers, MTMM, Ultratank, Bahri, Hansa Tankers, Chembulk, WOMAR
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
