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A chemical tanker is a cargo ship that is designed for the transportation of chemicals. These tankers transport different forms of chemicals. These tankers are mandated to comply with the International Bulk Chemical Code (IBC Code), which divides these chemical tankers into three types: ST1, ST2 and ST3. ST1 tankers transports flammable or toxic hazardous chemicals. Important precautions must be taken when transporting chemicals in ST2. ST3 tankers are required to transport chemicals with moderate pollution levels. These tankers help to maintain the consistency of the chemicals while transporting them around the world. The continuous development of the chemical industry is the main factor driving the growth of the global chemical tankers market. The expansion and the development of the chemical industry has led to large-scale production of chemical products, which in turn has promoted the growth of demand for chemical tankers. Moreover, the growing demand for oil seeds and vegetable oils is also expected to boost the growth of the chemical tanker market. Countries such as the China, Russia, Germany, and United States are the major exporters of chemicals and are expected to fuel the global trade through chemical tankers, which will boost the chemical tanker market in the next few years.
Key Market Driver -
– Expansion of the chemical industry is expected to drive the growth of the market in the forecast period.
Key Market Restraint -
Fluctuations in crude oil prices may hinder the growth of the market during the forecast period.
Globally, the Chemical Tankers market is segmented by product type, by fleet type, by fleet size type, and by geographic coverage. The product type is further segmented into organic chemicals, inorganic chemicals, vegetables oils and fats. Organic chemicals holds the largest share in the global market owing to the increasing demand from pharmaceuticals, fertilizers, crop protection, pesticides, gasoline additives, food & beverages, personal care products & cosmetics, water treatment, polymers, and other products. The boom of shale gas in China and North America has boosted the production of organic chemicals in these regions, of which ethylene is the main raw material. The vegetable oil segment is expected to grow at the highest compound annual growth rate, both in value and volume thus boosting the growth of the chemical tankers market. This increase in the market share can be attributed to the increased public awareness of the health benefits of edible vegetable oils and fats. Based on fleet type, the market is further segmented into IMO 1, IMO 2, and IMO 3. The IMO 2 fleet type segment holds the major share in the global market and is expected to grow at a higher CAGR in terms of value and volume. This growth is attributed to the extensive use of IMO 2 chemical tankers for the transportation of vegetable oils and fats as well as various types of chemicals including alkanes, alkenyl amides, and alcohols. Also, the increasing demand for bio-based lubricants is likely to boost the growth of the IMO-2 carrier chemical tanker market. Based on the fleet size type, the market is further segmented into inland chemical tankers (1,000-4,999 DWT), coastal chemical tankers (5,000-9,999 DWT), and deep-sea chemical tankers (10,000-50,000 DWT). Deep sea chemical tankers accounts for the largest share in the global market as these tankers are widely used for transporting chemicals as they have a large number of segregations.
Major players operating in the global Chemical Tankers market include JO Tankers, IINO KAIUN KAISHA Ltd., Eitzen Chemical, Tokyo Marine Asia Pte Ltd., Berlian Laju Tanker, Nordic Tankers, Seatrans chemical tankers, Navig8 Chemicals, Stolt-Nielsen Ltd, and Odfjell among others.
Geographically, the Chemical Tankers market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific holds the largest share in the global market and is expected to uphold its dominance in the market over the forecast period. Around one-third of the global revenue of the chemical tanker market is contributed by the Asia-Pacific market owing to the rapid development of the petrochemical and refining market and the increase in investment budgets. Moreover, the GDP growth of emerging countries such as India, China and Singapore has also led to an increase in the demand for various chemicals, thereby driving the chemical tanker market in this region. North America holds the second largest share in the global market owing to the rapid development of the shale gas industry in this region. Also, owing to the huge production and low prices of natural gas, the production of chemical products has begun to grow, and manufacturers are planning to expand their production capacity. The United States allocates a large part of its total chemical production to Canada and Mexico, followed by Belgium and China. Most of the North American producers are looking for ways to enter the Asian and European markets, thereby increasing the long freight routes in the region.
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