Chemical Tanker Shipping Market Revenue to Attain USD 52.48 Mn by 2033

03 Dec 2024

Share :

Table of Content

1. Chemical Tanker Shipping Market Revenue and Trends 2023 to 2033 2. Market Overview  3. Report Highlights of the Chemical Tanker Shipping Market  4. Chemical Tanker Shipping Market Trends   5. Regional Analysis 6. Chemical Tanker Shipping Market Coverage 7. Market News 

Chemical Tanker Shipping Market Revenue and Trends 2023 to 2033

The global chemical tanker shipping market revenue reached USD 36.15 million in 2024 and is predicted to attain around USD 52.48 million by 2033 with a CAGR of 4.23%. The rising demand for chemicals across several industries, such as pharmaceuticals, personal care, and food processing, demands efficient and safe transportation. Also, innovations are being made in tank designs for safety, and the use of marine coatings for corrosion resistance fuels the chemical tanker shipping market.  

Market Overview 

The chemical tanker shipping market involves the transportation of chemicals such as organic and inorganic chemicals, liquefied gases, common vegetable oils, and hazardous substances through specialized vessels. The rising industrialization, population, and consumer goods, as well as the demand for chemical production with efficient transportation services. 

The rising environmental concerns and strict regulatory policies for the transport of hazardous chemicals fuel the market for chemical tanker shipping.  In addition, with the demand for eco-friendly and sustainable shipping solutions for reducing carbon emissions and minimizing environmental impact, many companies are adopting alternative fuels, energy-efficient technologies, and green initiatives, creating opportunities and attracting consumers.  

Report Highlights of the Chemical Tanker Shipping Market 

• By fleet type, the IMO 2 fleet segment dominated the market in 2023. The International Maritime Organization, which works in the United Nations, checks the security and safety of shipping and prevents marine pollution. 
• By fleet type, the IMO 1 fleet segment will witness significant growth in the market during the forecast period. The IMO 1 is made for the transportation of oils, chemicals, and pharmaceuticals that demand efficient management and safe transportation of chemicals.  
• By product, the deep-sea chemical tankers segment accounted for the largest share of the market in 2023 as they are designed for the transport of heavy-weight and hazardous chemicals through the deep sea. 
• By product, the inland chemical tankers segment is expected to grow at a notable rate in the market during the forecast period. The demand for pharmaceuticals, agriculture, Petrochemicals, and oil is increasing international trade between countries by expanding the market.  
• By application, the vegetable oil and fats segment dominated the market for chemical tanker shipping in 2023, as they are used across several applications like pharmaceutical products and cosmetics. These oils are sourced from various types of nuts, seeds, fruits, and grains. 
• By application, the inorganic chemicals segment will experience substantial growth in the market during the predicted period. The rising population demand for vegetable oil and fats creates a market for the safe transportation of products. Also, the rising preferences for plant-based products and organic products are expected to drive the market.  

Chemical Tanker Shipping Market Trends  

Emerging chemical industries

The expanding chemical industries and the need for chemicals in daily life are fueling chemical tanker shipping. Chemical industries are used across several applications like agriculture, hygiene, mobility, and several others and are also used in the manufacturing of polymers and plastics. They also play a significant role in the manufacturing of pesticides, fertilizers, personal products, and food industries, creating the need for safe transportation of these products. 

Rising import and export activities

The increasing international trade between countries for the transportation of chemicals for import and export activities is driving the growth of the market. Moreover, the demand for chemical industries for personal care and food processing is expanding the market for chemical tanker shipping. In addition, there is a rising demand for petrochemical products and crude oil across borders for efficient transportation.  

Increasing environmental concerns

With increasing environmental regulations to reduce the environmental impact of shipping operations, many manufacturers are investing in advanced technologies to reduce carbon emissions and improve environmental performance. Moreover, environmental regulations play a significant role in the region.  

Regional Analysis

North America dominated the global chemical tanker shipping market in 2023 as the rising oil refining industries and strict environmental regulations, along with the adoption of sustainable practices and increased investments. In addition, investments in logistics should be made to improve the loading and unloading of the processes and the overall process time.  

The U.S. holds the largest share of the chemical tanker shipping market as their emphasis on sustainable practices rises, and many manufacturers are investing heavily in the safe transportation of chemicals, driving market growth. Mexico is also expected to grow in the coming years due to its geographic location, which serves as a major part of the export of chemicals. 

• In November 2024, Fairfield Chemical Carriers, the U.S.-based chemical tanker operator, delivered a newly built LNG dual fuel stainless steel chemical tanker, and the vessels could also reduce CO2 emission by up to 25% compared to traditional marine fuels. 

Asia Pacific is expected to witness the fastest growth in the chemical tanker shipping market during the forecast period as the rising population and economic development in countries like India, China, and Japan result in rising industrialization and transportation across boundaries, driving the market growth. Moreover, there is an increasing demand for petrochemical and pharmaceutical chemicals in the gas and oil industries. 

China accounted for the largest share of the chemical tanker shipping market as the advanced chemical industries, rising exports, developing infrastructure, supportive government policies, and advanced technologies are fueling the market within the region. India is expected to grow in the coming years with the expansion of chemical industries and rising infrastructure, as well as strict environmental policies.

Chemical Tanker Shipping Market Coverage

Market News 

• In September 2024, Maersk Tankers launched a new chemical tanker pool that includes five J19s stainless steel chemical tankers with a capacity between 19,000 DWT and 22,500 DWT and offers a seamless onboarding process. 
• In August 2024, Crowley and Seacor launched a new petroleum and Tanker Company that supports the transportation of petroleum products, chemicals, and specialty parcels. The fleet consists of 31 owned vessels, including both eco and conventional medium-range product tankers with enhanced capabilities.  

Market Segmentation

By Fleet Type

• IMO 1
• IMO 2
• IMO 3

By Product

• 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 Application

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

Get this report to explore global market size, share, CAGR and trends, featuring detailed segmental analysis and an insightful competitive landscape overview@ https://www.precedenceresearch.com/checkout/5301

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 804 441 9344