Chemical Tanker Shipping Market Size Worth $2.50 Trillion By 2025

The global chemical tanker shipping market size is anticipated to reach USD 2.50 trillion by 2025, according to a new report by Grand View Research, Inc. The growing chemical trade on account of increasing manufacturing activities across the world is projected to augment market demand. The disparity in regional production and demand trends has triggered the global trade for chemicals and derivatives.

Organic chemicals such as acetic acid, alcohols, propene, benzene, salt, benzyl acetate, methanol, formic acid, and phenol are some of the vital substances shipped through chemical tankers across the world. The U.S., China, Germany, and Russia are some of the major exporters of chemicals and are expected to foster the global chemical trade over the coming years.

The U.S. will probably grow at a high rate on account of the increasing number of fleet owners, shipbuilders & charterers, availability of raw material, and capital inflow from multinational companies. The expanding market of Asia Pacific is one of the most significant areas for growth due to the presence of a large number of small manufacturers in the region.

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http://www.grandviewresearch.com/industry-analysis/chemical-tanker-shipping-market

Further key findings from the report suggest:

• The global market was valued at USD 2.07 trillion in 2016 and is estimated to grow at a growth rate of 2.1% from 2017 to 2025 to reach a market valuation of USD 2.50 trillion

• The chemical tanker shipping market is concentrated on account of the presence of a considerable number of fleet operators

• Competitive freight rates on account of easy availability of containers through freight forwarders and clearing agents places higher power in the hands of buyers

• Deep-sea chemical tanker shipments accounted for the most significant share in 2016 and is projected to grow at the highest CAGR over the coming years on account of extensive international trade

• IMO III cargo type accounted for the largest volume share in 2016 due to high shipment of vegetable oils & fats and other non-volatile chemicals across regions

• Asia Pacific accounted for the most significant volume share due to the presence of major manufacturing counties such as China and India which have a strong foothold in the chemical industry

• Chemical tanker shipping companies are expanding their fleets to cater to the growing chemical trade business globally. New entrants in the market are expected to result in an excess supply of tankers in the industry, thereby reducing charter rates.

• Some of the significant chemical tanker charters include Navig8 Group, Odfjell SE, Stolt Nielsen, MSC, Stena Bulk, and Maersk Tankers

Grand View Research has segmented the global chemical tanker shipping market on the basis of product, shipment route, cargo type, and region:

Chemical Tanker Shipping Product Outlook (Volume, Kiloton; Revenue, USD Million, 2014 - 2025)

• Organic chemicals

• Inorganic chemicals

• Vegetable oils & fats

• Others

Chemical Tanker Shipping Shipment Route Outlook (Volume, Kiloton; Revenue, USD Million, 2014 - 2025)

• Inland

• Coastal

• Deep sea

Chemical Tanker Shipping Cargo Type Outlook (Volume, Kiloton; Revenue, USD Million, 2014 - 2025)

• IMO I

• IMO II

• IMO III

Chemical Tanker Shipping Regional Outlook (Volume, Kiloton; Revenue, USD Million, 2014 - 2025)

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • The U.K.

  • France

  • Italy

• Asia Pacific

  • China

  • India

  • Japan

• Central & South America

• Middle East & Africa