North America Chemical Tanker Shipping Market Size, Share & Trends Analysis Report, By Fleet (IMO 1, IMO 2), By Product (Inland, Coastal, Deep-Sea), By Application, By Country, And Segment Forecasts, 2024 - 2030

Market Size & Trends

The North America chemical tanker shipping market size was valued at USD 10.0 million in 2023 and is projected to grow at a CAGR of 3.8% from 2024 to 2030. Factors responsible for the growth of the market are the increased use of chemicals in various industries such as pesticides, fertilizers, the food industry, personal care, and the pharmaceutical industry. The upward growth is also due to the export of natural gas, as the U.S. is among the top exporter of natural gas. According to the U.S. Energy Information Association, the U.S. exported around 20.9 billion cubic feet per day (Bcf/d) of natural gas in 2023.

The growth in the chemical tanker shipping market is also attributed to the rise in chemical production and the increase in the demand for fuels and goods. The increased use of chemicals and oils such as vegetable oil, gases, and organic and inorganic chemicals has also contributed to the market growth. Growth in the food industry has resulted in the rise in the trade of vegetable oils and fats required for producing food products.

The development of the shale gas industry in the U.S. has also contributed to the market growth as countries such as the U.S. and Canada are among the top shale gas producers in the world. Therefore, the increased shale and natural gas production has resulted in the rise of export-import in this region. Furthermore, the increase in the export of petroleum and crude oil production has also been attributed to the market growth. According to the U.S. Energy Information Association, the U.S. exported 10.15 million b/d of petroleum and 4.06 million b/d crude oil in 2023.

North America has a well-developed shipping industry that is used for transportation domestically and globally. Major ports in cities such as Los Angeles, New Jersey, Long Beach, and many more harbor ships of all types. Top Petrochemical companies are responsible for trading various chemicals throughout the globe. Therefore, these factors are also responsible for the growth of the chemical tanker shipping market in North America.  

Fleet Type Insights & Trends

The IMO 2 segment dominated the market in 2023 with a revenue share of 50.4%. The IMO 2 transport less hazardous chemicals, vegetable oils, and fats. They are widely used due to their maneuverability, efficiency, and affordability. In my opinion, two tankers are generally used for short-sea and regional shipping. These factors, along with the rise in the chemical industry in the region, have contributed to the market growth of the IMO 2 segment.  

The IMO 1 segment held a significant market share due to its property of transporting hazardous chemicals. IMO 1 tanker are equipped with advanced technology that complies with safety protocols to avoid environmental hazards. Development in the chemical production industry has resulted in increased demand for tankers that can transfer hazardous chemicals. The tankers also need to follow stringent regulations related to the transportation of dangerous substances. Therefore, these factors have attributed to the increase in demand for IMO 1 type of tankers.

Product Insights & Trends

The deep-sea chemical tankers segment dominated the market in 2023 with a share of 54.7% 2023 due to the rise in the trading of chemicals across countries. The deep-sea tankers carry chemicals, delivering them across the globe. They are designed to sail for a longer duration, which allows companies in the U.S. to ship chemicals to ports far away from the U.S. The tankers also comply with all the environmental and safety protocols, making them the perfect vessel for the transportation of chemicals. Therefore, these factors are responsible for the significant market growth of this segment.

The inland chemical tankers segment is expected to witness the fastest CAGR over the forecast period due to increased demand for chemicals within North America. With industries relying more on chemicals for production, the need for the efficient transportation of chemicals has increased. Therefore, with the development of the chemical industry, the demand for inland chemical tankers has also increased. Furthermore, advancements in logistics technologies have also contributed to the market growth of this segment as shipment delivery has become more efficient.

Application Insights & Trends

The vegetable oil and fats segment dominated the market in 2023, with a share of 40.2%. This growth is attributed to the rise in the use of vegetable oil in the food industry. The rise in vegetable oil consumption has increased the trade of vegetable oil and fats. Increased biodiesel production, which is derived from vegetable oils, has also contributed to the market growth. Furthermore, the rise in awareness of sustainability has increased the demand for vegetable oil to produce biodiesel.

The inorganic chemical segment is likely to witness a significant growth rate over the forecast period owing to the rise in the demand for fertilizers and minerals required in industries. Increased trade for various chemicals such as methanol, ethylene, and more with major countries has also contributed to the market growth of this segment. The rise in the applications of inorganic chemicals in industries such as pharmaceuticals, fertilizers, pesticides, and more has further contributed to the market growth of this segment.

Key North America Chemical Tanker Shipping Company Insights

Some of the major companies in the North America chemical tanker shipping market are

Stolt-Nielsen, Odfjell SE, Hafnia, Team Tankers International Ltd., Ardmore Shipping Corporation, and Navig8, among others. These companies are focusing on increasing the fleet size of tankers while complying with environmental safety regulations. They are also integrating new technologies and coatings to improve the efficiency of their tankers.

• Stolt-Nielsen Limited is a transportation company that transports, distributes, and stores specialty & bulk liquid chemicals. Their aquaculture division grows fish and other fish products.

• Odfjell SE is a shipping company specialized in transportation and storage of chemicals and other speciality bulk liquids which includes organic and inorganic chemicals, vegetable oil and fats, and other petroleum products.

Recent Developments

• In April 2024, Stolt Tankers B.V., a Stolt-Nielsen Limited’s subsidiary entered in a partnership with SFL Co. Ltd for 2 LNG dual-fuel 33,000 tonne stainless steel chemical tankers.

• In November 2023, Odfjell SE, a chemical tanker company, announced addition of six new vessels through pool and long-term charter agreements. The vessels are expected to be delivered until 2027.

North America Chemical Tanker Shipping Market Report Scope

North America Chemical Tanker Shipping Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the North America Chemical Tanker Shipping Market report based on fleet type, product, and application.  

• Fleet Type Outlook (Revenue, USD Million, 2018 - 2030)

  • IMO 1

  • IMO 2

  • IMO 3

• Product Type Outlook (Revenue, USD Million, 2018 - 2030)

  • 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)

• Application Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Organic Chemicals

  • Inorganic Chemicals

  • Vegetable Oils & Fats

  • Liquified Gases

  • Others

• Country Outlook (Revenue, USD Million, 2018 - 2030)

  • U.S.

  • Canada

  • Mexico