Chemical Tanker Shipping Market Overview
The global Chemical Tanker Market size was valued at USD 31.65 Billion in 2021 and is projected to reach USD 45.32 Billion by 2030, growing at a CAGR of 4.60% from 2023 to 2030.
The special type of ship is used to transport different types of chemicals in bulk. The transportation of bulk chemicals required special training in the entire process for the crew. This process involved the construction and design of the vessels to loading, storing, discharge, and tank cleaning processes. The best practice guidelines have improved the field of chemical tankers, with the safety of those connected with the entire shipping process. As a result, the global market for the specialist ships so designed, constructed, and adapted for the purpose has also seen significant positive developments.
Organic chemicals have different applications in industrial uses. Due to extensive trade activities with low charter rates for waterborne transportation is expected to fuel the market over the forecasted period. Fleet operators signify innovative technological solutions to drive global chemical tanker supply. Rising consumer inclination towards healthy food drives vegetable/animal oil and fats trade predictable to support the growing global chemical tanker shipping market over the forecast period.
However, frequently unstable political conditions and increasing geopolitical issues among the countries are expected to hamper market growth in the future.
Chemical Tanker Shipping Market Segment Overview
Based on the Fleet Type chemical tanker is divided into IMO - I, IMO -II, and IMO III. Among those, The IMO-I type of tankers are used for shipping the most harmful chemicals, IMO-II tankers are used to ship less harmful chemicals, as well as the IMO- III tankers, are used to ship the least harmful chemicals. The IMOII -II AND IMO-III are most commonly used because IMO-I needs detailed and complex arrangements, modern equipment, and well-trained resources for transportation.
According to Fleet Material market is classified into Stainless Steel and epoxy coated. For the transportation of aggressive acids, such as sulfuric and phosphoric acid, stainless steel tanks are commonly used and for the transportation of vegetables, oil epoxy-coated chemical tankers are mostly used.
Organic chemicals segment leading the market due to its increasing demand from food & beverages, pharmaceuticals, crop protection, fertilizers, pesticides, personal care products & cosmetics, gasoline additives, and other products segment.
The vegetable oils & fats segment is the fastest-growing segment in the market. Owing to its increasing uses in biodiesel, pet food additives, and culinary applications. In addition, it is also used in the manufacturing of soaps, perfumes, candles, skin products, and other personal care products. Palm oil is traded on a large scale, especially for biodiesel production.
Chemical Tanker Shipping Regional Overview
Based on the region, The Asia Pacific market presently dominates the global chemical tanker shipping market. The Asia Pacific market contributes one-third of the total revenue of the market. The regional market showing significant growth due to the booming refinery/petrochemical market and increasing fund investment for the development of sea transportation infrastructure in the region.
Furthermore, growth in the GDPs of emerging countries such as India, China, and Singapore are also boosting the demand for a variety of chemicals, further facilitating the global chemical tanker shipping market development. In North America, shale gas is used for the production of an organic chemical in which ethylene is the key raw material. The rapid development of the shale gas industry is expected to be the key driving factor for the North American market. The market in the Middle East is expected to show noteworthy growth due to increasing refinery expansion projects.
Chemical Tanker Shipping Market Competitor Overview
Some of the key companies operating in the market are Eitzen Chemical, Seatrans chemical tankers, Odfjell, JO Tankers, Stolt-Nielsen Ltd, Tokyo Marine Asia Pte Ltd., Nordic Tankers, Navig8 Chemicals, IINO KAIUN KAISHA Ltd., and Berlian Laju Tanker.
Ø In January 2020, TOP Ships, the leader of fuel and chemical-efficient ECO tanker vessels sold two of MR 1 tankers to unmentioned third parties. By shredding down the weight of these couple of tankers, TOP Ships Company made some space to acquire a 100% share of Santa Monica Inc. and Santa Catalina Inc. This acquisition boosts the portfolio and produces huge arrangements of commercial uplift in the chemical tanker shipping market.
Ø In January 2019, Bermuda-based BW Group sold a fleet of 13 chemical tankers to Ace Tankers Management BV.
Ø In 2019, Team Tankers declared the acquisition of Laurin Maritime and Anglo-Atlantis Chemical Tankers for $206 million, a deal which added 34 coated IMO II/III MR chemical tankers to its existing fleet of 33 chemical tankers.
Ø At the end of 2018, Eastern Pacific reportedly bought thirteen 19,000 dwt stainless steel vessels from the BW Group. These vessels will be operated by Ace Quantum, which will manage the largest fleet of stainless-steel ships in this size segment in the future with a total of 33 vessels on the water.
Chemical Tanker Shipping Market, Key Players
· Eitzen Chemical
· Seatrans chemical tankers
· Odfjell
· JO Tankers
· Stolt-Nielsen Ltd
· Tokyo Marine Asia Pte Ltd.
· Nordic Tankers
· Navig8 Chemicals
· IINO KAIUN KAISHA Ltd.
· Berlian Laju Tanker
· Stolt-Nielsen
· Navios Maritime Acquisition Corporation
· Maersk Tankers
· Stena Bulk
· Petronav Caspian Sea marine services Pvt. Ltd
· MOL Nordic Tankers A/S
· Uni-Tankers A/S
· Düzgit Grup
· Alaska Tanker Company.
· Algoma Central Corporation
· Groupe Desgagnés
· UPT United Product Tankers GmbH & Co. KG
Chemical Tanker Shipping Market Segmentation
Chemical Tanker Shipping Market, By Product Type
· Organic Chemicals
· Inorganic Chemicals
· Vegetable Oils & Fats
· Others (Additives, Lube Oils, and Molasses)
Chemical Tanker Shipping Market, By Fleet Type
· IMO - I
· IMO - II
· IMO - III
Chemical Tanker Shipping Market, By Fleet Size
· 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)
Chemical Tanker Shipping Market, By Fleet Material
· Stainless Steel
· Epoxy coated
Chemical Tanker Shipping Market, By Region
The global Chemical Tanker Market size was valued at USD 31.65 Billion in 2021 and is projected to reach USD 45.32 Billion by 2030, growing at a CAGR of 4.60% from 2023 to 2030.
The special type of ship is used to transport different types of chemicals in bulk. The transportation of bulk chemicals required special training in the entire process for the crew. This process involved the construction and design of the vessels to loading, storing, discharge, and tank cleaning processes. The best practice guidelines have improved the field of chemical tankers, with the safety of those connected with the entire shipping process. As a result, the global market for the specialist ships so designed, constructed, and adapted for the purpose has also seen significant positive developments.
Organic chemicals have different applications in industrial uses. Due to extensive trade activities with low charter rates for waterborne transportation is expected to fuel the market over the forecasted period. Fleet operators signify innovative technological solutions to drive global chemical tanker supply. Rising consumer inclination towards healthy food drives vegetable/animal oil and fats trade predictable to support the growing global chemical tanker shipping market over the forecast period.
However, frequently unstable political conditions and increasing geopolitical issues among the countries are expected to hamper market growth in the future.
Chemical Tanker Shipping Market Segment Overview
Based on the Fleet Type chemical tanker is divided into IMO - I, IMO -II, and IMO III. Among those, The IMO-I type of tankers are used for shipping the most harmful chemicals, IMO-II tankers are used to ship less harmful chemicals, as well as the IMO- III tankers, are used to ship the least harmful chemicals. The IMOII -II AND IMO-III are most commonly used because IMO-I needs detailed and complex arrangements, modern equipment, and well-trained resources for transportation.
According to Fleet Material market is classified into Stainless Steel and epoxy coated. For the transportation of aggressive acids, such as sulfuric and phosphoric acid, stainless steel tanks are commonly used and for the transportation of vegetables, oil epoxy-coated chemical tankers are mostly used.
Organic chemicals segment leading the market due to its increasing demand from food & beverages, pharmaceuticals, crop protection, fertilizers, pesticides, personal care products & cosmetics, gasoline additives, and other products segment.
The vegetable oils & fats segment is the fastest-growing segment in the market. Owing to its increasing uses in biodiesel, pet food additives, and culinary applications. In addition, it is also used in the manufacturing of soaps, perfumes, candles, skin products, and other personal care products. Palm oil is traded on a large scale, especially for biodiesel production.
Chemical Tanker Shipping Regional Overview
Based on the region, The Asia Pacific market presently dominates the global chemical tanker shipping market. The Asia Pacific market contributes one-third of the total revenue of the market. The regional market showing significant growth due to the booming refinery/petrochemical market and increasing fund investment for the development of sea transportation infrastructure in the region.
Furthermore, growth in the GDPs of emerging countries such as India, China, and Singapore are also boosting the demand for a variety of chemicals, further facilitating the global chemical tanker shipping market development. In North America, shale gas is used for the production of an organic chemical in which ethylene is the key raw material. The rapid development of the shale gas industry is expected to be the key driving factor for the North American market. The market in the Middle East is expected to show noteworthy growth due to increasing refinery expansion projects.
Chemical Tanker Shipping Market Competitor Overview
Some of the key companies operating in the market are Eitzen Chemical, Seatrans chemical tankers, Odfjell, JO Tankers, Stolt-Nielsen Ltd, Tokyo Marine Asia Pte Ltd., Nordic Tankers, Navig8 Chemicals, IINO KAIUN KAISHA Ltd., and Berlian Laju Tanker.
Ø In January 2020, TOP Ships, the leader of fuel and chemical-efficient ECO tanker vessels sold two of MR 1 tankers to unmentioned third parties. By shredding down the weight of these couple of tankers, TOP Ships Company made some space to acquire a 100% share of Santa Monica Inc. and Santa Catalina Inc. This acquisition boosts the portfolio and produces huge arrangements of commercial uplift in the chemical tanker shipping market.
Ø In January 2019, Bermuda-based BW Group sold a fleet of 13 chemical tankers to Ace Tankers Management BV.
Ø In 2019, Team Tankers declared the acquisition of Laurin Maritime and Anglo-Atlantis Chemical Tankers for $206 million, a deal which added 34 coated IMO II/III MR chemical tankers to its existing fleet of 33 chemical tankers.
Ø At the end of 2018, Eastern Pacific reportedly bought thirteen 19,000 dwt stainless steel vessels from the BW Group. These vessels will be operated by Ace Quantum, which will manage the largest fleet of stainless-steel ships in this size segment in the future with a total of 33 vessels on the water.
Chemical Tanker Shipping Market, Key Players
· Eitzen Chemical
· Seatrans chemical tankers
· Odfjell
· JO Tankers
· Stolt-Nielsen Ltd
· Tokyo Marine Asia Pte Ltd.
· Nordic Tankers
· Navig8 Chemicals
· IINO KAIUN KAISHA Ltd.
· Berlian Laju Tanker
· Stolt-Nielsen
· Navios Maritime Acquisition Corporation
· Maersk Tankers
· Stena Bulk
· Petronav Caspian Sea marine services Pvt. Ltd
· MOL Nordic Tankers A/S
· Uni-Tankers A/S
· Düzgit Grup
· Alaska Tanker Company.
· Algoma Central Corporation
· Groupe Desgagnés
· UPT United Product Tankers GmbH & Co. KG
Chemical Tanker Shipping Market Segmentation
Chemical Tanker Shipping Market, By Product Type
· Organic Chemicals
· Inorganic Chemicals
· Vegetable Oils & Fats
· Others (Additives, Lube Oils, and Molasses)
Chemical Tanker Shipping Market, By Fleet Type
· IMO - I
· IMO - II
· IMO - III
Chemical Tanker Shipping Market, By Fleet Size
· 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)
Chemical Tanker Shipping Market, By Fleet Material
· Stainless Steel
· Epoxy coated
Chemical Tanker Shipping Market, By Region
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Chemical Tanker Shipping Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Product Type
- 5.2.1. Organic Chemicals
- 5.2.2. Inorganic Chemicals
- 5.2.3. Vegetable Oils & Fats
- 5.2.4. Others (Additives, Lube Oils, and Molasses)
- 5.3. Market Analysis, Insights and Forecast – By Fleet Type
- 5.3.1. IMO - I
- 5.3.2. IMO - II
- 5.3.3. IMO - III
- 5.4. Market Analysis, Insights and Forecast – By Fleet Size
- 5.4.1. Inland Chemical Tankers (1,000-4,999 DWT)
- 5.4.2. Coastal Chemical Tankers (5,000-9,999 DWT)
- 5.4.3. Deep-Sea Chemical Tankers (10,000-50,000 DWT)
- 5.5. Market Analysis, Insights and Forecast – By Fleet Material
- 5.5.1. Stainless Steel
- 5.5.2. Epoxy coated
- 5.6. Market Analysis, Insights and Forecast – By Region
- 5.6.1. North America
- 5.6.2. Latin America
- 5.6.3. Europe
- 5.6.4. Asia Pacific
- 5.6.5. Middle East and Africa
6. North America Chemical Tanker Shipping Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Product Type
- 6.2.1. Organic Chemicals
- 6.2.2. Inorganic Chemicals
- 6.2.3. Vegetable Oils & Fats
- 6.2.4. Others (Additives, Lube Oils, and Molasses)
- 6.3. Market Analysis, Insights and Forecast – By Fleet Type
- 6.3.1. IMO - I
- 6.3.2. IMO - II
- 6.3.3. IMO - III
- 6.4. Market Analysis, Insights and Forecast – By Fleet Size
- 6.4.1. Inland Chemical Tankers (1,000-4,999 DWT)
- 6.4.2. Coastal Chemical Tankers (5,000-9,999 DWT)
- 6.4.3. Deep-Sea Chemical Tankers (10,000-50,000 DWT)
- 6.5. Market Analysis, Insights and Forecast – By Fleet Material
- 6.5.1. Stainless Steel
- 6.5.2. Epoxy coated
- 6.6. Market Analysis, Insights and Forecast – By Country
- 6.6.1. U.S.
- 6.6.2. Canada
7. Latin America Chemical Tanker Shipping Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Product Type
- 7.2.1. Organic Chemicals
- 7.2.2. Inorganic Chemicals
- 7.2.3. Vegetable Oils & Fats
- 7.2.4. Others (Additives, Lube Oils, and Molasses)
- 7.3. Market Analysis, Insights and Forecast – By Fleet Type
- 7.3.1. IMO - I
- 7.3.2. IMO - II
- 7.3.3. IMO - III
- 7.4. Market Analysis, Insights and Forecast – By Fleet Size
- 7.4.1. Inland Chemical Tankers (1,000-4,999 DWT)
- 7.4.2. Coastal Chemical Tankers (5,000-9,999 DWT)
- 7.4.3. Deep-Sea Chemical Tankers (10,000-50,000 DWT)
- 7.5. Market Analysis, Insights and Forecast – By Fleet Material
- 7.5.1. Stainless Steel
- 7.5.2. Epoxy coated
- 7.6. Insights and Forecast – By Country
- 7.6.1. Brazil
- 7.6.2. Mexico
- 7.6.3. Rest of Latin America
8. Europe Chemical Tanker Shipping Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Product Type
- 8.2.1. Organic Chemicals
- 8.2.2. Inorganic Chemicals
- 8.2.3. Vegetable Oils & Fats
- 8.2.4. Others (Additives, Lube Oils, and Molasses)
- 8.3. Market Analysis, Insights and Forecast – By Fleet Type
- 8.3.1. IMO - I
- 8.3.2. IMO - II
- 8.3.3. IMO - III
- 8.4. Market Analysis, Insights and Forecast – By Fleet Size
- 8.4.1. Inland Chemical Tankers (1,000-4,999 DWT)
- 8.4.2. Coastal Chemical Tankers (5,000-9,999 DWT)
- 8.4.3. Deep-Sea Chemical Tankers (10,000-50,000 DWT)
- 8.5. Market Analysis, Insights and Forecast – By Fleet Material
- 8.5.1. Stainless Steel
- 8.5.2. Epoxy coated
- 8.6. Market Analysis, Insights and Forecast – By Country
- 8.6.1. UK
- 8.6.2. Germany
- 8.6.3. France
- 8.6.4. Italy
- 8.6.5. Spain
- 8.6.6. Russia
- 8.6.7. Rest of Europe
9. Asia Pacific Chemical Tanker Shipping Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Product Type
- 9.2.1. Organic Chemicals
- 9.2.2. Inorganic Chemicals
- 9.2.3. Vegetable Oils & Fats
- 9.2.4. Others (Additives, Lube Oils, and Molasses)
- 9.3. Market Analysis, Insights and Forecast – By Fleet Type
- 9.3.1. IMO - I
- 9.3.2. IMO - II
- 9.3.3. IMO - III
- 9.4. Market Analysis, Insights and Forecast – By Fleet Size
- 9.4.1. Inland Chemical Tankers (1,000-4,999 DWT)
- 9.4.2. Coastal Chemical Tankers (5,000-9,999 DWT)
- 9.4.3. Deep-Sea Chemical Tankers (10,000-50,000 DWT)
- 9.5. Market Analysis, Insights and Forecast – By Fleet Material
- 9.5.1. Stainless Steel
- 9.5.2. Epoxy coated
- 9.6. Market Analysis, Insights and Forecast – By Country
- 9.6.1. China
- 9.6.2. India
- 9.6.3. Japan
- 9.6.4. Australia
- 9.6.5. South East Asia
- 9.6.6. Rest of Asia Pacific
10. Middle East & Africa Chemical Tanker Shipping Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Product Type
- 10.2.1. Organic Chemicals
- 10.2.2. Inorganic Chemicals
- 10.2.3. Vegetable Oils & Fats
- 10.2.4. Others (Additives, Lube Oils, and Molasses)
- 10.3. Market Analysis, Insights and Forecast – By Fleet Type
- 10.3.1. IMO - I
- 10.3.2. IMO - II
- 10.3.3. IMO - III
- 10.4. Market Analysis, Insights and Forecast – By Fleet Size
- 10.5.
- 10.5.1. Inland Chemical Tankers (1,000-4,999 DWT)
- 10.5.2. Coastal Chemical Tankers (5,000-9,999 DWT)
- 10.5.3. Deep-Sea Chemical Tankers (10,000-50,000 DWT)
- 10.6. Market Analysis, Insights and Forecast – By Fleet Material
- 10.6.1. Stainless Steel
- 10.6.2. Epoxy coated
- 10.7. Market Analysis, Insights and Forecast – By Country
- 10.7.1. GCC
- 10.7.2. South Africa
- 10.7.3. Rest of Middle East & Africa
11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2021
- 11.2. Key Industry Developments
- 11.3. Company Profile
- 11.4. Eitzen Chemical
- 11.4.1. Business Overview
- 11.4.2. Segment 1 & Service Offering
- 11.4.3. Overall Revenue
- 11.4.4. Geographic Presence
- 11.4.5. Recent Development
- 11.5. Seatrans chemical tankers
- 11.6. Odfjell
- 11.7. JO Tankers
- 11.8. Stolt-Nielsen Ltd
- 11.9. Tokyo Marine Asia Pte Ltd.
- 11.10. Nordic Tankers
- 11.11. Navig8 Chemicals
- 11.12. IINO KAIUN KAISHA Ltd.
- 11.13. Berlian Laju Tanker
- 11.14. Stolt-Nielsen
- 11.15. Navios Maritime Acquisition Corporation
- 11.16. Maersk Tankers
- 11.17. Stena Bulk
- 11.18. Petronav Caspian Sea marine services Pvt. Ltd
- 11.19. MOL Nordic Tankers A/S
- 11.20. Uni-Tankers A/S
- 11.21. Düzgit Grup
- 11.22. Alaska Tanker Company.
- 11.23. Algoma Central Corporation
- 11.24. Groupe Desgagnés
Research Process
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
