This study intends to unfurl the multiple facets of global chemical tankers market and thereby examine how the short-term growth of the market will unfold during the stipulated time span.
Surge in Economic Activity, and Rise in Sea-borne Trade to Provide Ample Opportunities to Chemical Tankers Market
Amidst the COVID-19 pandemic, several businesses were disrupted with international lockdowns limiting the economic activity across countries. However, post the pandemic situation, as lockdown and regulations were lifted, trading took a promising growth curve worldwide. Among several industries, chemical sector also began to witness an upswing in the manufacturing and trading activities, especially from the developing economies. The import and export of chemicals increased considerable past 2021, thus influencing economic development. This further translated into momentous opportunities for the maritime trading as sea is considered as the most cost-effective medium for delivery of cargo for longer distances. This is expected to drive the growth of chemical tankers market. According to the United Nations Conference on Trade and Development (UNCTAD), more than 80% of the international trade volume is carried out by sea. In addition, according to World Trade Organization, seaborne trade is picking up speed and has significantly exceeded its pre-pandemic situation in the first two quarters of 2021.
The United Nations Conference on Trade and Development also concluded that global trade value grew by 4% in the first quarter of 2021 as compared to the previous year. This triggered a major boom in the global trading scenario, especially seaborne trade, thus giving an impetus to the demand for chemical tankers. Chemical tankers come in different types and are used to transport dangerous materials, toxic chemicals, pharmaceuticals, and other temperature sensitive chemicals. This factor coupled with changing trade flows is expected to augur well for the market. For instance, with the Russian invasion on Ukraine, several countries including few European countries imposed strict international sanctions against Russia, thus stopping Russian exports. This resulted in Russian exports to go short haul, which indirectly resulted in an incremental demand for tonnage and increase in miles per hour. This changed the trade flow as other countries witnessed a surge in their exports via sea trade. This factor remains instrumental in driving the growth of the chemical tankers market.
IMO II Chemical Tankers to Account for Major Revenue Share in Chemical Tankers Market
The demand for IMO II chemical tankers witnessed an increase in the past and is expected to further swell in the coming years. The IMO II chemical tankers are widely used for the transportation of chemicals that require significant preventive measures. These tankers are also used to carry bulk chemicals such as animal/vegetable oils, bio-based lubricants and other chemicals including methanol, alkenes, and ethanol among others. This has fuelled the adoption of IMO II tankers, in turn significantly contributing towards value growth of the chemical tankers market.
Asia Pacific to Emerge as a Potential Hotbed of Opportunities for Chemical Tankers Market
Asia Pacific is expected to lead the chemical tankers market in the coming years on the back of accelerated growth in the refining and petrochemical industries. Countries such as China and India are likely to account for a significant share in the market. India is the biggest importer and second largest consumer of edible oil. According to 2021-22 Economic Survey report, approximately 60% of India’s consumption of edible oil is imported yearly. As per SEA (Solvent Extractors Association) of India, in March 2022, the country imported 1 million tons of edible oil as compared to a 0.9 MT of the product a year ago.
In addition, significant growth in the chemical industry has been embossing a positive influence on the chemical tankers market in Asia. For instance, according to India Brand Equity Foundation (IBEF), chemical industry in India is projected to grow at a CAGR of 9.3% by 2025. During the April 2021 – March 2022 timeline, the exports of inorganic and organic chemicals increased by more than 38% to touch US$24.3 Mn in India, as per IBEF. Moreover, in Asian Pacific, India is third largest producer of agrochemicals after Japan, and China. Moreover, Korea, China, and Japan are major shipbuilding hubs in Asia and most stainless steel chemical tankers are being delivered from these hotbeds. Given the background of a strong chemical industry backed by presence of major shipbuilding hubs, the chemical tankers market growth in Asia Pacific is likely to remain robust in the forthcoming years.
Chemical Tankers Market: Competition Scenario
Acquisitions, new launches, collaborations, partnerships and increasing research and development activities by key players have been observed in the chemical tankers market. For instance, in November 2021, an announcement was made by Hafnia Ltd (a BW Group company), one of the leading oil tanker operators, to acquire an entire fleet of around 32 IMO II tankers previously owned by Chemical Tankers Inc. (Oaktree Capital Management). Same year in July, a partnership was signed between Golden Stena Baycrest Tankers and IMC’s Aurora Tankers to operate and manage stainless steel chemical tankers. Also, this partnership is focused on expansion of the two companies in Asia Pacific, as an effort to strengthen their position collectively.
In November 2021, short sea vessels business of Odfjell was disposed b the company to maintain focus on its business of core deep sea chemical tankers. In 2022, Shenghang Shipping announced its plan to purchase two chemical tankers amidst industry boom. This acquisition was mainly to enter the international shipping market by deploying the business of transporting hazardous chemicals. The two chemical tankers, King Bay and King Tank owned by Hong Kong basked High Shipping Company Limited would be purchased by Shenghang by end of 2022 for a total valuation of US$ 22 million.
A few of the major players in global chemical tankers market include Stolt-Nielsen, Bahri Chemicals, Odfjell SE, Seatrans Chemical Tankers, Navig8 Chemicals, Nordic Tankers, Wilmar International, Tokyo Marine Asia Pte Ltd., Mitsui O.S.K Lines, Nanjing Shenghang Shipping Co. Ltd., and IINO Kaiun Kaisha Ltd.
Regional Classification of the Global Chemical Tankers Market is Listed Below:
North America
- U.S.
- Canada
Europe
- Germany
- France
- Spain
- U.K.
- Italy
- Russia
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East and Africa
- GCC
- South Africa
- Rest of Middle East & Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Chemical Tankers Market
- Chemical Tankers Market by Product/Technology/Grade, Application/End-user, and Region
- Executive Summary (Opportunity Analysis and Key Trends)
- Historical Market Size and Estimates, Value and Volume, 2019 - 2022
- Volume Consumption at Regional and Country Level, 2023 - 2030
- Market Dynamics and Economic Overview
- Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
- Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies
- Regional and Product/Grade/Application/End-user Price Trends Analysis
- Value Chain and Five Force’s Analysis
- Regional/Sub-region/Country Market Size and Trend Analysis
- Company Market Share Analysis and Key Player Profiles
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1. Executive Summary
1.1. Global Chemical Tankers Market Snapshot
1.2. Key Market Trends
1.3. Future Projections
1.4. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.1.1. Driver A
2.2.1.2. Driver B
2.2.1.3. Driver C
2.2.2. Restraints
2.2.2.1. Restraint 1
2.2.2.2. Restraint 2
2.2.3. Market Opportunities Matrix
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. Covid-19 Impact Analysis
2.5.1. Pre-covid and Post-covid Scenario
2.5.2. Supply Impact
2.5.3. Demand Impact
2.6. Government Regulations
2.7. Technology Landscape
2.8. Global Chemicals Market – Overview and Trends
2.9. Economic Analysis
2.10. PESTLE
3. Production Output and Trade Statistics, 2019 - 2022
3.1. Regional Production Statistics
3.1.1. North America
3.1.2. Europe
3.1.3. Asia Pacific
3.1.4. Latin America
3.1.5. Middle East & Africa
3.2. Trade Statistics
4. Price Trends Analysis and Future Projects, 2019 - 2030
4.1. Key Highlights
4.2. Prominent Factors Affecting Prices
4.3. By Chemical Type
4.4. By Region
5. Global Chemical Tankers Market Outlook, 2019 - 2030
5.1. Global Chemical Tankers Market Outlook, by Fleet Type, Volume (Units) and Value (US$ Mn), 2019 - 2030
5.1.1. Key Highlights
5.1.1.1. ST 1
5.1.1.2. ST 2
5.1.1.3. ST 3
5.2. Global Chemical Tankers Market Outlook, by Fleet Material, Volume (Units) and Value (US$ Mn), 2019 - 2030
5.2.1. Key Highlights
5.2.1.1. Stainless Steel
5.2.1.2. Coated
5.3. Global Chemical Tankers Market Outlook, by Chemical Type, Volume (Units) and Value (US$ Mn), 2019 - 2030
5.3.1. Key Highlights
5.3.1.1. Leafy
5.3.1.2. Tomatoes
5.3.1.3. Soft Fruits
5.3.1.4. Herbs
5.3.1.5. Misc. (Mushrooms, etc.)
5.3.2. BPS Analysis/Market Attractiveness Analysis
5.4. Global Chemical Tankers Market Outlook, by Region, Volume (Units) and Value (US$ Mn), 2019 - 2030
5.4.1. Key Highlights
5.4.1.1. North America
5.4.1.2. Europe
5.4.1.3. Asia Pacific
5.4.1.4. Latin America
5.4.1.5. Middle East & Africa
5.4.2. BPS Analysis/Market Attractiveness Analysis
6. North America Chemical Tankers Market Outlook, 2019 - 2030
6.1. North America Chemical Tankers Market Outlook, by Fleet Type, Volume (Units) and Value (US$ Mn), 2019 - 2030
6.1.1. Key Highlights
6.1.1.1. ST 1
6.1.1.2. ST 2
6.1.1.3. ST 3
6.2. North America Chemical Tankers Market Outlook, by Fleet Material, Volume (Units) and Value (US$ Mn), 2019 - 2030
6.2.1. Key Highlights
6.2.1.1. Stainless Steel
6.2.1.2. Coated
6.3. North America Chemical Tankers Market Outlook, by Chemical Type, Volume (Units) and Value (US$ Mn), 2019 - 2030
6.3.1. Key Highlights
6.3.1.1. Organic Chemicals
6.3.1.2. Inorganic Chemicals
6.3.1.3. Vegetable Oils & Fats
6.3.1.4. Misc. (Molasses, etc.)
6.4. North America Chemical Tankers Market Outlook, by Country, Volume (Units) and Value (US$ Mn), 2019 - 2030
6.4.1. Key Highlights
6.4.1.1. U.S.
6.4.1.2. Canada
6.4.2. BPS Analysis/Market Attractiveness Analysis
7. Europe Chemical Tankers Market Outlook, 2019 - 2030
7.1. Europe Chemical Tankers Market Outlook, by Fleet Type, Volume (Units) and Value (US$ Mn), 2019 - 2030
7.1.1. Key Highlights
7.1.1.1. ST 1
7.1.1.2. ST 2
7.1.1.3. ST 3
7.2. Europe Chemical Tankers Market Outlook, by Fleet Material, Volume (Units) and Value (US$ Mn), 2019 - 2030
7.2.1. Key Highlights
7.2.1.1. Stainless Steel
7.2.1.2. Coated
7.3. Europe Chemical Tankers Market Outlook, by Chemical Type, Volume (Units) and Value (US$ Mn), 2019 - 2030
7.3.1. Key Highlights
7.3.1.1. Organic Chemicals
7.3.1.2. Inorganic Chemicals
7.3.1.3. Vegetable Oils & Fats
7.3.1.4. Misc. (Molasses, etc.)
7.4. Europe Chemical Tankers Market Outlook, by Country, Volume (Units) and Value (US$ Mn), 2019 - 2030
7.4.1. Key Highlights
7.4.1.1. Germany
7.4.1.2. France
7.4.1.3. U.K.
7.4.1.4. Italy
7.4.1.5. Spain
7.4.1.6. Turkey
7.4.1.7. Russia
7.4.1.8. Rest of Europe
7.4.2. BPS Analysis/Market Attractiveness Analysis
8. Asia Pacific Chemical Tankers Market Outlook, 2019 - 2030
8.1. Asia Pacific Chemical Tankers Market Outlook, by Fleet Type, Volume (Units) and Value (US$ Mn), 2019 - 2030
8.1.1. Key Highlights
8.1.1.1. ST 1
8.1.1.2. ST 2
8.1.1.3. ST 3
8.2. Asia Pacific Chemical Tankers Market Outlook, by Fleet Material, Volume (Units) and Value (US$ Mn), 2019 - 2030
8.2.1. Key Highlights
8.2.1.1. Stainless Steel
8.2.1.2. Coated
8.3. Asia Pacific Chemical Tankers Market Outlook, by Chemical Type, Volume (Units) and Value (US$ Mn), 2019 - 2030
8.3.1. Key Highlights
8.3.1.1. Organic Chemicals
8.3.1.2. Inorganic Chemicals
8.3.1.3. Vegetable Oils & Fats
8.3.1.4. Misc. (Molasses, etc.)
8.4. Asia Pacific Chemical Tankers Market Outlook, by Country, Volume (Units) and Value (US$ Mn), 2019 - 2030
8.4.1. Key Highlights
8.4.1.1. China
8.4.1.2. Japan
8.4.1.3. South Korea
8.4.1.4. India
8.4.1.5. Southeast Asia
8.4.1.6. Rest of Asia Pacific
8.4.2. BPS Analysis/Market Attractiveness Analysis
9. Latin America Chemical Tankers Market Outlook, 2019 - 2030
9.1. Latin America Chemical Tankers Market Outlook, by Fleet Type, Volume (Units) and Value (US$ Mn), 2019 - 2030
9.1.1. Key Highlights
9.1.1.1. ST 1
9.1.1.2. ST 2
9.1.1.3. ST 3
9.2. Latin America Chemical Tankers Market Outlook, by Fleet Material, Volume (Units) and Value (US$ Mn), 2019 - 2030
9.2.1. Key Highlights
9.2.1.1. Stainless Steel
9.2.1.2. Coated
9.3. Latin America Chemical Tankers Market Outlook, by Chemical Type, Volume (Units) and Value (US$ Mn), 2019 - 2030
9.3.1. Key Highlights
9.3.1.1. Organic Chemicals
9.3.1.2. Inorganic Chemicals
9.3.1.3. Vegetable Oils & Fats
9.3.1.4. Misc. (Molasses, etc.)
9.4. Latin America Chemical Tankers Market Outlook, by Country, Volume (Units) and Value (US$ Mn), 2019 - 2030
9.4.1. Key Highlights
9.4.1.1. Brazil
9.4.1.2. Mexico
9.4.1.3. Rest of Latin America
9.4.2. BPS Analysis/Market Attractiveness Analysis
10. Middle East & Africa Chemical Tankers Market Outlook, 2019 - 2030
10.1. Middle East & Africa Chemical Tankers Market Outlook, by Fleet Type, Volume (Units) and Value (US$ Mn), 2019 - 2030
10.1.1. Key Highlights
10.1.1.1. ST 1
10.1.1.2. ST 2
10.1.1.3. ST 3
10.2. Middle East & Africa Chemical Tankers Market Outlook, by Fleet Material, Volume (Units) and Value (US$ Mn), 2019 - 2030
10.2.1. Key Highlights
10.2.1.1. Stainless Steel
10.2.1.2. Coated
10.3. Middle East & Africa Chemical Tankers Market Outlook, by Chemical Type, Volume (Units) and Value (US$ Mn), 2019 - 2030
10.3.1. Key Highlights
10.3.1.1. Organic Chemicals
10.3.1.2. Inorganic Chemicals
10.3.1.3. Vegetable Oils & Fats
10.3.1.4. Misc. (Molasses, etc.)
10.4. Middle East & Africa Chemical Tankers Market Outlook, by Country, Volume (Units) and Value (US$ Mn), 2019 - 2030
10.4.1. Key Highlights
10.4.1.1. GCC
10.4.1.2. South Africa
10.4.1.3. Rest of Middle East & Africa
10.4.2. BPS Analysis/Market Attractiveness Analysis
11. Competitive Landscape
11.1. Company Market Share Analysis, 2021
11.2. Competitive Dashboard
11.3. Company Profiles
11.3.1. Stolt-Nielsen Limited
11.3.1.1. Company Overview
11.3.1.2. Product Portfolio
11.3.1.3. Financial Overview
11.3.1.4. Fleet Size
11.3.1.5. Business Strategies and Development
(*Note: Above details would be available for below list of companies based on availability)
11.3.2. Odfjell SE
11.3.3. Nordic Tankers A/S
11.3.4. Navig8 Group
11.3.5. MOL Chemical Tankers Ltd.
11.3.6. Sinochem Group
11.3.7. Team Tankers International Ltd.
11.3.8. Bahri (National Shipping Company of Saudi Arabia)
11.3.9. UNI-TANKERS A/S
11.3.10. WOMAR Tanker Pools
11.3.11. Ace Tankers
11.3.12. HANSA Tankers
11.3.13. The IINO Kaiun Kaisha, Ltd.
12. Appendix
12.1. Research Methodology
12.2. Report Assumptions
12.3. Acronyms and Abbreviations
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2019 - 2022 |
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2023 - 2030 |
Value: US$ Mn Volume: Units |
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Chemical Type Coverage |
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Leading Market Companies |
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Report Highlights |
Market Estimates and Forecast, Market Dynamics, Industry Trends, Production Output, Trade Statistics, Competition Landscape, Fleet Type-, Fleet Material-, Chemical Type-, Region-, Country-wise Trends & Analysis, COVID-19 Impact Analysis (Demand and Supply), Key Market Trends |
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