Chemical Tanker Shipping Market To Reach $46.14 Million By 2030

Chemical Tanker Shipping Market Growth & Trends

The global chemical tanker shipping market size is expected to reach USD 46.14 million by 2030, registering a CAGR of 4.2% from 2024 to 2030, 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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Chemical Tanker Shipping Market Report Highlights

• 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

• By product, the deep-sea chemical tanker segment dominated the market in 2023, attributed to the increasing demand for chemical products in various industries worldwide, such as pharmaceuticals, agriculture, and petrochemicals.

• The IMO 2 fleet type segment held the largest revenue share of 50.4% in 2023, attributed to the robust global demand for these chemicals, driven by industrial growth, particularly in emerging markets.

• Asia Pacific is expected to grow at the fastest CAGR over the forecast period, 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.

Chemical Tanker Shipping Market Segmentation

Grand View Research has segmented the global chemical tanker shipping market based on fleet type, product, application, and region:

Chemical Tanker Shipping Fleet Type Outlook (Revenue, USD Million, 2018 - 2030)

• IMO 1

• IMO 2

• IMO 3

Chemical Tanker Shipping Product 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)

Chemical Tanker Shipping Application Outlook (Revenue, USD Million, 2018 - 2030)

• Organic Chemicals

• Inorganic Chemicals

• Vegetable Oils & Fats

• Liquified Gases

• Others

Chemical Tanker Shipping Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • Saudi Arabia

  • UAE

  • South Africa

List of Key Players in the Chemical Tanker Shipping Market

• Hafnia

• MOL CHEMICAL TANKERS PTE. LTD

• Stolt-Nielsen

• Ardmore Shipping Corporation

• Odfjell

• Team Tankers International Ltd.

• Tokyo Marine Asia Pte Ltd.

• Bahri

• Navig8 Chemical Tankers Inc.

• MISC Berhad

• Ultrabulk

• IINO KAIUN KAISHA, LTD.

• Iino Marine Service Co., Ltd