"Global Chemical Tanker Market Trends and Forecast 2023–2030: Opportunities and Challenges"
Growing global trade of chemicals and petrochemicals is a significant driver for the chemical tanker market. As economies develop and industrialize, there’s a rising demand for chemicals, leading to increased transportation needs.
Rising concerns about greenhouse gas emissions and fuel costs are driving research and development into alternative fuels such as LNG (liquefied natural gas) and biofuels, offering opportunities for innovation in chemical tanker propulsion systems. Fluctuations in oil prices directly impact the chemical tanker market, as many chemicals are derived from petroleum products. Sharp changes in oil prices can affect shipping rates, operational costs, and investment decisions.
The Global Chemical Tanker Market size was valued at USD 34400 Million in 2023 and is projected to reach USD 49700 Million by 2030, growing at a CAGR of 4.70% from 2023 to 2030.
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Chemical Tanker Market
Segments Covered:
By Material
Stainless Steel
Coated
By Size
Inland Chemical Tankers
Coastal Chemical Tankers
Deep-Sea Chemical Tankers
By Product Type
Organic Chemicals
Inorganic Chemicals
Vegetable Oils Fats
Others
By Tank Type
IMO 1
IMO 2
IMO3
By Region
North America (U.S., Canada, Mexico)
Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
South America (Brazil, Argentina, Rest of SA)
Key Industry Developments in the Global Chemical Tanker Market
In June 2023, Turkish Tersan Shipyard secured an order from Tune Chemical Tankers (TCT), a Dutch shipping company, for the construction of up to four chemical tankers powered by methanol fuel. According to the company’s announcement, Tune Chemical Tankers (TCT) has initially contracted two vessels from the Turkish Tersan Shipyard, with the flexibility to expand the order to a total of four ships. These environmentally friendly vessels will have a capacity of 16,000 DWT and will be fueled by methanol, aligning with the company’s commitment to sustainable shipping solutions.
In January 2023, Maritime Investment Company, Easterly, acquired an additional four tankers, expanding its fleet. Maritime Logistics Equity Partners (MLEP), a subsidiary of Easterly’s Maritime Investment Company, has revealed the acquisition of four additional vessels through its second chemical tanker investment tranche. With this purchase, MLEP’s fleet now consists of 11 ships. These newly acquired vessels are coated chemical tankers, making them the largest in MLEP’s fleet.
