Great Lakes Shipping Market Analysis Forecasts

Great Lakes Shipping Market Insights:

The global great lakes shipping market is anticipated to witness a significant growth over the forecast period. Increased petrochemical generation as a consequence of growth in major end-use industries is anticipated to boost the market. Rising demand from developing economies as a consequence of growing GDP has led to the growth of global petrochemical industry as well.

Chemical shipping includes immense risks as marine accidents result in massive losses of lives, investments, and others. The government has taken certain initiatives to avoid such situations by imposing restrictions on certain chemicals. Political instability coupled with the geopolitical issues between major shipping countries is also likely to limit the chemical shipping supply.

Great Lakes Shipping Market - Product Insights

Based on the products, the industry is divided into organic, inorganic, and vegetable/animal oil & fats. Organic chemicals are projected to account for the largest share in the global great lakes shipping market due to their huge demand in industrial applications.

The organic chemical segment accounted for the largest volume share of the global great lakes shipping market followed by vegetable/ animal oil & fats. This growth is attributed to increasing health concerns of the individuals which raised the demand for oils including castor oil, palm oil, and soybean oil. Inorganic chemicals are anticipated to experience the highest growth rate over the coming years.

Great Lakes Shipping Market - Cargo Size Insights

The great lakes shipping market is segmented into inland, coastal and deep-sea chemical tanker on the basis of size. Inland chemical tankers are usually small, mostly beneath 4000 ton DWT. Coastal chemical tankers generally range between 3000 to 10000 tons DWT. The demand for this tanker type is anticipated to increase over the forecast period due to rising environmental concern along with increasing domestic demand in developed countries. Deep sea chemical tankers are the largest tankers over10000 tons DWT.

They are mostly used for inter-trade among regions. Demand for such tanker is anticipated to grow significantly due to rising global chemical demand.

Great Lakes Shipping Market - Cargo Type Insights

Based on the cargo type, the industry is divided into IMO type I, IMO type II, and IMO type III. The IMO I type of tankers are used for transporting most dangerous chemicals. IMO type II tankers are used to dispatch comparatively less risky chemicals, and the IMO type III tankers are used to ship the least hazardous type of chemicals. IMO type I tanker market volume is anticipated to increase due to advanced technology solution for carriage of volatile substances.

Great Lakes Shipping Market - Regional Insights

Asia Pacific accounted for nearly one-third of the total revenue of the great lakes shipping market. The regional market is further anticipated to witness lucrative growth over the forecast period due to booming petrochemical market along with increased funds for the development of sea transportation infrastructure in the region.

Europe is anticipated to remain one of the most prominent regions for the great lakes shipping market. The market in North America is likely to flourish over the coming years due to the rapid growth of the shale gas industry. Refinery development projects are expected to drive the markets in Middle East & Africa.

Great Lakes Shipping Market: End-Use Landscape

The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase from the global great lakes shipping market. The major consumers of the product are ST Kinetics, Eurosam, and Indumil.

Great Lakes Shipping Market - Competitive Scenario

Some of the key players operating in the market are Tokyo Marine Asia Pte Ltd., Seatrans chemical tankers, Eitzen Chemical, JO Tankers, Odfjell, Stolt-Nielsen Ltd, Nordic Tankers, Navig8 Chemicals, IINO KAIUN KAISHA Ltd., and Berlian Laju Tanker.

Please note: This is not an exhaustive list of companies profiled in the report.