Chemical Tanker Ship Market Analysis Forecasts

Chemical Tanker Ship Market Insights:

Global chemical tanker ship market is expected to grow at a high CAGR in the forecast period due to the increasing petrochemical production. The increasing demand for unconventional resources such as shale gas/oil has helped in the expansion of the industry. Demand from the emerging economies of BRIC nations has contributed as well.

Middle East and Asia Pacific have invested in the refinery and petrochemical plant expansion which is a positive growth for this industry. Specific ships are used for the transportation of the chemicals which requires special training for the crew, starting from construction, vessel loading, storage, offloading and tank cleaning operations.

Chemical shipping is a huge market in China with massive risk of marine accidents, resulting in loss of marine lives in large numbers, and investment, among others. Strict restriction and environmental rules are being implemented by the government of this region. Political instability among companies is expected to retrain the chemical supplies.

Chemical Tanker Ship Market - Product Insights:

Chemical tanker ship market is segmented into organic, inorganic, vegetable/animal oil & fat on the basis of product. Largest share in the industry was of organic chemicals market due to their huge demand in industrial applications. This is followed by vegetable/ animal oil & fat in terms of market volume due to rising health awareness. The demand for products such as palm oil, castor oil, and soya bean oil has a positive impact on the shipping industry. In the forecast period, the inorganic market is expected to see the highest growth.

Chemical Tanker Ship Market - Cargo Type Insights:

Cargo type is segmented into IMO I, IMO II and IMO III which is classified by International Maritime Organization due to perilous nature of the chemical that is being transported. The most harmful chemicals are transported in the IMO I due to the high sophistication level of the chemical.

Less harmful chemicals are transported by IMO II followed by IMO III which has the least hazardous chemical also called easy chemicals. IMO I needs special modern equipments and arrangements for its transportation unlike the other two cargo types which are easier and safer to transport.

Chemical Tanker Ship Market - Cargo Size Insights:

Inland, coastal and deep-sea chemical tankers are the segmentations according to the cargo size. Intra-trade in the regions is done with small tankers which is the inland tanker usually below 4000 ton DWT.

Short sea chemicals' tankers are the coastal chemical tankers, they range between 3000 to 10000 tons DWT. This type is expected to boost over the forecast period. Deep sea chemical tankers are the largest which are above 10000 tons DWT. These are used for inter-trade between regions. Such tankers are expected to be demanded in the forecast period.

Chemical Tanker Ship Market: End user landscape

The end-user landscape entails 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 chemical tanker ship market over the coming years. Some leading consumers of chemical tanker ship market are - A.P. Møller-Maersk, CMA CGM, Hapag-Lloyd, COSCO Container Lines (COSCON), and Hanjin Shipping Company among others.

Chemical Tanker Ship Market - Regional Insights:

Asia pacific accounts for the largest chemical tanker ship market volume and is expected to expand in the forecast period. This growth is due to the growing GDP in the emerging economies, chemical tanker infrastructure development coupled with refinery/petrochemical expansion.

Europe stands second in this industry, expecting growth in the forecast period owing to the boost in the shale gas development along with refinery expansion projects in the Middle East. The fall in GDP in Europe and the growing competition may lead to a fall in demand of this product.

Chemical Tanker Ship Market - Competitive Insights:

This industry has a number of large players region wise, some of them are Odfjell, Stolt- Nielsen Ltd., IINO KAIUN KAISHA Ltd., Tokyo Marine Asia Pte Ltd, MISC, Navig8 Chemicals and Nordic Tankers. Innovative strategies concerning environmental protection have been adopted by the industry participants. Safe transportation along with quality management is also the major concern.

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