Chemical Tanker Market Size Worth $47.07 Billion by 2032 | CAGR: 4.08%

The global chemical tanker market size is expected to reach USD 47.07 billion by 2032, according to a new study by Polaris Market Research. The report “Chemical Tanker Market Share, Size, Trends, Industry Analysis Report, By Type (Organic Chemicals, Inorganic Chemicals, and Vegetable Oils & Fats); By Material; By Tanker Capacity; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The widespread use and demand for chemicals in various industries such as petrochemicals, pharmaceuticals, and specialty chemicals among others and growing need for the replacement of existing fleets and fleet modernization with latest chemical tankers, are leading factors influencing the market growth. In addition, the rising consumption of chemicals across various sectors including agriculture, manufacturing, pharmaceuticals, resulting in strong demand for chemical tankers, as these industries continues to develop and expand, the transportation of chemicals becomes essential to meet the growing demand, thereby propelling the market at rapid pace.

For instance, in May 2023, China Classification Society & Taizhou Wuzhou Shipbuilding, has jointly developed & introduced stainless steel tanker named “JIAN HANG YUE DA”, which has a total length of 119.9m, a width of 19.0m, and a depth of 10m.

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With the increasing emphasis on sustainability and environmental responsibility in the chemical industry, the major companies operating in the market are seeking sustainable practices such as using cleaner fuels, implementing ballast water treatment systems, and reducing greenhouse gas emissions, which can attract environmentally conscious customers and comply with evolving regulations, thereby creating lucrative revenue opportunities for the market in the near future.

In the recent years, several new and improved digital platforms and blockchain technology have gained traction and being integrated into the market in order to enhance transparency, efficiency, and security in supply chain operations along with the capabilities of these technologies to enable real-time tracking of cargo, streamline documentation processes, and facilitate secure transactions between stakeholders are gaining popularity and providing a growth momentum to the market.

Chemical Tanker Market Report Highlights

• Organic chemicals segment accounted for global market share in 2022, mainly due to its growing use in industrial applications and adoption as key raw ingredients in various products formulations
• Stainless steel segment held the maximum market share in terms of revenue in 2022, on account of its range of beneficial properties including higher durability, compatibility, and corrosion resistance
• 10,000 to 19,999 DWT segment is projected to grow at highest growth rate over the coming years, mainly attributable to its high loading capacity and ability to meet the rising transportation needs
• The Asia Pacific region led the industry market with substantial share in 2022, owing to continuous growth in infrastructure development activities and presence of widespread chemical industries
• The global key market players include Nordic Tankers, MOL Chemical Tankers, Seatrans Chemical Tankers, Sinochem, Aurora Tankers Management, and Tokyo Marine Pte Ltd.

Polaris Market Research has segmented the chemical tanker market report based on type, material, tanker capacity, and region:

Chemical Tanker, Type Outlook (Revenue - USD Billion, 2023 - 2032)

• Organic Chemicals
• Inorganic Chemicals
• Vegetable Oils & Fats

Chemical Tanker, Material Outlook (Revenue - USD Billion, 2023 - 2032)

• Stainless Steel
• Epoxy
• Others

Chemical Tanker, Tanker Capacity Outlook (Revenue - USD Billion, 2023 - 2032)

• Less Than 10,000 DWT
• 10,000 to 19,999 DWT
• More Than 20,000 DWT

Chemical Tanker, Regional Outlook (Revenue - USD Billion, 2023 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Chemical Tanker Market Report Scope