Chemical Tanker Market worth 4.34% CAGR by 2027
" Current situation of the disrupted supply chain and way forward "
The supply chain disruption caused demand and price spikes in the chemical tankers’ market, which has everyone in the industry on their toes. Chemical tankers are freight ships designed and used to transfer liquid chemicals in bulk. Chemical tankers majorly carry industrial chemicals and clean petroleum products. These include vegetable oils, palm oil, tallow, caustic soda, and methanol, among others. Chemicals tankers consist of different types of cargo tanks. Few of these cargo tanks have a special coating applied to them, such as zinc paint, whereas others are made from stainless steel.
The engagement of major trade activities and the lower charter rates for waterborne transportation are projected to boost the market over the forecasted period. Furthermore, the leading market players are investing substantially in the research and development of stainless steel chemical tankers with enhanced chemical resistance, as stainless steel chemical tankers are very easy to clean. This is fostering the chemical tankers market. International Paint has launched a new coating technology for chemical tankers, which would improve cargo resistance and offer zero absorption. In addition, the increasingly stringent regulations concerning the safe shipping of hazardous chemicals are also a factor compelling the chemical tankers' market growth.
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In addition, the rising consumer consciousness about the safety and hygiene of food is increasing the trade of vegetable oils. Also, the production of chemicals has increased in the Asia Pacific region, which in turn is generating opportunities for the market.
The Chemical Tanker Market research report titled “Chemical Tanker Market based on Product Type, Fleet Type, Shipment Route, and Geography - Forecast up to 2027”
Leading players in the market are Champion Tankers AS, Iino Kaiun Kaisha, Ltd., Waterfront Shipping Company Limited, Aurora Tankers Management Pvt., Ltd., and Mol Chemical Tankers Pvt., Ltd.,
India is a drastically rising market for chemical tankers in the Asia Pacific. The escalating demand and manufacture of chemicals in the country is contributing to the market growth in the Asia Pacific. An increase in demand for palm oil and sunflower oil is also boosting the chemical tanker market in the Asia Pacific.
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The report consists of 94 Tables and 64 charts depicting the in-depth market study and the impact analysis of COVID-19 initiated market disruptions.
Chemical Tanker Market based on Product Type
- Organic Chemicals
- Inorganic Chemical
- Vegetable Fats & Oils
Chemical Tanker Market based on Fleet Type
- IMO I
- IMO II
- IMO III
Chemical Tanker Market based on Shipment Route
- Inland Route
- Coastal Route
- Deep-Sea Route
Chemical Tanker Market based on Geography
- North America
- Asia Pacific
- Rest of the World