Chemical Tankers Global Market Report 2024

The chemical tankers market size has grown strongly in recent years. It will grow from $34.68 billion in 2023 to $37.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. Historical growth was driven by several factors, including increased production and consumption of chemicals, a notable rise in oil and gas exports, economic expansion in emerging markets, and the expansion of seaborne trade.

The chemical tankers market size is expected to see strong growth in the next few years. It will grow to $47.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. Forecasted growth is driven by the expanding petrochemical sector, heightened demand for vegetable oils and fats, and increasing urbanization. Key trends include AI adoption, IoT-enabled tank monitoring, automation in chemical tankers, real-time tracking solutions, increased investments, and partnerships.

The expansion of the chemical industry is poised to drive growth in the chemical tankers market. Companies within the chemical sector rely on chemical tankers to transport their chemical compounds efficiently from one location to another. This necessity creates a substantial demand for chemical tankers. According to the American Chemistry Council's 2021 report, the U.S. chemical industry is anticipated to maintain its position as a net exporter, supporting overall U.S. goods exports. Projections indicate that by 2025, net exports of chemicals from the USA will reach $40.5 billion, with chemical industry shipments expected to hit $668 billion. As major economies reopen and import demand rises in partner economies, there is a substantial likelihood of significant growth in U.S. chemical exports, consequently driving the chemical tankers market.

The chemical tankers market is expected to benefit from the increasing demand for vegetable oils and fats in the forecast period. Vegetable oils find widespread use in various industries, such as in the production of gasoline, dish soap, perfume formulas, and more. Chemical tankers with coated or stainless steel tanks are commonly employed in the international transportation of vegetable oil, often delivered in segmented packages. Conversely, smaller and simpler tankers with mild steel and uncoated tanks are utilized for domestic transportation of vegetable oils. Gro Intelligence statistics reveal a consistent annual increase in both the production and demand for vegetable oil over the past decade. The Organization for Economic Co-operation and Development (OECD) forecasts a substantial 33-million metric ton surge in global demand for vegetable oil by 2030, with 68% of this demand emanating from the food industry. Therefore, the escalating demand for vegetable oils and fats is expected to be a key driver for the chemical tankers market.

Technological advancements play a pivotal role in shaping the chemical tanker market, with numerous companies investing in innovation and development to enhance the ease, accessibility, convenience, and affordability of their chemical tankers. A notable example is SCF, a Russian-based subsidiary of Sovcomflot, which launched its first LNG-powered MR Chemical tanker in March 2021. Specifically designed for transporting oil products and gas condensate, these vessels utilize environmentally friendly LNG as a power source, significantly reducing emissions into the atmosphere. With a capacity of around 50,000 tons, a length exceeding 180 meters, a width surpassing 32 meters, and a draught of -13.4 meters, these 1B ice-class vessels ensure safe navigation throughout the year, even in icy conditions in the Baltic Sea.

Real-time tracking solutions are emerging as a notable trend in the chemical tankers market, offering chemical tanker operators the capability to monitor their vessels and cargo in real-time. This technology enhances visibility and control over the supply chain, resulting in improved efficiency, security, and regulatory compliance. Chemical tankers are equipped with real-time tracking systems that enable the continuous monitoring of their location during transit. A prime illustration is the initiative taken by the Indian government in May 2021, where an online system was launched to facilitate real-time tracking of liquid medical oxygen tankers. This system, comprising a mobile app and a web-based platform, effectively monitored over 12,800 trips in less than three weeks for more than 1,800 tankers during the critical period of the COVID-19 pandemic.

In October 2022, UK-based ship-owning and ship management firm Lomar Shipping Limited completed the acquisition of Carl Büttner Holding GmbH & Co. for $160 million. This strategic move aims to enhance Lomar's technical management capabilities, broaden its maritime business, and extend its fleet comprising chemical tankers, container vessels, bulk carriers, and product tankers. Carl Büttner Holding GmbH & Co. KG, headquartered in Germany, operates a diverse fleet encompassing container vessels and chemical tankers, among other ship types.

Major companies operating in the chemical tankers market report are Stolt-Nielsen Limited, Odfjell SE, MISC Berhad, Bahri, Navig8 Limited, Iino Kaiun Kaisha Ltd., MITSUI O.S.K. LINES, Hansa Tankers, PT Berlian Laju Tanker Tbk, Maersk Tankers, MOL Chemical Tankers, Tanglian Group, Jiangsu Pretank Process Co. Ltd., Zen Shipping & Ports India Pvt Ltd., Hafnia Ltd., China Merchants Jinling Shipyard Dingheng, Changzhou Treering Plastics Co Ltd., Ace Tankers Management B.V, The Seatrans Group, Sovcomflot, Scot Tanker, Chemet SA, Rigel Shipping Canada Inc., Kenan Advantage Group, Clean Product Tankers Alliance, Ultratank, PanOcean Tanker, Sernacol, KROHNE Argentina, Bahri Chemicals, Gulf Energy Maritime, Petrochem Middle East, Ace Tankers, AquaChemie, Fairfield Chemical Carriers, CA Muller Fabrication, M/T Ternsund Chemical Tanker.

Asia-Pacific was the largest region in the chemical tanker market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in the chemical tankers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the chemical tankers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Key categories of chemical tankers include organic chemicals, inorganic chemicals, vegetable oils and fats, among others. Organic chemicals constitute a significant class of carbon-based compounds, frequently containing elements such as hydrogen, oxygen, nitrogen, sulfur, phosphorus, and others. Tanker construction involves materials such as stainless steel and coatings, while cargo types dictate classifications into IMO 1, IMO 2, and IMO 3. These tankers vary in size, classified as inland chemical tankers (1,000-4,999 DWT), coastal chemical tankers (5,000-9,999 DWT), and deep-sea chemical tankers (10,000-50,000 DWT), catering to different transport needs and distances.

The chemical tankers market research report is one of a series of new reports that provides chemical tankers market statistics, including chemical tankers industry global market size, regional shares, competitors with a chemical tankers market share, detailed chemical tankers market segments, market trends and opportunities, and any further data you may need to thrive in the chemical tankers industry. This chemical tankers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The chemical tanker market consists of sales of parcel chemical tankers and dedicated chemical tankers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.