Chemical Tankers Global Market Opportunities and Strategies to 2032

This report describes and explains the chemical tanker market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global chemical tankers market reached a value of nearly $32,447.92 million in 2022, having increased at a compound annual growth rate (CAGR) of 2.83% since 2017. The market is expected to grow from $32,447.92 million in 2022 to $44,018.35 million in 2027 at a rate of 6.29%. The market is then expected to grow at a CAGR of 6.55% from 2027 and reach $60,450.92 million in 2032.

Growth in the historic period resulted from increased production and consumption of chemicals, a surge in oil and gas exports, economic growth in emerging markets and expansion of seaborne trade. Factors that negatively affected growth in the historic period were the coronavirus pandemic and fluctuations in crude oil prices.

Going forward, a growing petrochemical industry, an increasing demand for vegetable oils and fats and rising urbanization will drive the market. Factors that could hinder the growth of the chemical tankers market in the future include the Russia-Ukraine war and geopolitical tensions.

The chemical tankers market is segmented by product type into organic chemicals, inorganic chemicals, vegetable oils and fats and other product types. The organic chemicals was the largest segment of the chemical tankers market by product type, accounting for $14,112.84 million or 43.49% of the total market in 2022. The vegetable oils and fats market is expected to be the fastest-growing segment going forward at a CAGR of 6.43%.

The chemical tankers market is segmented by cargo types into IMO 1, IMO 2 and IMO 3. The IMO 3was the largest segment of the chemical tankers market by cargo types, accounting for $16,641.15 million or 51.49% of the total market in 2022. The IMO 2 market is expected to be the fastest-growing segment going forward at a CAGR of 6.41%.

The chemical tankers market is segmented by size into 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). The deep-sea chemical tankers (10,000-50,000 DWT) was the largest segment of the chemical tankers market by cargo types, accounting for $21,801.79 million or 67.19% of the total market in 2022. It is expected to be the fastest-growing segment going forward at a CAGR of 6.35%.

The chemical tankers market is segmented by fleet material into stainless steel and coated. The stainless steel market was the largest segment of the chemical tankers market by fleet material, accounting for $24,141.25 million or 74.40% of the total market in 2022. The coated market is expected to be the fastest-growing segment going forward at a CAGR of 6.30%.

Asia Pacific was the largest region in the chemical tankers market, accounting for 44.20% of the global market in 2022. It was followed by North America, Western Europe and the other regions. Going forward, the fastest growing regions in the chemical tankers market will be Western Europe and the Eastern Europe, where growth will be at CAGRs of 6.53% and 6.43% respectively from 2022-2027.

The global chemical tankers market is fragmented, with a large number of small players. The top ten competitors in the market made up to 11.42% of the total market in 2021. Stolt-Nielsen Limited was the largest competitor with 3.81% share of the market, followed by Odfjell SE with 3.39%, MISC Berhad with 1.56%, Bahri with 1.03%, Navig8 Limited with 0.60%, Iino Kaiun Kaisha Ltd with 0.55%, MITSUI O.S.K. LINES with 0.28%, Hansa Tankers with 0.11%, PT Berlian Laju Tanker Tbk with 0.05% and Maersk Tankers with 0.04%.

The top opportunities in the chemical tankers market by product type will arise in the organic chemicals market, which will gain $4,943.52 million of global annual sales by 2027. The top opportunities in the chemical tankers market by cargo types will arise in the IMO 3 market, which will gain $5,837.05 million of global annual sales by 2027. The top opportunities in the chemical tankers market by size will arise in the deep-sea chemical tankers (10,000-50,000 DWT) market, which will gain $7,852.95 million of global annual sales by 2027. The top opportunities in the chemical tankers market by fleet material will arise in the stainless steel market, which will gain $8,600.52 million of global annual sales by 2027. The chemical tankers market size will gain the most in China at $2,534.61 million.

Market-trend-based strategies for the chemical tankers market include adoption of artificial intelligence, use of IoT (Internet of Things)-enabled remote tank monitoring, automation in chemical tankers , real-time tracking solutions, rising investments and partnerships and collaborations.

Player-adopted strategies in the chemical tankers industry include enhancing business operations through strategic investments, strengthening business capabilities through business expansions, expanding fleet of chemical tankers through new investments and expanding fleet of tankers through strategic investments.

To take advantage of the opportunities, the publisher recommends the chemical tanker companies to focus on automation in chemical tankers, focus on adoption of artificial intelligence (AI), focus on IoT (Internet of Things)-enabled remote tank monitoring, expand in emerging markets, continue to focus on developed markets, focus on partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, and target companies with fast-growing product types.