Chemical Tanker Shipping Global Market Report 2024

The chemical tanker shipping market size has grown strongly in recent years. It will grow from $31.61 billion in 2023 to $33.43 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. Historical growth can be attributed to several factors including globalization and increased trade, adherence to stringent regulations and compliance standards, a shift within the industry towards specialized vessels, growth in petrochemical production, and the emergence of bulk chemical transportation.

The chemical tanker shipping market size is expected to see strong growth in the next few years. It will grow to $41.75 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. Anticipated growth in the upcoming period is linked to the demand for flexibility in fleet operations, heightened emphasis on digitalization and automation, a movement towards eco-friendly shipping practices, expansions in regional distribution networks, and technological advancements in tanker design. Major trends expected in this forecast period encompass improvements in crew welfare and training, the integration of advanced cargo handling technologies, initiatives aimed at reducing emissions, and the optimization of port facilities for increased efficiency.

The surge in demand for chemicals is anticipated to significantly drive the expansion of the chemical tanker shipping market. The term "chemicals" encompasses elements or their combinations, and chemical tanker shipping involves cargo vessels specifically designed or modified for transporting bulk liquid chemicals. These tankers are utilized for transporting various substances, including organic chemicals - compounds featuring carbon atoms covalently bonded to elements such as hydrogen, oxygen, nitrogen, and inorganic chemicals. For instance, as per IBISWorld, a US-based business intelligence provider, the manufacturing sector for chemical products in the United States witnessed a notable increase, with 3,880 businesses recorded in 2022, marking a 2.8% growth compared to figures from 2021. This trend underlines how the escalating demand for chemicals directly propels the growth trajectory of the chemical tanker shipping market.

The burgeoning demand for vegetable oils is poised to drive significant growth within the chemical tanker shipping market. Vegetable oils, derived from diverse plant sources such as seeds, nuts, or fruits, represent a key commodity transported via chemical tankers. These specialized vessels play a crucial role in facilitating the movement of vegetable oils from production facilities to various distribution hubs and end-users across regions. As an illustration, as per the USDA Economic Research Service, the United States witnessed a notable surge in vegetable oil import values, reaching $10.9 billion in 2022 - an increase from the $8.0 billion recorded in the preceding year (2021). This escalating demand for vegetable oils stands as a primary driver propelling the expansion of the chemical tanker shipping market.

The prevailing trend in the chemical tanker shipping market centers around product innovations, notably the introduction of environmentally friendly solutions by major industry players. A standout example occurred in June 2021 when Wuhu Shipyard Co Ltd., a Chinese military shipbuilding company, unveiled the 2nd 22000 DWT Hybrid Chemical Tanker for Donsö Shipping AB, based in Sweden. This cutting-edge vessel represents a significant leap in environmental consciousness, featuring a DC battery bank auxiliary propulsion system that operates emission-free. Notably, it stands as the pioneering dual-fuel ship and is reinforced for ice-class capabilities. Moreover, the vessel fully complies with the stringent emission standards set by the International Maritime Organization (IMO), meeting the requirements of Emission Standard 3 (Tier III). This innovation exemplifies the industry's commitment to advancing sustainable and eco-friendly solutions within the chemical tanker shipping realm.

Prominent entities within the chemical tanker shipping market are directing their focus towards pioneering solutions, notably the adoption of LNG propulsion technology. This innovative approach involves utilizing liquefied natural gas (LNG) as a power source for ships and various marine vessels. A notable development in this realm occurred in April 2023 when Fukuoka Shipbuilding, a Japan-based vessel manufacturing company, introduced the 'LNG Dual-fuel Chemical Tanker.' This cutting-edge stainless-steel tanker integrates LNG propulsion technology, representing a significant leap in reducing environmental impact. By employing this advanced dual-fuel system, the vessel achieves a substantial reduction in carbon dioxide emissions, up to 25% compared to conventional marine fuels. This innovation underscores the industry's commitment to embracing sustainable and eco-friendly technologies within the chemical tanker shipping domain.

In October 2022, Lomar, a UK-based ship ownership and management company and a subsidiary of the global private business group Libra, completed the acquisition of Carl Büttner Holding (CB) for a total of $160 million. This strategic acquisition was aimed at expanding Lomar's presence and operations within the shipping industry. Moreover, it was anticipated that the comprehensive global network of the Libra Group would provide significant advantages and opportunities for Carl Büttner Holding (CB), a Germany-based company specializing in chemical tanker shipping.

Major companies operating in the chemical tanker shipping market report are Sinochem Corporation, Stolt-Nielsen Ltd., Frontline Ltd., Euronav, Diamond S Shipping Inc., Ardmore Shipping, International Seaways Inc., Petronav Caspian Sea Marine Services Pvt. Ltd., Uni-Tankers A/S, PT. Berlian Laju Tanker Tbk., BW Group, Odfjell SE, Seatrans Group, Team Tankers International Ltd., Tokyo Marine Asia Pte Ltd., Duzgit Group, MOL Chemical Tankers, Nordic Tankers, Alaska Tanker Company, LLC, Hansa Tankers, Navig8 Chemical Tankers Inc., Iino Kaiun Kaisha Ltd., Stena Bulk, Navios Maritime Partners L.P., Maersk Tankers, MOL Nordic Tankers, Algoma Central Corporation, JO Tankers, Eitzen Chemical, Ace Tankers Management B.V., Scorpio Tankers Inc., Teekay Tankers Ltd., TORM.

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

Chemical tanker shipping encompasses three primary types such 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). Inland chemical tankers specifically transport various liquids for industrial purposes, with fleet capacities ranging between 1,000-4,999 DWT. These vessels come in different materials such as stainless steel, coatings, and epoxy, tailored for carrying different cargo types classified under IMO I, IMO II, and IMO III specifications. The cargoes they transport include organic chemicals, inorganic chemicals, vegetable oils, fats, and other specific applications.

The chemical tanker shipping market research report is one of a series of new reports that provides chemical tanker shipping market statistics, including the chemical tanker shipping industry global market size, regional shares, competitors with a chemical tanker shipping market share, detailed chemical tanker shipping market segments, market trends and opportunities, and any further data you may need to thrive in the chemical tanker shipping industry. This chemical tanker shipping 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 shipping market consists of sales of parcel chemical tankers, dedicated chemical tankers, and product cum 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.