Global Chemical Tanker Shipping Market is expected to reach USD 2.23 trillion by 2020, according to a new study by Grand View Research, Inc. Growth of global GDP on account of rapid industrialization in Asia Pacific and Latin America is expected to drive global chemical tanker shipping market. Shale gas boom particularly in the U.S., Canada and China is also expected to have a positive influence on the market growth. Rapid development of shale gas is expected to raise production level of organic chemicals which in turn is expected to fuel global chemical tanker shipping market. Large number of upcoming refinery and petrochemical integration projects particularly in the Middle East is expected to drive the future market.
Organic chemicals were the largest product segment shipped and accounted for 49.6% of total market volume in 2013. Increasing shale gas production in North America and China is expected to drive global organic chemical shipping market. Organic chemicals are also expected to witness the fastest growth of 4.6% from 2014 to 2020.
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Further key findings from the study suggest:
- Global chemical tanker shipments were 200.10 million tons in 2013 and are expected to reach 268.42 million tons by 2020, growing at a CAGR of 4.3% from 2014 to 2020.
- Deep sea tankers accounted for 52% of total chemicals shipped in 2013 in terms of tanker size. It is also expected to witness the highest growth rate of 4.4% from 2014 to 2020. Relatively lower fleet costs coupled with capacity to carry large amount of chemicals is expected to fuel its market over the forecast period.
- IMO II emerged as the largest type of cargo used for chemical shipments and accounted for 50.4% of total market volume in 2013. Growing vegetable and animal oil/fats production particularly in Asia Pacific is expected to remain a key driving factor for this segment. IMO III is expected to witness the highest growth rate of 4.5% from 2014 to 2020.
- Asia Pacific was the largest regional market and accounted for 38.1% of total market volume in 2013. Expansion of refinery & petrochemical capacity in China and India coupled with increasing production of vegetable oils in South East Asia is expected to drive the regional market over the next six years.
- North America is expected to witness the highest growth rate of 4.7% from 2014 to 2020. Shale gas boom in the U.S. and Canada is expected to develop the regional market over the forecast period.
- Global chemical tanker shipping market is highly fragmented with a mix of both multinational corporations and regional companies. Some key companies operating in the global chemical tanker shipping market include Odfjell, Stolt Parcel Tankers, Navig8 Chemicals, United Product Tankers, Iino Kaiun Kaisha, Tokyo Marine, Nordic Tankers, National Chemical Carriers, Stena Bulk and Eitzen Chemical.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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