Chemical Tanker Market is Anticipated to Witness High Growth Owing to Rise in Demand for Petrochemical Products

Chemical Tanker Market
Chemical Tanker Market


The chemical tanker market deals with the seaborne transportation of chemical products globally. Chemical tankers are specially designed ships that are able to transport a wide range of chemicals and petrochemical products in bulk. These products include organic chemicals, acids, vegetable oils, and liquefied petroleum gases among others. The cargo carried by chemical tankers range from light hydrocarbons such as LPG to heavy and persistent specialty chemicals. The increasing consumption of chemicals and petrochemical products across industries such as pharmaceuticals, agriculture, automotive, construction, and plastics has augmented the demand for chemical tankers.

The global chemical tanker market is estimated to be valued at US$ 36.16 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the chemical tanker market are JO Tankers, IINO KAIUN KAISHA Ltd., Eitzen Chemical, Tokyo Marine Asia Pte Ltd., Berlian Laju Tanker, Nordic Tankers, Seatrans chemical tankers, Navig8 Chemicals, Stolt-Nielsen Ltd, and Odfjell. JO Tankers currently operates one of the largest fleets of chemical and oil tankers.

The Chemical Tanker Market Trends provides numerous opportunities for players owing to rising overseas chemical trade. Increasing globalization and outsourcing of manufacturing has augmented cross-border trade of chemicals through sea. Various trade agreements have also opened newer geographies for chemicals export and import via sea routes.

Global players in the chemical tanker market are expanding their fleet size and building new fuel-efficient vessels to tap the opportunities in emerging markets of Asia and Middle East. The expansion allows players to offer integrated transportation services and strengthen supply chain networks across countries. New ports and shipping facilities are also being developed to increase accessibility in remote areas.

Market Drivers

One of the key drivers for the chemical tanker market is the rising demand for petrochemical products across major industries. Petrochemicals find wide usage in manufacturing plastics, resins, synthetic rubbers, fibers, solvents and fertilizers among others. Supported by industrial growth, the petrochemical industry has been consistently expanding over the past few years.

Market Restrains

Strict environmental regulations regarding cargo residue management and ballast water treatment pose a major challenge for chemical tanker operations. Discharge of harmful chemicals into the sea is mandated to meet stringent quality standards. Compliance increases operational costs for tanker owners and arrest growth opportunities.

Segment Analysis

The chemical tanker market is dominated by the tankers that have a deadweight tonnage capacity between 1,001 to 3,000 metric tons. These ships account for nearly 45% of the global fleet. Their medium size allows them to effectively service regional ports and trade lanes for various coastal chemical cargos. Within this sub-segment, dual-grade E-type chemical carriers are particularly prominent as they offer flexibility in transporting different liquid cargos like acids, edible oils and chemicals.

Global Analysis

Regionally, North America has the largest share in the chemical tanker market and accounts for over 30% of the global fleet. This is due to the extensive trade of petrochemicals, industrial chemicals and vegetable oils within the region and across its borders. However, Asia Pacific is emerging as the fastest growing regional market with a CAGR of around 5.5% during the forecast period. This can be attributed to the expanding chemical industries and international trade in countries like China, India and South Korea. There is also significant growth expected in the Europe and Middle East markets due to upcoming petrochemical projects and trading activity through the Suez Canal.

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