Saudi Arabia Oil Tanker Market to Grow with a CAGR of 5.86% through 2030

Rising crude oil exports, expansion of refining capacities, and increased investments in maritime logistics infrastructure are the factors driving the market in the forecast period 2026–2030.

According to TechSci Research report, “Saudi Arabia Oil Tanker Market – Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F”, The Saudi Arabia Oil Tanker Market was valued at USD 3.71 Billion in 2024 and is expected to reach USD 5.21 Billion by 2030 with a CAGR of 5.86% during the forecast period.

The Saudi Arabia oil tanker market is undergoing structural transformation fueled by a combination of domestic energy diversification, maritime logistics integration, and long-term chartering strategies by national operators. The country’s emphasis on expanding downstream petrochemical exports, coupled with the deployment of crude-to-chemicals (C2C) technologies, has created sustained demand for both large and specialized tankers. As Saudi Arabia pivots toward maximizing value-added exports rather than just crude shipments, the midstream logistics sector—including oil tankers—plays a pivotal role in enabling this shift. Strategic partnerships with Asian refiners and increasing offtake agreements have elevated the need for flexible vessel scheduling and custom tanker capacities, especially for long-haul deliveries to Asia-Pacific and Europe. Moreover, geopolitical recalibrations in key maritime routes like the Bab el-Mandeb and Strait of Hormuz have amplified the demand for regionally secured tanker fleets, driving interest in building sovereign-controlled shipping capabilities.

Domestic initiatives such as the National Transport and Logistics Strategy (NTLS) have prioritized local fleet expansion, incentivizing Saudi firms to increase tanker procurement from domestic shipyards under Vision 2030’s industrial localization goals. Growing investments in maritime crew training, in-house vessel maintenance infrastructure, and real-time cargo tracking platforms have positioned Saudi tanker operators to become more self-sufficient and globally competitive.

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Saudi Arabia Oil Tanker Market Is Segmented by Vehicle Type, Capacity, Material, and Region.

​In 2024, stainless steel emerged as the fastest-growing material segment in the Saudi Arabia oil tanker market. Its strong resistance to corrosion, high durability under fluctuating temperatures, and ability to withstand harsh chemicals made it ideal for both onshore and offshore crude and refined oil transport. Increased demand for tankers capable of handling diverse petroleum grades accelerated the shift toward stainless steel construction. The material's longer lifecycle, lower maintenance requirements, and compliance with stricter safety and environmental standards contributed to its widespread adoption across tanker fleets. Rising industrial output and the expansion of refinery-linked logistics drove investment in stainless steel-based transport units, boosting its market share significantly during the year.

The Western region witnessed the fastest growth in the Saudi Arabia oil tanker market in 2024. Its strategic coastal positioning on the Red Sea enabled efficient maritime connectivity to global export destinations. Infrastructure developments at key ports supported the movement of larger tankers and bulk liquid cargo. As crude throughput and refined product exports grew, demand surged for tankers operating through the Western corridor. Geopolitical routing adjustments and diversified export strategies strengthened this region’s dominance, making it a critical node in the country’s oil transportation network throughout the year.

Major Market Players Operating in Saudi Arabia Oil Tanker Market Are:

• Paragon Saudi Arabia
• Dongfeng Saudi
• Foton - Al Kifah Motors
• Manntech Middle East
• CSCTRUCK Saudi Arabia
• FAW Group Corporation (Al Rashed & AL Thunayan Auto Co.)
• Sinotruk Saudi Arabia
• ISUZU Motors Limited (Alissa Universal Motors Co. Ltd.)
• Scania AB (The Olayan Group)
• Iveco Group (Arabian Auto Agency)

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“Saudi Arabia’s oil tanker market is undergoing a fascinating transformation. We’re seeing a clear pivot toward more specialized, durable tankers, especially stainless steel ones, as the country aligns its logistics with changing refinery patterns and product specifications. What's really interesting is how regions like the Western corridor are emerging as powerhouse hubs due to their port infrastructure and strategic global linkages. This shift isn’t just about moving oil—it’s about moving it smarter, faster, and in a way that’s built to last”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

“Saudi Arabia Oil Tanker Market – Size, Share, Trends, Opportunity, and Forecast, Segmented By Vehicle Type (Light Duty, Medium Duty, Heavy Duty), By Capacity (Less than 10,000L, 10,000L – 20,000L, 20,000L – 30,000L, Above 30,000L), By Material (Aluminum, Stainless Steel), By Region, By Competition, 2020-2030F”, assesses the market's future growth potential and provides data on market size, trends, and forecasts. It aims to offer comprehensive market insights, helping decision-makers make informed investment choices. The report also highlights emerging trends, key drivers, challenges, and opportunities in the Saudi Arabia Oil Tanker Market.

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