|
Forecast Period
|
2024-2028
|
|
Market Size (2022)
|
USD 32.54 billion
|
|
CAGR (2023-2028)
|
3.93%
|
|
Fastest Growing Segment
|
Vegetable Oils &
Fats
|
|
Largest Market
|
Asia Pacific
|
Market Overview
Global Chemical Tankers
Market has valued at USD 32.54 billion in 2022 and is anticipated to project
robust growth in the forecast period with a CAGR of 3.93% through 2028. Chemical
tankers are cargo vessels utilized for the transportation of liquid chemicals
in large quantities. These tankers are categorized based on size, fleet type,
and the type of chemical they carry. They must adhere to strict safety
regulations to ensure the secure transportation of hazardous and flammable
chemicals. The range of chemicals transported in bulk has significantly
expanded, leading to the utilization of specialized ships to meet the growing
demand. In addition to the specialized vessels, the crew involved in the entire
process requires specific training, from the construction and design of the
ships to the loading, storage, discharge, and tank cleaning operations. The
substantial concentration of chemical production and the growing global demand
primarily contribute to the expansion of the market. The evolution of shale gas
stands as a key factor influencing market growth. Organic chemicals possess a
wide range of applications and garner significant interest due to their
potential industrial uses. Anticipated trade activity, coupled with favorable
charter rates for waterborne transportation, is expected to provide sustained
support to the market during the forecast period. Fleet operators are actively
developing innovative technological solutions to enhance the global supply of
Chemical Tankers. Given the hazardous nature and diverse attributes of chemical
shipping, tanker coating is indispensable. Furthermore, the increasing consumer
concerns regarding healthy and sanitary food are projected to drive trade in
vegetable/animal oil and fats, thereby contributing to the expansion of the
global Chemical Tanker shipping market in the forecast period.
Key Market Drivers
Growing Demand of Chemical Tankers in Chemical Industry
The chemical industry plays a vital role in modern
society, providing the essential materials and substances needed for a wide
range of products and processes across various sectors. From plastics and
pharmaceuticals to agrochemicals and specialty chemicals, an efficient and
specialized transportation system is crucial. The growing global demand for
chemical tankers is a key driver for the expansion and sustainability of the
global chemical tankers market. With an increasing global population and
urbanization, the need for chemicals is on the rise. According to the
International Council of Chemical Associations (ICCA), the global chemical
industry is projected to continue expanding due to evolving consumer
preferences, industrialization, and technological advancements. This surge in
chemical production directly translates into a higher demand for efficient and
reliable transportation methods, where chemical tankers excel. Chemical tankers
are specifically designed to accommodate a wide range of chemical requirements.
They feature segregated cargo holds, advanced tank coatings, and
temperature-controlled compartments to ensure the safe and efficient
transportation of diverse chemicals over long distances. Safety is of utmost
importance when it comes to transporting chemicals. Accidents, spills, or leaks
can have severe environmental, health, and economic consequences. The chemical
industry is subject to strict safety regulations and international conventions
that govern the transportation of hazardous materials by sea. Chemical tankers
are built and operated to meet these stringent standards, providing secure
containment and prevention measures to minimize risks. The growing emphasis on
safety and environmental stewardship further drives the demand for high-quality
chemical tanker services. As chemicals are often produced in one region and
consumed in another, the efficient and secure movement of chemicals across
oceans and continents is essential. Chemical tankers enable the globalization
of the chemical industry by offering a reliable means of transporting bulk
quantities of chemicals over long distances.
Growing Requirements of Specialized Transport
The global chemical tanker industry plays a crucial
role in the modern supply chain, facilitating the transport of various
chemicals, petroleum products, and industrial gases across the world's oceans.
As industries continue to expand and diversify, the specialized transportation
of these essential materials becomes increasingly vital. Chemicals encompass a
wide range of substances, each with unique properties, handling requirements,
and potential hazards. From corrosive acids to flammable liquids, the transportation
of chemicals necessitates strict safety measures and dedicated equipment.
Chemical tankers are purpose-built to accommodate this diversity, featuring
segregated cargo holds to prevent cross-contamination and advanced systems for
temperature control and ventilation. The need to safely transport these diverse
chemicals drives the demand for specialized transport solutions. Regulatory
bodies like the International Maritime Organization (IMO) impose rules that
chemical tanker operators must adhere to, covering aspects such as cargo
segregation, stability, emergency response procedures, and more. Compliance
with these complex regulations requires chemical tanker operators to invest in
specialized training, equipment, and operational procedures, resulting in a
demand for skilled professionals and well-equipped vessels. Some chemicals are
highly sensitive to temperature changes, light exposure, or even minor
impurities. Chemical tankers are equipped with advanced technology to monitor
and control these conditions, ensuring that chemicals reach their destination
in the same state as when they were loaded. The ability to manage these
intricate handling procedures sets chemical tankers apart, making them an
essential component of the supply chain. As industries progress, the demand for
increasingly specialized chemicals continues to rise. These chemicals often
require transportation under precise conditions to maintain their quality and
effectiveness. Pharmaceutical companies, for example, rely on chemical tankers
to safely transport active pharmaceutical ingredients (APIs) under controlled
conditions. Similarly, the growth of the agriculture sector depends on the
transportation of fertilizers and agrochemicals, which necessitate specialized
transport solutions due to their nature and potential impact on crops and soil.
Growth in Technological Advancements
The global chemical tanker industry has witnessed
significant transformations over the years, driven primarily by the rapid pace
of technological advancements. As industries worldwide continue to evolve, the
chemical tanker sector is embracing innovative technologies to enhance safety,
efficiency, and environmental sustainability. A pivotal area where
technological advancements have made a substantial impact is in the design and
construction of chemical tankers themselves. Modern chemical tankers are
engineered with advanced hull designs that optimize stability, fuel efficiency,
and cargo capacity. Computational fluid dynamics (CFD) simulations are employed
to model the vessel's behavior under various conditions, enabling designers to
create vessels that can navigate challenging weather and sea conditions more
effectively. Additionally, the utilization of lightweight and
corrosion-resistant materials improves the vessel's structural integrity and
longevity. The incorporation of digital twin technology further facilitates
real-time monitoring and predictive maintenance, ensuring optimal vessel
performance. Furthermore, real-time monitoring systems equipped with sensors
and data analytics capabilities provide precise information regarding cargo
conditions and vessel performance. This data-driven approach enhances
operational efficiency, minimizes cargo loss, and improves safety by detecting
anomalies and potential issues in a timely manner. Automation technologies are
being deployed in various aspects of chemical tanker operations, including
navigation, cargo handling, and maintenance. Automated loading and unloading
systems streamline port operations, reducing turnaround times and optimizing
resource utilization. Remote operation technologies enable centralized control
and monitoring of multiple vessels from onshore locations, enhancing
operational efficiency while minimizing crew exposure to hazardous conditions.
Advances in propulsion systems, such as the development of liquefied natural
gas (LNG)-powered vessels, have significantly reduced greenhouse gas emissions
and air pollutants. LNG propulsion provides a cleaner alternative to
conventional marine fuels, aligning with stricter international regulations
aimed at reducing the maritime industry's carbon footprint. As chemical tanker
operations become increasingly digitized, cybersecurity has emerged as a
critical concern. The integration of digital technologies exposes vessels to
potential cyber threats, which can compromise operational safety and data
security. To address this, the industry is investing in robust cybersecurity
measures and training to safeguard vessels' digital systems from unauthorized access
and potential cyberattacks.
Download Free Sample Report
Key Market Challenges
Volatility
in Oil Prices and Energy Transition
The global chemical tankers
market is a vital component of the logistics network that ensures the safe and
efficient transportation of chemicals, petroleum products, and industrial gases
across the world's seas and oceans. One of the enduring challenges faced by the
global chemical tankers market is the unpredictable nature of oil prices. The
chemical tanker industry is closely linked to the energy sector, as it
transports various petroleum products such as crude oil, refined products, and
petrochemical feedstocks. Sudden shifts in oil prices can impact production and
consumption patterns, directly affecting the demand for chemical tanker
transportation. Volatile oil prices can impact the profitability of chemical
tanker operators. Rapid increases in fuel costs can erode profit margins,
especially when freight rates are not adjusted immediately to account for the
rise in operational expenses. As economies shift toward renewable energy
sources and electric mobility, the demand for traditional petroleum products
may decrease. This could impact the demand for chemical tankers transporting
fossil fuels. The energy transition drives the need for new chemicals and
alternative feedstocks, such as bio-based materials and renewable chemicals.
Chemical tankers will need to adapt to carry these emerging products safely and
efficiently.
Geopolitical
Risks and Trade Disruptions
The global chemical tanker
industry, an essential link in the supply chain of chemicals and petroleum
products, faces a myriad of challenges, among which geopolitical risks and
trade disruptions stand out prominently. One of the foremost geopolitical
challenges confronting the chemical tanker market is the imposition of trade
embargoes and sanctions. When nations enforce trade restrictions on particular
countries, the movement of chemicals and petroleum products may face
significant disruptions. Tanker operators and companies engaged in chemical
transportation may encounter the need to navigate intricate legal frameworks to
ensure adherence to sanctions, which could result in interruptions to
established trade routes. Geopolitical dynamics can impact regulations that
govern the shipping industry. Changes in environmental standards, safety
regulations, or maritime policies due to political shifts can necessitate
costly modifications to tanker fleets and operational procedures. This
regulatory variability can lead to operational uncertainty and increased
compliance costs.
Key Market Trends
Eco-Friendly
Operations and Green Technologies
To prevent the introduction
of invasive species through ballast water, chemical tanker operators are
investing in ballast water treatment systems. These systems remove or
neutralize harmful organisms, ensuring that only clean water is discharged back
into the sea. Scrubber technology allows vessels to reduce sulfur emissions by
washing exhaust gases before they are released into the atmosphere. As sulfur
emissions regulations become more stringent, scrubbers offer a viable solution
for compliance. Incorporating energy-efficient designs, such as hull
optimizations and advanced propulsion systems, chemical tankers can reduce fuel
consumption and emissions. These innovations enhance vessel performance while
simultaneously lowering operational costs. Moreover, some chemical tanker
operators are exploring the integration of renewable energy sources, such as
solar panels and wind turbines, to supplement onboard power generation. These
technologies contribute to reduced reliance on fossil fuels and minimize
emissions during operation.
Evolution of Shipping Routes
As
the world becomes more interconnected and industries continue to grow, the
routes taken by chemical tankers are adapting to accommodate changing demand
patterns, optimize efficiency, and address environmental concerns. The
emergence of new economic powerhouses and changes in global supply chains have
led to shifts in trade dynamics. Traditional routes are being reconfigured to
accommodate growing demand from different regions. Shipping routes have
expanded to include not only well-established trade lanes but also emerging
markets, influencing the flow of chemicals and raw materials. The melting
Arctic ice has opened up new possibilities for shipping routes, particularly
the Northern Sea Route and the Northwest Passage. While still facing challenges
related to ice conditions and infrastructure, these routes offer shorter paths
between Europe, Asia, and North America. Arctic shipping could significantly
impact the chemical tanker industry by providing more direct routes and reduced
voyage times. Furthermore, the development of port infrastructure plays a
crucial role in shaping shipping routes. Ports with advanced facilities for
chemical cargo handling influence route decisions, enabling direct shipments to
market and minimizing the need for intermediate transshipment.
Segmental Insights
Product
Type Insights
In 2022, the chemical tankers market was dominated by the Vegetable
Oils & Fats and is predicted to continue expanding over the coming
years. Vegetable oils and fats are traded on a global scale, with
production and consumption occurring in different regions. This necessitates
the movement of these commodities across oceans and continents, often requiring
specialized transportation solutions. Many vegetable oils and fats are
sensitive to temperature fluctuations. Maintaining the appropriate temperature
during transportation is crucial to preserving the quality and integrity of the
cargo. Chemical tankers are designed with advanced temperature control systems
that allow for the transportation of temperature-sensitive goods, making them a
preferred choice for vegetable oil and fat shipments.
Fleet Type Insights
In 2022, the chemical tankers market was dominated by IMO Type 2
segment and is predicted to continue expanding over the coming years. The IMO 2
fleet type division of the Chemical Tanker Market is projected to exhibit the
highest compound annual growth rate (CAGR) in terms of value and volume during
the estimated period. The growth of the IMO 2 fleet type segment in the
Chemical Tanker Market can be attributed to the utilization of IMO 2 Chemical
Tankers for transporting vegetable oils & fats, as well as various types of
chemicals such as alcohols, alkanes, and alkyl amide. Additionally, the
increasing demand for bio-based lubricants is expected to drive the growth of
the IMO-2 carrier chemical tanker market.
Download Free Sample Report
Regional Insights
The Asia Pacific region has established itself as the leader in the Global Chemical Tankers Market. The regional market growth can be largely attributed to the presence of well-established and large chemical industries in countries such as China, Indonesia, South Korea, and Japan. This is further complemented by the growing investments in exploration activities aimed at developing new product applications. Moreover, ongoing infrastructure development projects in the APAC region, including the construction of new ports, terminals, and petrochemical complexes, are creating growth opportunities for the market. Improved infrastructure enables efficient handling and transportation of chemicals, thereby enhancing the overall logistics capabilities in the region.
Recent Developments
- In April 2023, E&S Tankers unveiled its newly developed dual-fuel
stainless steel parcel chemical tanker, along with options for an additional
four vessels. These state-of-the-art vessels have been meticulously designed to
optimize equipment and hull design, resulting in significantly enhanced energy
efficiency.
- In September 2021, Aurora
Tankers, introduced new 50,000 DWT IMO II MR Chemical Tanker. The construction
of company’s new tankers is being developed, conceptualized, and supervised by
the IMC Shipping new-building consultancy. They are also equipped with the
high-tech real-time performance monitoring systems and allow the vessels to
deliver more efficient energy consumption.
Key Market Players
- Mol Chemical Tankers Pte. Ltd.
- Nordic Tankers A/S
- Wilma International Ltd.
- Misc Berhad
- Team Tankers International Ltd.
- Iino Kaiun Kaisha, Ltd.
- Laurine Maritime
- Aurora Tankers Management Pte. Ltd.
- Tokio Marine Asia Pte. Ltd.
- PT Berlian LAju Tanker Tbk
|
By Product Type
|
By Fleet Type
|
By Fleet Material
|
By Region
|
|
•
Organic Chemicals
•
Inorganic Chemicals
•
Vegetable Oils & Fats
•
Others
|
•
IMO Type 1
•
IMO Type 2
•
IMO Type 3
|
•
Stainless Steel
•
Coated
|
• Asia Pacific
• North America
• Europe
• Middle East & Africa
• South America
|
Report Scope:
In this report, the Global Chemical Tankers Market has been segmented
into the following categories, in addition to the industry trends which have
also been detailed below:
·
Chemical Tankers Market, By Product Type:
o Organic Chemicals
o Inorganic Chemicals
o Vegetable Oils & Fats
o Others
·
Chemical Tankers Market, By Fleet Type:
o IMO Type 1
o IMO Type 2
o IMO Type 3
·
Chemical Tankers Market, By Fleet Material: