Chemical Tanker Shipping Market Growth and Future Prospects Analyzed

The global chemical tanker shipping market size was valued at USD 2,072.6 billion in 2016. High concentration of chemical production and increasing demand across the globe is mostly responsible for the market growth. Shale gas evolution is one of the significant factors positively influencing the market growth.
Although exports in 2015 showed a decreasing trend in light of appreciated dollar rates and global economic slowdown, the export market is expected to pick up over the coming years. In 2016, the U.S. accounted for approximately 15% of the worldwide chemical shipments. New capacity additions in the sector, which will also be used for exports, is anticipated to propel the pickup tanker demand over the coming years. 
China chemical tanker shipping market
Falling crude oil prices have still not prompted Organization of Petroleum Exporting Countries, the U.S., Canada, and Russia to decrease their oil production levels, thus crude oil prices are not expected to rise exponentially from 2016 to 2018. Low crude oil cost is projected to improve profit margins of refineries, thus promoting North American oil product trade. In 2016, low oil prices increased oil trade to countries such as China, thereby providing better profitability to vessel owners. 
Organic chemicals have a broad base of applications and entice significant interest due to their potential industrial uses. Engagement of substantial trade activities coupled with low charter rates for waterborne transportation is expected foster the market over the forecasted period. Fleet operators are coming up with innovative technological solutions to drive global chemical tanker supply. Tanker coating plays a crucial role in chemical shipping on account of its hazardous nature and different properties.
Growing consumer concerns for healthy and hygienic food is also expected to drive vegetable/ animal oil and fats trade which in turn is supposed to boost global chemical tanker shipping market over the forecast period. However, the market is restrained by unstable political conditions. Increasing geopolitical issues among the countries are expected to hinder the market growth over the forecast period.
Further key findings from the report suggest:
  • The global chemical tanker shipping market was valued at USD 2.07 trillion in 2016 and is estimated to grow at a growth rate of 2.1% from 2017 to 2025 to reach a market valuation of USD 2.50 trillion
  • Chemical tanker shipping market is concentrated on account of presence of considerable number of fleet operators
  • Competitive freight rates on account of easy availability of containers through freight forwarders and clearing agents places higher power in the hands of buyers
  • Deep sea chemical tanker shipments accounted for the most significant share in 2016 and is projected to grow at the highest CAGR over the coming years on account of extensive international trade
  • IMO III cargo type accounted for the largest volume share in 2016 due to high shipment of vegetable oils & fats and other non-volatile chemicals across regions
  • Asia Pacific accounted for the most significant volume share due to presence of major manufacturing counties such as China and India which have a strong foothold in the chemical industry
  • Chemical tanker shipping companies are expanding their fleets to cater to the growing chemical trade business globally. New entrants in the market are expected to result in excess supply of tankers in the industry, thereby reducing charter rates.
  • Some of the significant chemical tanker charters include Navig8 Group, Odfjell SE, Stolt Nielsen, MSC, Stena Bulk, and Maersk Tankers

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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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