New York, NY -- (SBWire) -- 05/06/2021 --The increasing chemical trade agreements and growing manufacturing activities across the globe are propelling the demand for chemical tanker shipping market.
Market Size – USD 217.71 Billion in 2018, Market Growth - CAGR of 1.8%, Market Trends – Evolution of shale gas.
The global Chemical Tanker Shipping Market is forecast to reach USD 257.27 Billion by 2027, according to a new report by Reports and Data. The variety of chemicals transported in bulk in the past years has expanded significantly, and special varieties of ships are used extensively to meet the need.
Factors driving the market for chemical tankers shipping are, a rise in chemical trade agreements among the countries, increasing regulation regarding the safe shipment, and an increase in manufacturing activities. Moreover, awareness regarding product hygiene is another factor propelling the demand for the product.
China is the largest consumer in the APAC region for organic chemicals. In 2018, multiple trade routes started from China that propelled the demand for the market. The rising trade tension with the U.S. and China, due to the latter imposing tariffs and anti-dumping duties, has affected the global market. It is anticipated to impact the sector profoundly by causing disruption and change in trade flows in the coming years.
Key participants include Odfjell SE, Iino Kaiun Kaisha, Ltd., Stolt-Nielsen Limited, Navios Maritime Acquisition Corp., Stena Bulk, Nordic Tankers, Island Tug And Barge Ltd., Navig8 Chemical Tankers Inc., Petronav Ship Management Limited (PSL), and Algoma Central Corporation, among others.
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Further key findings from the report suggest
- As the IMO sulfur cap begins in January 2020, the chemical tankers are expected to take a hit with the changes in fuel cost. However, they are expected to find benefits as well, with the myriad of new fuels, they will be transporting from refineries to the bulk storage facilities.
- Organic chemicals are acquired from hydrocarbon sources such as natural gas and oil. They are primarily used as feedstock for the production of other chemicals or for products such as plastics, fibers, pesticides, and rubber.
- Deep-Sea chemical tankers has registered enormous growth in the year 2018. They are gaining positive growth owing to their offering for a large number of chemicals segregation. In addition, the consolidation and digitalization in the deep-sea chemical tanker are likely to affect the chemicals tanker market positively with the replacement of conventional fleet in the forecast period.
- IMO III held a significant market share on the basis of extensive applications of organic or natural compounds in multiple industries. As these tankers are not limited with any restriction on the cargo quantity, it is the most preferred tanker type among all the three.
- North America is forecasted to grow with a CAGR of 1.5% during the forecast period. The chemical production is expected to grow owing to the advent of shale gas along with low prices in the region. Most of the producers in the region are trying to branch out and reach the European and Asian market, which is expected to increase the lengthy route freight movement.
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For the purpose of this report, Reports and Data have segmented into the global Chemical Tanker Shipping market on the basis of product, type of cargo, route of shipment, and region:
Product Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
Vegetable oils & fats
Organic chemicals
Inorganic chemicals
Other chemicals
Type of Cargo Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
IMO I
IMO II
IMO III
Route of Shipment Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
Oil
Industrial
Specialist Chemical
Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
North America
Europe
Asia Pacific
MEA
Latin America
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Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2027
Chapter 3. Indicative Metrics
Chapter 4. Chemical Tanker Shipping Market Segmentation & Impact Analysis
4.1. Chemical Tanker Shipping Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Advent of shale gas
4.2.2.2. High demand for chemicals
4.2.3. Market restraints analysis
4.2.3.1. Unstable political conditions
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
….
Chapter 9. Competitive Landscape
9.1. Market Revenue Share By Manufacturers
9.2. Manufacturing Cost Breakdown Analysis
9.3. Mergers & Acquisitions
9.4. Market positioning
9.5. Strategy Benchmarking
9.6. Vendor Landscape
Chapter 10. Company Profiles
10.1. Odfjell SE
10.1.1. Company Overview
10.1.2. Financial Performance
10.1.3. Technology Insights
10.1.4. Strategic Initiatives
10.2. Iino Kaiun Kaisha, Ltd.
10.2.1. Company Overview
10.2.2. Financial Performance
10.2.3. Technology Insights
10.2.4. Strategic Initiatives
10.3. Stolt-Nielsen Limited
10.3.1. Company Overview
10.3.2. Financial Performance
10.3.3. Technology Insights
10.3.4. Strategic Initiatives
10.4. Navios Maritime Acquisition Corp.
10.4.1. Company Overview
10.4.2. Financial Performance
10.4.3. Technology Insights
10.4.4. Strategic Initiatives
10.5. Stena Bulk
10.5.1. Company Overview
10.5.2. Financial Performance
10.5.3. Technology Insights
10.5.4. Strategic Initiatives
Continue….
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Chemical Tanker Shipping Market Size, Statistics, Business Opportunities, Competitive Landscape and Industry Analysis Report by 2027
The global chemical tanker shipping market is forecast to grow at a rate of 1.8% in terms of value, from 2019 to reach USD 257.27 Billion by 2027, according to a new report by Reports and Data.