Austin, March 05, 2025 (GLOBE NEWSWIRE) -- According to the SNS Insider report, “The chemical tankers market size was estimated at USD 34.62 billion in 2023 and is expected to reach USD 50.75 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.34% over the forecast period 2024-2032.”
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Key Companies:
- Mitsui O.S.K. Lines, Ltd. (Chemical parcel tankers, IMO II & III tankers)
- Scorpio Tankers Inc. (Medium-range (MR) chemical tankers)
- Nordic American Tankers Ltd. (Suezmax tankers for chemical transport)
- Odfjell SE (Stainless steel chemical tankers, parcel tankers)
- Capital Product Partners L.P. (Product and chemical tankers)
- International Seaways, Inc. (Handysize & MR chemical tankers)
- Hafnia Limited (LR1 & MR chemical tankers)
- Team Tankers International Ltd. (IMO II & III chemical tankers)
- Bahri (The National Shipping Company of Saudi Arabia) (Petrochemical & bulk liquid transport)
- Euronav NV (Chemical and crude oil tankers)
- Maersk Tankers (Stainless steel & coated chemical tankers)
- Navig8 Chemical Tankers (Specialized IMO chemical tankers)
- Tsakos Energy Navigation Ltd. (MR and LR chemical tankers)
- Frontline Ltd. (Aframax & Suezmax chemical tankers)
- Stolt-Nielsen Limited (Parcel tankers, chemical logistics)
- DHT Holdings, Inc. (VLCC tankers for chemicals & crude oil)
- Top Ships Inc. (MR & Handysize chemical tankers)
- Ardmore Shipping Corporation (Eco-design chemical tankers)
- MISC Berhad (Specialized chemical & gas tankers)
- TORM plc (Coated tankers for petroleum & chemicals)
Chemical Tankers Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 34.62 Billion |
| Market Size by 2032 | USD 50.75 Billion |
| CAGR | CAGR of 4.34% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Fleet Type (IMO 1, IMO 2, IMO 3) • By Product (Inland Chemical Tankers (1,000-4,999 DWT), Coastal Chemical Tankers (5,000-9,999 DWT), Deep-Sea Chemical Tankers (10,000-50,000 DWT)) • By Application (Organic Chemicals, Inorganic Chemicals, Vegetable Oils & Fats, Liquified Gases, Others) |
| Key Drivers | • The rising demand for chemicals across pharmaceuticals, agriculture, and manufacturing is driving the need for efficient and advanced chemical transportation solutions. |
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Dominance of IMO 2 Fleet, Deep-Sea Tankers, and Vegetable Oils Transportation in 2023
By Fleet Type: In 2023, the IMO 2 segment held a dominant position in the chemical tankers market, accounting for over 52% of the total market share. IMO 2 tankers are also used for the transport of hazardous chemicals, but they have a medium level of transport security requirements for maritime transport. These vessels allow utmost versatility in shipping a range of chemical products to ensure adherence to the international safety standards. Increasing demand for specialty chemicals, rising petrochemical trade, and several regulations about chemical transport are expected to drive growth for this segment. Also, expanding pharmaceutical and agrochemical sectors have stimulated the demand for IMO 2 tankers. Chemical shipping companies are spending capital expanding their fleets and improving technology to make operations safer and more efficient.
By Product: The deep-sea chemical tankers (10,000-50,000 DWT) segment dominated the market in 2023, with a market share of over 48%. Their lead can be explained with the increasing need for chemicals from industries like plastics, drugs, and agriculture. Demand in the subsegment is supported by rising chemical exports in large manufacturing centers like China, the US, and Europe. In addition, the advancement in environmental and energy-efficient designs of tankers is also attracting investment to deep-sea fleets. Growth in petrochemical and specialty chemical industries is further adding to the demand for this type of vessel and will remain firm in the market.
By Application: In 2023, the vegetable oils and fats segment led the market, capturing over 34% of the total share. The reason is the increasing world demand on edible oils such as palm oil, soybean oil, and sunflower oil, which cannot be separated from food, cosmetics, and biofuels. The vegetable oils are exported from the Asia-Pacific region and more importantly from Indonesia and Malaysia, which are preferred to be carried by the specialized chemical tanker. On top of that, more biodiesel from vegetable oils continues to be produced, leading to a demand for chemical tankers. This segment can also be attributed to the implementation of regulatory policies that ensure the transport of edible oils is hygienic and the production and transportation of such products is sustainable.
North America Leads, Asia-Pacific Surges: Regional Dynamics Shaping the Chemical Tankers Market
North America led the chemical tankers market in 2023, accounting for more than 38% of the total market share. This is because of the high demand for chemical transportation in this region, large port facilities, and proximity to many of the largest chemical manufacturers. The U.S. features prominently leveraging its large petrochemical base and deep trade relationships; Stringent regulations on transportation also play a vital role in ensuring high safety standards, which in turn, extends market growth. Sustained growth in specialty chemicals exports and rising investments for sustainable shipping solutions also help North America emerge with a leadership position in the sector.
Asia-Pacific is witnessing the fastest growth in the chemical tankers market due to rapid industrialization, increasing chemical exports, and expanding refinery capacities. Countries like China, India, and South Korea are major contributors, driven by rising chemical production and trade activities. The region benefits from growing demand for specialty and bulk chemicals, supported by favorable government policies and infrastructure developments in port facilities. Additionally, increasing foreign investments in the chemical and petrochemical industries further fuel the demand for chemical tankers. The expansion of manufacturing sectors and global supply chain integration also accelerate market growth, making Asia-Pacific a key player in the industry.
Recent Development
- In February 2024: Singapore-based Eastern Pacific Shipping, owned by the Ofer family, announced plans to install three 22-meter eSails from bound4blue on the 2019-built chemical tanker Pacific Sentinel later this year.
- In February 2023: Chemship unveiled its first vessel featuring wind-assisted propulsion technology. The MT Chemical Challenger, now operating on the company's Trans-Atlantic route between the U.S. East Coast and the Mediterranean, became the world's first chemical tanker to utilize wind power as a supplementary propulsion source, marking a significant industry milestone.
Table of Contents - Major Key Points:
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Chemical Tankers Market Segmentation, By Fleet Type
8. Chemical Tankers Market Segmentation, by Product
9. Chemical Tankers Market Segmentation, By Application
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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