Latest News - Chemical Tanker Market: Organic chemicals are expected to lead the Product segment during 2025-2029

The Chemical Tanker Market is being driven by Increase in LNG tanker transportation

The Chemical Tanker Market is expected to grow at a CAGR of 5.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 11581.8 million. In the maritime industry, two-stroke diesel engines have supplanted steam turbine engines due to their greater economic efficiency for commercial applications. Recent technological advancements have resulted in the creation of cross-compound double-reduction steam turbines, which boast a smaller footprint in ship engine rooms. These steam turbines offer the added benefit of easy astern movement, generating up to 50% of the output power in reverse. The implementation of controllable pitch propellers (CPP) on tanker vessels enables efficient propulsion in both forward and astern directions without altering the engine's rotation, thereby maximizing power generation. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Organic chemicals
  • Vegetable fats and oils
  • Inorganic chemicals
  • Others
• Type
  • Inland
  • Coastal
  • Deep sea
• Vessel Orientation
  • IMO 3
  • IMO 2
  • IMO 1
• Geography
  • APAC
    • Australia
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • France
    • Germany
    • Spain
    • The Netherlands
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in LNG tanker transportation
• Continuous development in chemical industries
• Rising demand for vegetable oils and fats

However, the market also witnesses some limitations, which are as follows:

• Fluctuation in Baltic Dry Index (BDI)
• Decrease in crude oil production
• Volatility in operational and maintenance costs of chemical tankers

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Market Scope in Chemical Tanker Market Research Report

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Research Analysis Overview

The Chemical Tanker Market encompasses the transportation of both bulk and liquid cargos, primarily chemicals, requiring specialized storage solutions and cargo segregation. Tanker design, construction, maintenance, and repairs ensure safe and efficient cargo loading and unloading. Maritime finance and shipping finance facilitate vessel financing, while charter parties dictate terms through time charters or voyage charters. Shipping agents manage logistics, and maritime law governs disputes. Safety measures include tanker safety audits, pollution prevention, oil spill response, and emergency preparedness. Digital advancements offer vessel performance optimization, operational cost reduction, vessel tracking systems, remote vessel management, autonomous shipping, digital twin technology, and smart shipping. Energy efficiency measures, carbon footprint reduction, alternative propulsion systems, maritime cybersecurity solutions, crew competency, maritime labor, and seafarer welfare are essential for sustainable and efficient operations.

Market Research Overview

The chemical tanker market is a significant segment of the larger oil and gas storage and transportation industry, focusing on the transportation and handling of chemicals, including hazardous materials. This sector is a crucial component of the oil and gas value chain, responsible for ensuring the safe and efficient movement of these substances. According to Technavio, market growth will be driven by factors such as escalating energy demand, depleting fossil fuel reserves, volatile fuel prices, and stringent IMO regulations. In addition, the need for effective ship management and maritime logistics solutions to ensure cargo handling and tank cleaning processes adhere to safety standards further bolsters market expansion. The global chemical tanker market size is determined by the combined revenues generated from the provision of equipment, supplies, and services to manufacturers and providers in this sector. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/