Global Chemical Tanker Shipping Market Size Likely to Reach at a CAGR of 4.1% By 2033

As per the current market research conducted by CMI Team, the global Chemical Tanker Shipping Market size is expected to record a CAGR of 4.1% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 36,034.4 Million. By 2033, the valuation is anticipated to reach USD 51,733.8 Million.

Chemical Tanker Shipping Market: Growth Factors and Dynamics

• Increased Global Chemical Production: The growth of chemical production worldwide, driven by industrialization, population growth, and demand for various consumer products, is a significant factor propelling the chemical tanker shipping market. As chemical manufacturing expands across regions, there is a greater need for efficient transportation of raw materials, intermediates, and finished products, which boosts demand for chemical tanker services.

• Specialization and Technological Advancements: Technological advancements in vessel design, such as improved tank coatings, inert gas systems, and enhanced safety features, have enabled the transportation of a wider range of chemicals while meeting stringent regulatory requirements. Specialized tankers equipped to handle different types of cargo, including hazardous and high-value chemicals, are increasingly sought after by chemical producers and shippers, driving growth in this segment of the market.

• Globalization and Trade Patterns: The globalization of the chemical industry has led to the expansion of trade flows, with chemicals being transported across regions to meet demand in diverse markets. Shifts in manufacturing centers, sourcing strategies, and trade patterns influence the demand for chemical tanker shipping services. Emerging economies, in particular, are becoming significant players in both chemical production and consumption, contributing to the growth of international chemical trade and tanker shipping activities.

• Stringent Environmental and Safety Regulations: Regulatory requirements governing the transportation of chemicals, particularly hazardous substances, continue to become more stringent globally. Compliance with international conventions such as the International Maritime Organization’s (IMO) MARPOL and the International Code for the Construction and Equipment of Ships Carrying Dangerous Chemicals in Bulk (IBC Code) is essential for chemical tanker operators. Investments in eco-friendly technologies, pollution prevention measures, and safety standards compliance are driving market growth while ensuring sustainability and risk mitigation.

• Shift Towards Specialized Fleet: There is a growing trend towards the development and deployment of specialized chemical tanker fleets tailored to specific cargo requirements and trade routes. Shipowners are investing in vessels designed to transport niche chemical products, liquefied gases, and high-value cargoes, which command premium freight rates. Additionally, the adoption of larger vessels with economies of scale and operational efficiencies contributes to the optimization of fleet performance and competitiveness in the market.

• Market Consolidation and Strategic Alliances: The chemical tanker shipping industry has witnessed consolidation through mergers, acquisitions, and strategic partnerships among major shipping companies. These initiatives aim to achieve economies of scale, enhance operational synergies, and expand market presence. Strategic alliances enable participants to leverage each other’s strengths, share resources, and access new markets, thereby fostering growth and competitiveness in a highly competitive market environment.

Chemical Tanker Shipping Market: Partnership and Acquisitions

• In 2024, Chemship, a Rotterdam-based chemical tanker operator, launched its first ship with wind-assisted propulsion, MT Chemical Challenger. It’s the world’s first chemical tanker with sustainable wind technology. Operating on the Transatlantic route between the US East Coast and the Mediterranean, it underscores Chemship’s commitment to sustainability.

• In 2022, Hafnia sold eight stainless steel vessels to Ace Tankers for USD 252 million, to be delivered by September. These vessels, known for durability and high resistance to rough materials, offer a longer lifespan and remain unaffected by vulnerabilities compared to ordinary tanks.

Report Scope

Chemical Tanker Shipping Market: COVID-19 Analysis

The COVID-19 pandemic has significantly impacted the Chemical Tanker Shipping Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Disruptions in Supply Chains: The COVID-19 pandemic led to disruptions in global supply chains, affecting both the production and distribution of chemicals. Lockdown measures, workforce shortages, and logistical challenges hindered manufacturing operations, resulting in reduced demand for chemical tanker shipping services.

• Shifts in Trade Patterns and Demand Dynamics: COVID-19 prompted shifts in trade patterns and demand dynamics, influencing the flow of chemicals and trade routes. Changes in consumer behavior, industrial activity, and government regulations led to fluctuations in demand for various chemical products, affecting shipping volumes and market dynamics. Moreover, disruptions in the energy markets, particularly oil and gas, had downstream effects on petrochemicals and related chemical products, impacting tanker shipping activities.

• Resilience and Adaptation: The chemical tanker shipping industry demonstrated resilience and adaptability in response to the COVID-19 crisis by implementing proactive measures to mitigate risks and ensure business continuity. This includes implementing enhanced health and safety protocols for crew members, adopting digital technologies for remote operations and communication, and optimizing fleet management and scheduling to adapt to changing market conditions.

• Stimulus Packages and Government Support: Government stimulus packages and support measures aimed at reviving the global economy post-COVID-19 could provide a boost to the chemical tanker shipping market. Infrastructure investments, trade facilitation initiatives, and economic recovery programs may stimulate industrial activity, trade flows, and demand for chemical products, driving the need for tanker shipping services.

• Recovery of End-user Industries: The recovery of key end-user industries, such as manufacturing, construction, automotive, and consumer goods, is essential for the revival of the chemical tanker shipping market. As economic activity rebounds and demand for chemical products picks up, shipping volumes are expected to recover, particularly for essential and high-demand chemicals used in various industrial processes and consumer products.

• Optimization of Supply Chain Resilience: The COVID-19 pandemic underscored the importance of supply chain resilience and risk management in the chemical industry. Stakeholders across the supply chain, including chemical producers, shippers, and logistics providers, are likely to prioritize efforts to enhance supply chain visibility, flexibility, and resilience.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Chemical Tanker Shipping Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the Chemical Tanker Shipping Market:

• Stolt-Nielsen Limited
• Odfjell SE
• Hafnia Limited
• Team Tankers International Ltd.
• Ardmore Shipping Corporation
• Navig8 Chemical Tankers Inc.
• Bahri (National Shipping Company of Saudi Arabia)
• MISC Berhad (Malaysia International Shipping Corporation)
• IINO Kaiun Kaisha Ltd.
• Tokyo Marine Asia Pte Ltd.
• JO Tankers
• Ultrabulk A/S
• Exmar NV
• MOL Chemical Tankers Pte. Ltd.
• IINO Marine Service Co. Ltd.
• Others

The Chemical Tanker Shipping Market is segmented as follows:

By Cargo Type

• Organic Chemicals
• Inorganic Chemicals
• Vegetable Oils & Fats
• Liquefied Gases
• Others

By Size

• Small Tanker
• Medium Tankers
• Large Tankers

By Fleet Type

• IMO 1
• IMO 2
• IMO 3

By Trade Route

• Short-haul Routes
• Medium-haul Routes
• Long-haul Routes

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America