The Global Chemical Tanker Shipping Market Size was valued at USD 91.4 Billion in 2023 and is anticipated to reach USD 789.7 Billion by 2032 with a CAGR of 27.4% from 2024 to 2032.

Chemical tanker shipping is defined as the carriage of liquid chemicals in bulk in chemical tankers that are built specifically for this purpose. These vessels have the advanced system to manage the type of products like petrochemicals, acids, alcohols, and edible oil safely. Chemical tankers are sub-divided based on their size and operating capacity and type of cargo that they are going to transport which includes product tankers, parcel tankers, stainless-steel tankers etc. Compartments arrangements and heat treatment technologies are employed for securing the delivery of specific or flammable products and meet the requirements of MARPOL and IMDG codes.

The chemical tanker shipping market is relevant to global commerce, which allows industries to import chemical and raw materials and export finished chemical goods across the world. The major participants in the industry are always keen to meet the set environmental and safety concerns while at the same time improving the sector’s performance. These factors include but not limited to global industrialization, trade volumes and new innovations in the design of tankers to shape the chemical tanker shipping market and remain a crucial part of the chemical supply chain.

Chemical Tanker Shipping Market Dynamics

The Chemical Tanker Shipping Market is stimulated by the rising need for chemicals in various sectors including production of drugs, food and manufacturing of chemicals and petroleum products. The chemical industry has expanded worldwide and the volumes of liquid chemical traded has increased, thus giving rise to a strong demand for specialized tanker IMO 3. As more and more emerging markets, especially in Asia-Pacific, are experiencing industrialization and urbanization, there is demand for better and faster chemical transport. Also, the emergence of new chemical manufacturing clusters and liberalization policies in countries such as China and India strengthens the market trends.

They include new tanker design and technology on the supply side that is improving the safety of chemical transport. Today’s chemical tankers are fitted with multi-compartment facilities that allow for the carriage of different chemicals at one time without interacting with each other. Legal requirements are the key to innovation in the industry as adopted by the International Maritime Organization (IMO). However, volatility in crude oil prices and shipping costs, besides other political risks that are associated with different markets, seem to threaten market growth, as they are core determinants of operating costs and revenues.

The market also offers opportunities through the continuing shift towards environmentally friendly shipping. Environmental concerns have forced the industry to embrace energy efficient tankers and other fuels to reduce the impact of chemical shipping business on the environment. Furthermore, modern trends like fleet digitalization, including predictive maintenance and advanced routing, help the operators increase the cost-effectiveness of the IMO 3 provided and ensure higher reliability of the IMO 3 provided. All these dynamics actuate the chemical tanker shipping market and, therefore, play an important role of facilitating the flow of liquid chemicals around the globe.

Global Chemical Tanker Shipping Market Segment Analysis

Chemical Tanker Shipping Market By Fleet Type

·       IMO 1

·       IMO 2

·       IMO 3

The chemical tanker shipping market of the IMO 2 fleet segment remained the largest in 2023, capturing more than 51% of the entire market. IMO 2 tankers are mainly used for products which are less hazardous to the environment such as chemicals, vegetable oils, fats and so on, it is useful in most industries. They have enjoyed higher efficiency and flexibility in operation that has greatly enhanced their market supremacy.

The major part of the IMO 2 segment could be explained by the increasing need for the shipping of a wide variety of chemical goods which, though, are rather dangerous but do not fall under the category of highly hazardous. This includes the shipping of materials such as alkenyl amide, alkanes and alcohols, vegetable oils and fats. This adaptability of IMO 2 tankers to various types of cargo has further placed them strategically in the chemical tanker shipping business.

Chemical Tanker Shipping Market 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)

According to the data from the chemical tanker shipping industry in 2023, the chemical tanker with 10,000-50,000 DWT was the largest market share. These vessels are required for moving huge amounts of chemicals over international waters to meet the needs of the global economy. They have a large carrying capacity and modern technology, thus used for the transportation of chemicals over long distances.

The control of deep-sea tankers is due to growth of the chemical business and the boom in the exportation business that requires long distance transportation. Due to their capacity to transport different chemical consignments over long distances, they are a critical component of the global chemical transport system.

Chemical Tanker Shipping Market By Application

·       Organic Chemicals

·       Inorganic Chemicals

·       Vegetable Oils & Fats

·       Liquified Gases

·       Others

According to the chemical tanker shipping market forecast, the organic chemicals segment is expected to dominate the industry during the forecast period of 2024-2032. This growth is as a result of rising demand of organic chemicals around the world which find their applications in sectors like pharmaceuticals, plastics, and agrochemicals among others. These industries’ growth requires effective transportation logistics, which in turn increases the need for chemical tankers that transport organic chemicals.

Further, the higher production capacities, especially from the emerging markets, have enhanced the volumes of shipment of the organic chemicals. When manufacturers are increasing production of goods to cater for local and export markets, chemical tanker shipping becomes more reliant due to distribution of organic chemicals.

Chemical Tanker Shipping Market Regional Analysis

In North America, the increasing production of shale gas-derived chemicals is significantly boosting the demand for chemical tanker shipping services to cater to both domestic and international markets. The region is also witnessing a strong shift towards sustainability, with industry players adopting eco-friendly technologies and exploring alternative fuels to modernize their fleets, aligning with global environmental standards. These advancements not only reduce the carbon footprint but also enhance operational efficiency in the shipping of chemicals.

The Europe chemical tanker shipping market stands out as a lucrative region, fueled by geopolitical developments, large-scale investments in advanced port infrastructure, and a rising demand for specialized chemicals in key sectors like agriculture, electronics, and pharmaceuticals. Additionally, the market is experiencing a growing need for transporting niche, high-value products that require customized shipment solutions, further driving innovation and market expansion.

Asia Pacific is poised to lead the global chemical tanker shipping market growth during the forecast period. Rapid economic development in countries like India, China, and Japan, coupled with their increasing industrialization, has spurred a rising demand for efficient chemical transportation. The robust growth of the oil and gas sector and the escalating need for petrochemicals and pharmaceutical chemicals in the region are key factors accelerating this expansion. These trends highlight Asia Pacific's critical role in shaping the future of the chemical tanker shipping industry.

Chemical Tanker Shipping Market Leading Companies

The Chemical Tanker Shipping market players profiled in the report is Ardmore Shipping Corporation, Bahri, Hafnia, IINO KAIUN KAISHA, LTD., Iino Marine Service Co., Ltd, MISC Berhad, MOL CHEMICAL TANKERS PTE. LTD, Navig8 Chemical Tankers Inc., Odfjell, Stolt-Nielsen, Team Tankers International Ltd., Tokyo Marine Asia Pte Ltd., and Ultrabulk.

Chemical Tanker Shipping Market Regions