chemical tanker market

Chemical tankers are cargo ships designed and used to transport any liquid chemicals, petroleum products, and other hazardous and non-hazardous chemical substances in bulk. They are the crucial type of transport when it comes to transporting the commodities that meet the world’s energy needs from point A to point B.

Chemical tankers usually contain distinct cargo tanks that are either made of stainless steel or coated with a particular coating like phenolic epoxy or zinc paint. These tanker vessels comprise particular features and safety standards to ensure the security and efficiency of the transportation of various chemicals.

Main Characteristics of Chemical Tankers

  1. Heating coils: Chemical tankers include a tank heating system that maintains the viscosity of several cargoes. By using convection to move the fluid in the tank, these coils warm the cargo.
  2. Double-hull construction: modern chemical tankers feature a double-hull structure that improves safety and reduces the risk of environmental damage in case of accidents.
  3. Transverse stiffeners on deck: Chemical tankers often have transverse stiffeners on deck instead of inside the cargo tanks, making the tank walls smooth and easier to clean through permanently equipped tank cleaning machines.
  4. Venting Systems: Chemical tankers have venting systems to manage and control vapors because chemicals usually emit vapors during moving, which can be dangerous if not managed correctly.

Understanding Market Potential

The global chemical tanker market was valued at USD 32.18 billion in 2022 and is expected to reach USD 47.07 billion at a CAGR of 4.08% during the forecast period.

Rising investments in port infrastructure and terminal facilities which can lead to enhanced turnaround times, lower congestion, and improved cargo handling capabilities, and the launch of several novel tankers meeting safety and regulatory standard, is fostering the chemical tanker market growth. For instance, in April 2023, Fairfield Chemical Tankers launched its first LNG-based stainless steel tanker named “Fairchem Pioneer”, which is more effective in reducing CO2 emissions by 25 percent than conventional fuels. The newly new LNG DF vessels also underline the company’s commitment to deliver environmentally approved tanker operations.

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Advantages of Chemical Tankers

Some of the key advantages of chemical tankers include:

  • Specialized Design
  • Ensure the safe transportation
  • Versatility
  • Efficient Transportation
  • Time and Cost Savings
  • Low environmental impact

Key Trends Influencing the Market Growth

  • The growing rate of industrialization, urbanization, and demand for various chemical products fuels the necessity for carrying chemicals from production facilities to distribution hubs and end-users.
  • The market is primarily segmented based on type, material, tanker capacity, and region.
  • By type, organic chemicals category held the market revenue share in the chemical tanker market in 2022
  • By material, stainless steel accounted for the greatest share in 2022
  • By tanker capacity, the 10,000 to 19,999 DWT category is anticipated to show the largest growth throughout the forecast period
  • Based on geography, the Asia Pacific region witnessed the largest chemical tanker market share in 2022

The development of the regional market can be partly attributable to the existence of developed and substantial chemical industries in nations like China, Indonesia, South Korea, and Japan, as well as the rising investments in exploratory activities to create new product applications. In addition, ongoing infrastructure development projects in the APAC region, such as the construction of new ports, terminals, and petrochemical complexes, are opening new growth opportunities for the chemical tanker market.

Conclusion

Chemical tankers have a crucial role in the global chemical supply chain, ensuring the safety and efficient transportation of liquid chemicals across the seas. With rising technological developments, chemical tankers remain an important component of global trade. A surge in innovations in cargo handling systems, navigational tools, and safety precautions that increase the effectiveness, dependability, and safety of chemical tankers and draw funding for fleet modernization are some of the prominent factors likely to boost the chemical tanker market growth during the forecast period.

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By Ankita Padiyar

Ankita Padiyar likes to play with words! She has been working in the content industry, with expertise in SEO content, social media content, website content, blogs, and articles for over 5 years. In addition to content writing, Ankita is a content publisher too, with hands-on experience with different CMSs. She works closely with B2B and B2C companies delivering engaging content that converts viewers into customers. She believes in "Dream Big" and thrives to achieve those dreams. When she isn’t writing, you can find her spending quality time with her 2-year toddler. Also, in her free time, she loves to explore new places. Don’t miss connecting with her on LinkedIn for networking!