Chemical tanker is a type of tanker, designed to transport large amount of chemical from one place to another. It is required to fulfill safety aspects as many chemicals are flammable and toxic. Additionally, it is required mandatory compliance with the International Bulk Chemical Code (IBC Code). These chemical tankers are commonly used for carrying vegetable oils & fats, organic chemicals, inorganic chemical, and others (additives, lube oils, and molasses).
According to study, “Global Chemical Tanker Shipping Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global chemical tanker shipping market are Stolt-Nielsen, Navig8 Chemical Tankers Inc., Odfjell, IINO Kaiun Kaisha, Ltd., Maersk Tankers, Navios Maritime Acquisition Corporation, Stena Bulk, MOL Nordic Tankers A/S, Petronav Caspian Sea marine services Pvt. Ltd, Uni-Tankers A/S, Alaska Tanker Company., Düzgit Group, Algoma Central Corporation, UPT United Product Tankers GmbH & Co. KG Industry, Groupe Desgagnés. Participants have adopted innovative strategies related to environment protection owing to stringent regulations. They are also focusing on quality management and safe transportation techniques.
Based on product, chemical tanker shipping market is segmented into vegetable oils & fats, organic chemicals, inorganic chemicals and others (lube oils, additives, and molasses). Vegetable oils & fats segment holds major share in market owing to rise in usage in culinary applications, pet food additives, biodiesel, as well as manufacturing soaps, candles, perfumes, skin products and other personal care products. Organic chemicals segment is expected to witness higher growth rate due to the presence of its wide range of applications in pesticides, personal care, pharmaceuticals, food & beverages, water treatment, and other sectors during the forecast period. Based on shipment, market is segmented into inland chemical tankers (1,000-4,999 DWT), coastal chemical tankers (5,000-9,999 DWT), and deep sea chemical tankers (10,000-50,000 DWT). The deep-sea chemical tankers are gaining positive growth as a result of their offering for huge number of chemicals segregation. Based on cargo type, market is segmented into IMO I, IMO II and IMO III. The IMO I cargo type tankers are used for shipping most hazardous chemicals. IMO type II cargo type tankers are used to ship less hazardous chemicals, and the IMO type III cargo type tankers are used to ship the least hazardous varieties of chemicals. Of these, the IMO type II and type III cargo chemical tankers are most generally used as compared to the IMO type I tankers as type I tankers require modern equipment, exhaustive and complex arrangements, and well-trained resources for transportation. In addition, based on type of coating, market is segmented into stainless steel tanks, epoxy coated tankers and others. Stainless steel tanks are commonly utilized for transportation of aggressive acids, for instance sulfuric and phosphoric acid. Whereas, epoxy coated chemical tankers are utilized for transportation of vegetable oil.
The chemical tanker shipping market is driven by rise in manufacturing activities, followed by increase in rules & regulations associated with safety shipments, growth in demand for chemicals, increase in concern among population about healthy & hygienic food and low cost of crude oil. However, increase in geopolitical issues among the countries and various oil bunkering regulations may impact the market. Moreover, rise in trade activities is a key opportunity for market.
Based on geography, the North-American region dominates the chemical tanker shipping market owing to growth in refinery & petrochemical market and increase in investment towards the development of sea transportation infrastructure in the region. The Asian-Pacific and European regions are predicted to witness higher CAGR due to rise in gross domestic products (GDPs), less strict government policies and low cost of material over the forecast period. In upcoming years, it is anticipated that future of the market will be bright caused by presence of various top chemical manufacturers and rise in development of shale gas industries during the forecast period.
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Ankur Gupta, Head Marketing & Communications