In terms of value, the chemical tankers market is expected to grow at a CAGR of 4.5% from 2017 to 2022
The chemical tankers market is projected to grow from USD 26.63 billion in 2017 to USD 33.11 billion by 2022, at a CAGR of 4.5% between 2017 and 2022. Note: Chemical tankers market includes revenues earned through shipping of chemicals and related products. The flourishing chemical industry and increasing use of water transportation for transferring chemicals from one place to another across the globe are the major driving factors for the growth of the chemical tankers market. The growth of the chemical tankers market is expected to be adversely impacted by the political unrest in the Middle East & Africa region as this region is one of the leading markets for chemical tankers.
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The vegetable oils & fats product type segment of the chemical tankers market is projected to grow at the highest CAGR, in terms of value and volume, during the forecast period
Vegetable oils & fats are among the most significant ingredients used in the food industry across the globe. The continuous increase in the production of vegetable oils & fats to meet their increased demand across the globe has led to the growth of the vegetable oils & fats product type segment of the chemical tankers market. Vegetable oils & fats are getting more popular as they contain a high amount of unsaturated fatty acids than animal fats.
Among fleet types, the IMO 2 segment of the chemical tankers market is projected to grow at the highest CAGR, in terms of value and volume, between 2017 and 2022
IMO 2 tankers are mostly used to carry vegetable oils & fats from one place to another. They can also carry a wide range of chemicals from strong acids to clean petroleum products. The versatility of IMO 2 tankers has led to the growth of the IMO 2 fleet type segment of the chemical tankers market across the globe.
Among fleet materials, the stainless steel segment of the chemical tankers market is projected to grow at the highest CAGR, in terms of value and volume during the forecast period
The demand for chemical tankers made from stainless steel is increasing across the globe as stainless steel offers improved chemical resistance. Moreover, chemical tankers manufactured from stainless steel are easy to clean, thereby leading to the growth of the stainless steel segment of the chemical tankers market.
The Asia Pacific chemical tankers market is projected to grow at the highest CAGR, in terms of volume from 2017 to 2022
The Asia Pacific chemical tankers market is projected to grow at the highest CAGR, in terms of value and volume during the forecast period. The growth of the chemical tankers market in the region can be attributed to the flourishing manufacturing industry in countries such as China, India, Japan, and South Korea of the region. The expanding chemical production facilities in these countries have led to increased demand for chemical tankers to ship various types of chemicals from the region to other parts of the world. Moreover, the increased demand for palm oil and sunflower oil from the region is also fueling the growth of the Asia Pacific chemical tankers market.
Extensive primary interviews have been conducted to determine and verify the size of several segments and subsegments of the chemical tankers market and information gathered through secondary research.
The break-up of primary interviews has been given below:
- By Company Type - Tier 1 – 25%, Tier 2 – 32%, and Tier 3 – 43%
- By Designation – C Level – 23%, D level – 30%, and Others – 47%
- By Region – Asia Pacific – 42%, Europe – 25%, North America – 20%, South America – 9%, and the Middle East & Africa – 4%
Note: The tiers of the companies are defined based on their total revenue in 2016. Tier 1: revenue =>USD 500 million, Tier 2: revenue between USD 100 million and USD 500 million, and Tier 3: revenue =<USD 100 million.
The companies profiled in this market research report include Bahri (Saudi Arabia), Stolt-Nielsen (UK), Odfjell (Norway), Navig8 (UK), MOL Chemical Tankers (Singapore), Nordic Tankers (Denmark), Wilmar International (Singapore), MISC Berhad (Malaysia), Team Tankers (Bermuda), and Iino Kaiun Kaisha (Japan).
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