Market Overview
The market for chemical tanker shipping was estimated to be worth USD 2,072.6 billion in 2016. Most of the market growth can be attributed to the high concentration of chemical manufacturing and rising global demand. One of the key elements favourably affecting the market’s expansion is the development of shale gas.
Despite the fact that exports decreased in 2015 as a result of rising dollar exchange rates and the global economic recession, the export market is anticipated to rebound in the years to come. About 15% of the chemical shipments around the world were made in the U.S. in 2016. Over the next few years, demand for pickup tankers is expected to increase due to new capacity increases in the industry, which will also be used for exports.
Organic compounds have a wide range of uses and generate a lot of attention because of their potential industrial applications. During the anticipated period, the industry is predicted to grow due to significant commercial activity and affordable waterborne transportation charter rates. To support the delivery of chemical tankers around the world, fleet operators are developing cutting-edge technical solutions. Because of its danger and various qualities, tanker coating is essential in the transportation of chemicals.
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A product’s insights
Due to the growing demand for organic chemicals from products like pharmaceuticals, food & drink, pesticides, crop protection, fertilisers, water treatment, personal care & cosmetics, polymers, gasoline additives, and other products, this industry is predicted to have the largest organic chemicals segment. With ethylene serving as the primary raw material, the shale gas boom in North America and China has sparked a rise in the production of organic chemicals in the area.
Due to its expanding use in biodiesel, pet food additives, soap, fragrance, candle, skin care, and other personal care products production, vegetable oils & fats segment is anticipated to become the second fastest-growing segment. This sector includes goods that are traded extensively, particularly for the manufacturing of biodiesel.
Insights on Cargo Types
The primary focus of IMO I tankers is the transportation of complex goods. Because of new creative options for the transportation of such products, the IMO I demand is anticipated to rise with technological improvement. Vegetable/animal oils and fats, as well as bulk chemicals, are typically transported on IMO II carriers. The IMO II carrier market volume is anticipated to rise in response to rising demand for bio-based lubricants.
insights by region
As a result of the massive natural gas production and low prices, North American chemical production has begun to increase, and the firms are preparing to increase their capacity. Mexico, Canada, China, and Belgium receive the largest share of the United States’ overall chemical production. The bulk of North American producers are travelling to markets in Asia and Europe, which is causing a rise in long-distance freight travel in the area.
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