The global chemical tanker market is witnessing continued improvements according to Fact.MR on the backdrop of increasing overall seaborne trade and rising overall fleet of key operators. The size of the global chemical tanker market is expected to reach nearly USD 5 billion in 2019, whereas, the global chemical tanker shipping industry is expected to reach more than US$ 28.5 Bn in 2019. High concentration of chemical manufacturing industries and growing demand for industrial grade chemicals around the world are some of the main reasons for the development of the chemical tanker market. The development of Shale gas is one of the key variables that has had a positive impact on chemical tanker market growth. Organic chemicals such as alcohols, propene, acetic acid, benzene, benzyl acetate, methanol, and phenol are some of the essential chemicals that are being shipped through chemical tankers all around the world. Countries such as the U.S., China, Germany, and Russia are some of the main exporters of chemicals and are anticipated to promote global trade through chemical tankers which will give the chemical tanker market an impetus in the coming years.
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The global chemical tanker market garners maximum profit through the shipping of chemicals and its associated products. The booming chemical industry and the growing production capacity of chemical manufacturers are driving the demand for chemical tankers around the globe. The chemical tanker market in U.S. is likely to develop at a high pace owing to a large number of shipbuilders and fleet owners, availability of raw materials, and capital inflows from multinational businesses. Although exports showed a declining trend in 2016, taking into account the value of the dollar and the worldwide financial stoppage, the export market is anticipated to catch up in the coming years. In 2017, the U.S. accounted for about 17% of global chemical shipments. Innovative capacity additions in the industry, which will also be used for exports, are expected to boost the demand for chemical tankers during the forecast period. The growing chemical tanker market in Asia Pacific is one of the most important areas of development owing to the existence of new entrants and emerging players in the region.
IMO-1 tankers are generally used in the transportation of sophisticated products such as crude oil. With advancements in technology, IMO-2 carriers are mainly used for the transportation of bulk chemicals, including animal oils, vegetables and fats. Increased demand for bio-based lubricants is expected to increase the chemical tanker market volume of IMO-2 carriers. IMO-3 chemical tankers are used to transport chemical products with high safety and environmental hazards. IMO-3 overshadowed the global chemical tanker market in 2018 and is expected to remain dominant over the forecast period as well.
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Slow growth in the manufacturing of crude oil and the formulation and execution of petroleum bunkering laws such as the conduct of proper risk assessments and having appropriate drip and spill containment functionality is a constraint in the global chemical tanker market. Low global crude oil prices and decreased capital investment for exploration over the last few years have resulted in a slow development of the crude oil market. Moreover, low investments in the exploration and manufacturing of crude oil in the US between 2014 and 2017 has had an impact on the manufacturing of shale oil in the nation. Oil production has also reduced in China due to the low oil price setting in the nation. The aforementioned factors are expected to halt the growth of the global chemical tanker market during the forecast period.
The chemical tanker majors such as Stolt- Nielsen, Odfjell, MOL Nordic Tanker, Navig8 Tanker and Team Tanker secured eminent positions in the global chemical tanker market. Top operators hold a total fleet of more than 370 tankers.
North America is expected to attract new competitors to the chemical tanker market due to a boom in shale gas. The region is expected to have a positive impact on the production of ethylene, which is also expected to boost the supply of organic chemicals worldwide. Resilient exports from the U.S. and the Middle East have been key drivers, which has also had an impact on other trade routes.
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