Chemical Tankers: Introduction
- Chemical tankers are cargo ships designed and used to carry liquid chemicals in bulk. Chemical tankers primarily carry industrial chemicals and clean petroleum products. These include palm oil, vegetable oils, tallow, caustic soda, and methanol. Chemicals tankers comprise different types of cargo tanks. Some of these cargo tanks have a specialized coating applied on them such as zinc paint, while others are made from stainless steel. The type of cargo that is carried by chemical tankers depends on the material of cargo tank. Chemical tankers transport hazardous materials of different categories such as major hazards, minor hazards, and harmless hazards.
Key Drivers of Global Chemical Tankers Market
- The chemical tankers market is expected to expand at a significant pace during the forecast period. Increase in need of safe transportation of various chemicals, hazardous products, and products used in the food industry is expected to boost the market in the near future.
- Growth of the chemical industry has fueled the demand for water transportation for transferring chemicals from one place to another across the globe. End-use industries such as food & beverages are opting for chemical tankers for transportation of products such as vegetable oil and fats. Increase in production of vegetable oil and fat to meet the rising demand across the globe is boosting the chemical tankers market.
- Vegetable oil and fats are getting highly popular, as they consist of a higher amount of unsaturated fatty acids compared to animal fats
- Leading market players are investing significantly in research and development of stainless steel chemical tankers with improved chemical resistance. Stainless steel chemical tankers are also easy to clean. This is fueling the chemical tankers market. International Paint has introduced a new coating technology for chemical tankers, which would enhance cargo resistance and provide zero absorption.
IMO-III Tanker Type Segment to Dominate Global Market
- International Maritime Organization (IMO) Type-I chemical tankers carry products that are dangerous in nature and require maximum preventive measures. Type-II chemical tankers transport products that require significant preventive measures. Type-III chemical tankers carry products that require a moderate degree of containment.
- Based on tanker type, the IMO type-III fleet segment accounted for major share of the global chemical tankers market in 2020, owing to its use in various material transportation including chemicals and food and beverages
- IMO III tankers are used to carry chemical products with high safety and environmental hazards. Demand for IMO-III tankers is high due to extensive applications of natural or organic compounds in various industries. These tankers do not have any restriction on the cargo quantity. Therefore, they are highly preferred among all the three types of tankers.
COVID-19 Impact on Chemical Tankers Market
- The organic chemicals sector is expected to register a slump in the near future. However, demand for certain chemicals that are used in health care and food sectors is anticipated to rise. China, a major supplier of chemicals to the world, registered a considerable decline in manufacturing in 2020, owing to the COVID-19 pandemic. This has led to an imbalance in supply-demand dynamics, compelling manufacturers and customers alike to renegotiate supply agreements. This majorly impacted the chemical tankers market in 2020.
Asia Pacific to Hold Significant Share of Global Chemical Tankers Market
- In terms of region, the global chemical tankers market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is estimated to be a rapidly expanding market for chemical tankers during the forecast period. Growth of the chemical tankers market in the region can be ascribed to the expansion of the chemical manufacturing industry in countries such as China, India, Japan, and South Korea.
- India is a rapidly growing market for chemical tankers in Asia Pacific, owing to increasing demand and manufacture of chemicals in the country. Rise in demand for palm oil and sunflower oil is also fueling the chemical tankers market in Asia Pacific.
- Chemical production has started rising in North America. Manufacturers are planning to expand capacities owing to the vast natural gas production and low prices. The U.S. distributes a significant portion of its total chemical production to Mexico and Canada, followed by China and Belgium. This is expected to boost the demand for chemical tankers in the country.
Key Players Operating in Market
The chemical tankers market is fragmented with large number of manufacturers operating at domestic level along with few distributors catering to various markets. Key players operating in the global chemical tankers market include:
- MOL Chemical Tankers
- Nordic Tankers
- Wilmar International
- MISC Berhad
- Team Tankers
- Iino Kaiun Kaisha
Global Chemical Tankers Market: Research Scope
Global Chemical Tankers Market, by Tanker Type
- IMO Type-I
- IMO Type-II
- IMO Type-III
Global Chemical Tankers Market, by Fleet Size
- Inland Chemical Tankers
- Coastal Chemical Tankers
- Deep-sea Chemical Tankers
Global Chemical Tankers Market, by Fleet Material
- Stainless Steel
Global Chemical Tankers Market, by Product
- Vegetable Oil & Fat
Global Chemical Tankers Market, by End-use Industry
- Food & Beverages
Global Chemical Tankers Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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