Chemical Tankers Market: 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 hazard materials of different categories such as major hazards, minor hazards, and harmless hazards.
Chemical Tankers Market: Segmentation
Based on fleet type, the chemical tankers market can be divided into IMO (international maritime organization) type-I chemical tankers, IMO type-II chemical tankers, and IMO type-III chemical tankers. 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 which require a moderate degree of containment. Based on fleet size, the chemical tankers market can be segmented into inland chemical tankers, coastal chemical tankers, and deep-sea chemical tankers. Based on fleet material, the market can be divided into stainless steel chemical tankers and coated chemical tankers. In terms of product, the chemical tankers market can be segmented into organic chemical tankers, inorganic chemical tankers, vegetable oil & fat tankers, and others. Based on end-use industry, the market can be divided into chemical industry, food industry, shipping industry, and others.
Chemical Tankers Market: Overview
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 the food industry are opting for chemical tankers for products such as vegetable oil and fats. Increasing production of vegetable oil and fats 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 largely investing in the research and development of stainless steel chemical tankers with improved chemical resistance. Moreover, stainless steel chemical tankers are easy to clean, which 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.
Chemical Tankers Market: Regional Outlook
Based on region, the global chemical tankers market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. 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 attributed to the growing manufacturing industry in countries such as China, India, Japan, and South Korea. India is a rapidly expanding market for chemical tankers in Asia Pacific. Growth of the chemical tankers market in Middle East & Africa is estimated to be adversely impacted by political unrest in the region. Moreover, the increasing demand for palm oil and sunflower oil is fueling the Asia Pacific chemical tankers market.
Chemical Tankers Market: Key Players
Key players operating in the global chemical tankers market are Bahri (Saudi Arabia), Stolt-Nielsen (the U.K.), Odfjell (Norway), Navig8 (the U.K.), 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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