Chemical Tankers Market Opportunities and Strategies to 2033

This report describes and explains the chemical tankers market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global chemical tankers market reached a value of nearly $34.63 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.27% since 2018. The market is expected to grow from $34.63 billion in 2023 to $44.83 billion in 2028 at a rate of 5.30%. The market is then expected to grow at a CAGR of 6.33% from 2028 and reach $60.92 billion in 2033.

Growth in the historic period resulted from the growth of the chemical industry, increasing expansion of the oil and gas industry, economic growth in emerging markets and expansion of seaborne trade. Factors that negatively affected growth in the historic period include fluctuation in crude oil prices.

Going forward, the growing petrochemical industry, increasing demand for vegetable oils and fats, increasing government support, rising urbanization, increasing investment in infrastructure and increasing industrialization will drive the market. Factors that could hinder the growth of the chemical tankers market in the future include geopolitical tensions and export restrictions.

The chemical tankers market is segmented by product type into organic chemicals, inorganic chemicals, vegetable oils and fats and other product types. The organic chemicals market was the largest segment of the chemical tankers market segmented by product type, accounting for 42.97% or $14.88 billion of the total in 2023. Going forward, the organic chemicals segment is expected to be the fastest growing segment in the chemical tankers market segmented by product type, at a CAGR of 6.08% during 2023-2028.

The chemical tankers market is segmented by cargo types into IMO 1, IMO 2 and IMO 3. The IMO 3 market was the largest segment of the chemical tankers market segmented by cargo types, accounting for 49.89% or $17.27 billion of the total in 2023. Going forward, the IMO 2 segment is expected to be the fastest growing segment in the chemical tankers market segmented by cargo types, at a CAGR of 5.71% during 2023-2028.

The chemical tankers market is segmented by size into inland chemical tankers (1,000-4,999 DWT (deadweight tonnage)), coastal chemical tankers (5,000-9,999 DWT) and deep-sea chemical tankers (10,000-50,000 DWT). The deep-sea chemical tankers (10,000-50,000 DWT) market was the largest segment of the chemical tankers market segmented by size, accounting for 63.95% or $22.14 billion of the total in 2023. Going forward, the deep-sea chemical tankers (10,000-50,000 DWT) segment is expected to be the fastest growing segment in the chemical tankers market segmented by size, at a CAGR of 5.80% during 2023-2028.

The chemical tankers market is segmented by fleet material into stainless steel and coated. The stainless steel market was the largest segment of the chemical tankers market segmented by fleet material, accounting for 74.38% or $25.75 billion of the total in 2023. Going forward, the stainless steel segment is expected to be the fastest growing segment in the chemical tankers market segmented by fleet material, at a CAGR of 5.53% during 2023-2028.

Asia-Pacific was the largest region in the chemical tankers market, accounting for 44.33% or $15.35 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the chemical tankers market will be Eastern Europe and Western Europe, where growth will be at CAGRs of 7.12% and 5.38% respectively. These will be followed by South America and North America, where the markets are expected to grow at CAGRs of 5.27% and 5.25% respectively.

The global chemical tankers market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 14.43% of the total market in 2023. Stolt-Nielsen Limited was the largest competitor with a 4.94% share of the market, followed by Odfjell SE with 3.44%, Bahri with 2.10%, MISC Berhad Corporation with 1.85%, Iino Kaiun Kaisha Ltd with 0.98%, MITSUI O.S.K. LINES (MOL) with 0.56%, A.P. Møller - Mærsk A/S with 0.29%, Navig8 Limited with 0.16%, PT Berlian Laju Tanker Tbk with 0.06% and Hansa Tankers with 0.05%.

The top opportunities in the chemical tankers market segmented by product type will arise in the organic chemicals segment, which will gain $5.11 billion of global annual sales by 2028. The top opportunities in the chemical tankers market segmented by cargo types will arise in the IMO 3 segment, which will gain $5.03 billion of global annual sales by 2028. The top opportunities in the chemical tankers market segmented by size will arise in the deep-sea chemical tankers (10,000-50,000 DWT) segment, which will gain $7.21 billion of global annual sales by 2028. The top opportunities in the chemical tankers market segmented by fleet material will arise in the stainless steel segment, which will gain $7.95 billion of global annual sales by 2028. The chemical tankers market size will gain the most in China at $2.24 billion.

Market-trend-based strategies for the chemical tankers market include focus on innovative digital solutions to improve chemical tanker operations, strategic lease agreements to support net zero emission goals, launch of LNG dual-fuel chemical tankers as environmentally friendly alternatives and new joint ventures to optimize chemical tanker operations.

Player-adopted strategies in the chemical tankers market include focus on optimizing operations by making strategic investments that drive growth, increase efficiency and strengthen market position, strengthening business capabilities through business expansions by expanding fleet, upgrading terminals and investing in state-of-the-art technologies to improve efficiency, enhancing operational efficiency through advanced analytics supporting strategic decision-making in fleet management, the introduction of eco-efficient LNG carriers with advanced propulsion technologies to meet stringent emission standards and efficiency goals and focus on long-term charter agreements for large gas carriers to enhance both cost efficiency and environmental sustainability in maritime logistics.

To take advantage of the opportunities, the analyst recommends the chemical tankers companies to focus on leveraging digital solutions for operational efficiency, focus on adopting LNG dual-fuel technology, focus on IMO 2 segment growth, focus on stainless steel segment for market expansion, expand in emerging markets, continue to focus on developed markets, focus on strategic lease agreements for environmental goals, focus on strategic joint ventures for fleet optimization, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on targeting deep-sea chemical tanker end-users and focus on targeting organic chemicals companies.