Chemical Tankers Market Report 2025

The chemical tankers market size has grown strongly in recent years. It will grow from $36.51 billion in 2024 to $38.8 billion in 2025 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to increased production and consumption of chemicals, a surge in oil and gas exports, economic growth in emerging markets, and expansion of seaborne trade.

The chemical tankers market size is expected to see strong growth in the next few years. It will grow to $51.04 billion in 2029 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to a growing petrochemical industry, an increasing demand for vegetable oils and fats, and rising urbanization. Major trends in the forecast period include the adoption of artificial intelligence, the use of IoT (Internet of Things)-)-enabled remote tank monitoring, automation in chemical tankers, real-time tracking solutions, rising investments, and partnerships and collaborations.

The expansion of the chemical industry is anticipated to drive growth in the chemical tankers market. Companies within the chemical sector will need chemical tankers to transport and relocate their chemical compounds between various locations. This necessity creates a demand for chemical tankers. For example, in May 2022, a report by BASF SE, a Germany-based chemical company, projected that global chemical production will rise by 2.7% in 2024, outpacing the 1.7% growth recorded in 2023. Thus, the growth of the chemical industry is a key factor propelling the chemical tankers market.

The chemical tankers market is expected to benefit from the increasing demand for vegetable oils and fats in the forecast period. Vegetable oils find widespread use in various industries, such as in the production of gasoline, dish soap, perfume formulas, and more. Chemical tankers with coated or stainless steel tanks are commonly employed in the international transportation of vegetable oil, often delivered in segmented packages. Conversely, smaller and simpler tankers with mild steel and uncoated tanks are utilized for domestic transportation of vegetable oils. Gro Intelligence statistics reveal a consistent annual increase in both the production and demand for vegetable oil over the past decade. The Organization for Economic Co-operation and Development (OECD) forecasts a substantial 33-million metric ton surge in global demand for vegetable oil by 2030, with 68% of this demand emanating from the food industry. Therefore, the escalating demand for vegetable oils and fats is expected to be a key driver for the chemical tankers market.

Leading companies in the chemical tankers market are concentrating on technological innovations such as LNG propulsion technology to enhance ease, accessibility, convenience, and affordability for their users. This technology in chemical tankers reduces emissions and boosts fuel efficiency, promoting sustainable maritime operations. For example, in April 2024, Fukuoka Shipbuilding, a Japan-based shipbuilder, launched the third stainless steel chemical tanker powered by liquefied natural gas (LNG) for Fairfield Chemical Carriers, a U.S.-based engineering firm. These vessels incorporate LNG propulsion technology, which can decrease carbon dioxide emissions by up to 25% compared to conventional marine fuels.

Major players in the chemical tankers market are also emphasizing service enhancements such as chemical tanker pools to optimize fleet utilization and broaden their service offerings. Chemical tanker pools are collaborative arrangements in which multiple shipowners combine their vessels into a single fleet, managed collectively to enhance operations, share profits, and improve market efficiency. For instance, in September 2024, Maersk Tankers, a Denmark-based shipping and logistics company, launched the Maersk Tankers Pool, which specializes in managing and operating various tanker vessels, primarily focusing on transporting chemical and crude oil. The company boasts a diverse fleet that includes J19 stainless steel chemical tankers, as well as Suezmax, Aframax, Panamax, and other vessel classes. Leveraging its extensive expertise in the shipping industry, Maersk Tankers provides efficient and reliable logistics solutions, aiming to maximize returns for its partners.

In October 2022, UK-based ship-owning and ship management firm Lomar Shipping Limited completed the acquisition of Carl Büttner Holding GmbH & Co. for $160 million. This strategic move aims to enhance Lomar's technical management capabilities, broaden its maritime business, and extend its fleet comprising chemical tankers, container vessels, bulk carriers, and product tankers. Carl Büttner Holding GmbH & Co. KG, headquartered in Germany, operates a diverse fleet encompassing container vessels and chemical tankers, among other ship types.

Major companies operating in the chemical tankers market include Stolt-Nielsen Limited, Odfjell SE, MISC Berhad, Bahri, Navig8 Limited, Iino Kaiun Kaisha Ltd, MITSUI O.S.K. LINES, Hansa Tankers, PT Berlian Laju Tanker Tbk, Maersk Tankers, MOL Chemical Tankers, Tanglian Group, Jiangsu Pretank Process Co. Ltd, Zen Shipping & Ports India Pvt Ltd, Hafnia Ltd, The Seatrans Group, Sovcomflot, Scot Tanker, Chemet SA, Rigel Shipping Canada Inc, Kenan Advantage Group, Clean Product Tankers Alliance, Ultratank, PanOcean Tanker, Sernacol, KROHNE Argentina, Gulf Energy Maritime, Petrochem Middle East, Ace Tankers, AquaChemie, Fairfield Chemical Carriers, CA Muller Fabrication, M/T Ternsund Chemical Tanker.

Asia-Pacific was the largest region in the chemical tanker market in 2024. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in the chemical tankers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the chemical tankers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Chemical tankers serve the bulk transportation of highly hazardous chemical compounds, often flammable, toxic, or extremely perilous. Their structural design prioritizes safety measures, akin to those in oil tankers, to ensure compliance with stringent safety standards.

Key categories of chemical tankers include organic chemicals, inorganic chemicals, vegetable oils and fats, among others. Organic chemicals constitute a significant class of carbon-based compounds, frequently containing elements such as hydrogen, oxygen, nitrogen, sulfur, phosphorus, and others. Tanker construction involves materials such as stainless steel and coatings, while cargo types dictate classifications into IMO 1, IMO 2, and IMO 3. These tankers vary in size, classified as inland chemical tankers (1,000-4,999 DWT), coastal chemical tankers (5,000-9,999 DWT), and deep-sea chemical tankers (10,000-50,000 DWT), catering to different transport needs and distances.

The chemical tankers market research report is one of a series of new reports that provides chemical tankers market statistics, including chemical tankers industry global market size, regional shares, competitors with a chemical tankers market share, detailed chemical tankers market segments, market trends and opportunities, and any further data you may need to thrive in the chemical tankers industry. This chemical tankers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The chemical tanker market consists of sales of parcel chemical tankers and dedicated chemical tankers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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