The global chemical tanker market garners excessive profit through the shipping of chemicals and its related products. The booming chemical industry and the growing production capacity of chemical manufacturers are propelling the demand for chemical tankers across the globe. In the past years, the array of chemicals transported in bulk has significantly expanded and special varieties of ships are being widely used to meet the requirement. Apart from the specialist ships designed to ship bulk chemicals by sea, transportation of bulk chemicals also requires exceptional training for the crew involved in the entire process, starting from construction/design of the vessels to loading, storing, discharge, and tank cleaning operations. Owing to the complex characteristics of the various chemicals commonly transported in bulk through carriers, it is critical that the crew is acquainted with the potential risks associated with handling them.
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Market Trends
- IMO-1 tankers are usually used in the transportation of polished products such as crude oil. With evolution in technology, IMO-2 carriers are primarily used for the transportation of bulk chemicals, including animal oils, vegetables and fats.
- Rise demand for bio-based lubricants is anticipated to increase the chemical tanker market volume of IMO-2 carriers.
- IMO-3 chemical tankers are used to transport chemical products with tough safety and environmental hazards.
- IMO-3 overshadowed the global chemical tanker market in 2018 and is anticipated to remain dominant during the forecast period as well.
- Slow growth in the production 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 limitation in the global chemical tanker market.
- Low global crude oil prices and lessen capital investment for inspection over the last few years have flowed into a slow development of the crude oil market.
- In addition, low investments in the inspection and production of crude oil in the U.S. between 2014 and 2017 has had an impact on the manufacturing of shale oil in the nation.
COVID-19 Impact analysis
- The pandemic has widely affected the economic scenario.
- COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets
- The first quarter of 2020 was an unanticipated turning point for the oil, gas, and chemicals industries. The dual effects of the COVID-19 ̶ related economic downturn and the oil price collapse reverberated across these industries, which were already grappling with challenging longer-term trends.
- The advent of COVID-19 has further complicated the situation by depressing the automotive and construction sectors (along with many other sectors) and disrupting existing supply chains.
- The dual impact of the pandemic-related shutdown and the March 2020 oil price collapse further exacerbated the oversupply situation that some U.S. chemical producers already faced.
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Key Benefits of the Report
This study presents the analytical depiction of the chemical tanker industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the chemical tanker market share.
The current market is quantitatively analyzed from 2020 to 2030 to highlight the chemical tanker market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed chemical tanker market analysis based on competitive intensity and how the competition will take shape in coming years
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