Chemical tankers market expected to reach $50.75 billion by 2032 with rising demand for chemicals

From GlobeNewswire: 2025-03-05 10:00:00

The chemical tankers market is estimated at USD 34.62 billion in 2023, expected to reach USD 50.75 billion by 2032 with a CAGR of 4.34%. Key companies include Mitsui O.S.K. Lines, Scorpio Tankers, Odfjell SE, and Maersk Tankers among others. The market is driven by rising demand for chemicals across various industries.

The dominance of IMO 2 fleet, deep-sea tankers, and vegetable oils transportation was seen in 2023. IMO 2 tankers accounted for over 52% of the market share, with deep-sea tankers holding over 48%. The vegetable oils segment led with over 34% market share due to increasing world demand for edible oils.

North America led the market in 2023, while Asia-Pacific is witnessing the fastest growth. North America benefits from high demand for chemical transportation and stringent regulations, while Asia-Pacific is driven by rapid industrialization and increasing chemical exports.

Recent developments include Singapore-based Eastern Pacific Shipping’s plans to install eSails on a chemical tanker, and Chemship unveiling a vessel with wind-assisted propulsion technology. These advancements mark significant milestones in the industry’s move towards sustainable shipping solutions. The global chemical tankers market is projected to experience significant growth from 2024 to 2032. Research by SNS Insider highlights key trends, such as increasing demand for chemicals, impacting market dynamics. The market segmentation by fleet type, product, and application offers valuable insights for industry players. Regional analysis and company profiles provide a comprehensive overview for strategic decision-making. For more information or customization options, contact [email protected].



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