Liquid Chemical Shipping Market Size, Share, Growth, and Industry Analysis, By Type (Deep-Sea Chemical Tankers Shipping, Coastal Chemical Tankers Shipping, Inland Chemical Tankers Shipping), By Application (Liquid Organic Chemicals, Liquid Inorganic Chemicals, Vegetable Oils & Fats and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Liquid Chemical Shipping Market Report Overview

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The global liquid chemical shipping market size was USD 8719.2 million in 2022 and is projected to touch USD 14348.33 million by 2031, exhibiting a CAGR of 5.7% during the forecasting period.

Chemical tankers are specifically created for carrying liquid chemicals, liquid chemical shipping is a cargo ship. A variety of chemicals are transported by these tankers. The International Bulk Chemical Code (IBC Code), which categorises these tankers into three kinds (ST1, ST2, and ST3), must be followed by these chemical tankers to operate. Toxic or combustible hazardous substances are transported using ST1 tankers. When shipping chemicals in ST2, serious safety measures must be followed. Chemicals with moderate amounts of contamination must be transported using ST3 tankers. While being shipped throughout the world, liquid chemicals are kept in a liquid state to preserve their consistency. The expansion of the worldwide liquid chemical transportation market is primarily being driven by the chemical industry's ongoing development.

Due to their potential industrial applications, organic compounds have a wide range of applications and generate a large amount of interest. Over the anticipated period, the industry is expected to expand due to significant commercial activity and inexpensive charter rates for liquid chemical shipping. Fleet owners are developing cutting-edge technical solutions to support the liquid chemical shipping tankers around the world. Due to its hazardous nature and unique properties, tanker coating is vital in the shipping of liquid chemicals.

COVID-19 Impact: Standstill in International Trade to Hamper Market Growth

The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with surface liquid chemical shipping market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

The COVID-19 pandemic has caused several challenges. The share of chemical companies has fallen precipitously, and their future depends on how exposed they are to COVID-19 (and how the consequences of the oil price will affect them) as well as their financial stability. Positively impacted cash-rich businesses may be better positioned to operate countercyclically and emerge stronger. Financially precarious businesses with weak inventories run the risk of becoming distressed and failing to survive in the size and shape of the liquid chemical shipping market as it currently exists.

LATEST TRENDS

"Increasing demands in other sectors to Boost Market Growth"

Growing demand from the pharmaceutical, food & beverage, pesticides, crop protection, fertilisers, water treatment, personal care & cosmetics, polymers, gasoline additives, and other industries, the organic chemicals segment is anticipated to be the industry's leading the liquid chemical shipping market.

Liquid Chemical Shipping Market Segmentation

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• By Type

Based on type; the market is divided into Deep-Sea Chemical Tankers Shipping, Coastal Chemical Tankers Shipping, Inland Chemical Tankers Shipping.

In terms of product, Deep-Sea Chemical is the largest segment.

• By Application

Based on application; the market is divided into Liquid Organic Chemicals, Liquid Inorganic Chemicals, Vegetable Oils & Fats, and others.

In terms of application, liquid organic Chemical is the largest segment.

DRIVING FACTORS

"Increasing Demand led to Enhance Market Growth"

The primary driver propelling the expansion of the worldwide liquid chemical shipping market is the ongoing development of the chemical sector. Large-scale chemical product production as a result the growth and development of the chemical industry has fuelled an increase in demand for liquid chemical shipping market growth.

"Market Expansion Is Expected to Be Driven By the Chemical Industry's Growth"

Vegetable/animal oil and fat commerce is anticipated to be driven by rising consumer concerns about wholesome and hygienic food, which is anticipated to fuel the growth of the worldwide liquid chemical shipping market over the forecast period. A rise in demand is anticipated as a result the new, creative methods for transporting these goods. Vegetable/animal oils and fats are among the bulk chemicals that are typically transported using carriers. The liquid chemical shipping market anticipated to expand due to rising demand for bio-based lubricants.

RESTRAINING FACTORS

"Changes in the Price of Crude Oil Could Affect Market Expansion"

Falling crude oil prices have not yet caused the Organization of Petroleum Exporting Countries to cut back on oil output, thus an exponential increase in crude oil prices is not anticipated. Low crude oil prices are expected during the forecast period, therefore market disruption in the crude oil sector is possible.

Liquid Chemical Shipping Market Regional Insights

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The liquid chemical shipping market share in the Asia pacific is predicted to continue to dominate the market during the projected period. Due to the quick growth of the petrochemical and refining industries and the rise in investment budgets, the Asia-Pacific market accounts for around one-third of global income from the liquid chemical shipping industry. Additionally, the demand for different chemicals increased as a result the GDP expansion of emerging nations, propelling the liquid chemical transportation market in this region. Due to the shale gas industry's quick growth in this region, North America owns the second-largest share of the global market.

KEY INDUSTRY PLAYERS

The research provides a full overview of the analysis of the major surface of liquid chemical shipping industry aspects, including sales value, sales volume, market revenue, and demand size, as well as sales growth, pricing analysis, and changing regional market growth factors. The market participants and their respective positions within the industry are discussed in the report. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials contains information on producers, locations, types, applications, sales channels, and distributors.

List of Market Players Profiled

• Stolt-Nielsen (India)
• Odfjell (Norway)
• MOL Chemical Tankers (Singapore)
• Junzheng (China)
• Iino Kaiun Kaisha (Japan)
• Hansa Tankers (Norway)
• Bahri (Arabia)
• MTMM (Arabia)
• Team Tankers (U.S.)
• WOMAR (Singapore)
• Chembulk (U.S.)
• Ace-Quantum (Netherland)
• Navig8 (Singapore)
• Koyo Kaiun (U.S.)
• Nanjing Shenghang Shipping (China)
• Xingtong Shipping (China)
• Nanjing Tanker Corporation (China)
• Dingheng Shipping (Thailand)
• Haifa Shipping ( Israel)

REPORT COVERAGE

The report helps in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns and so on. Includes a chapter on the impact of covid-19 pandemic on the market. The data is further compiled & validated through various market estimation & data validation methodologies. The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The report also provides information about the top-winning strategies implemented by industry players.