Sarasota, FL -- (SBWIRE) -- 06/14/2018 -- Chemical Tankers Market: Overview
Chemical tankers are cargo ships which are used for the transportation of chemical in bulk quantity. They carry chemicals in various forms. These tankers should comply with the International Bulk Chemical Code (IBC Code). Many vital organic chemicals like benzene, acetic acid, alcohol, propane, and others are shipped through chemical tankers. According to IBC Code, these tankers are categorized as ST1, ST2, and ST3. These chemical tankers are coated with specialized substances in order to determine the chemicals that need to be transported. They maintain the consistency of the chemicals which are to be shipped across various parts of the globe.
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Chemical Tankers Market: Growth Factors
Due to increasing population and shift towards living a healthy lifestyle the demand for vegetable oils and fats have increased as it contains unsaturated fatty acids which are fueling the growth of the chemical tankers market. Regulations in the safe shipment are also uplifting the chemical tankers market. Due to development of chemical industries, there is the large-scale production of chemicals and increasing use of water transportation is, in turn, fuelling the growth of the market. Also, the demand for stainless steel chemical tankers has increased as it provides refined chemical resistance. The varying geographical and the political factors are hindering the growth of the market.
Chemical Tankers Market: Segmentation
Chemical tanker market is bifurcated on the basis of product type, fleet type, fleet size and fleet material. Product type segment includes organic chemicals, inorganic chemical, vegetable fats and oils and other (additives, lube oils, and molasses). The fleet type segment is categorized into IMO 1, IMO 2 and IMO 3. Additionally, the market is segmented based on the various sizes of the fleet which includes 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). On the basis of material, the chemical tankers are classified as stainless steel and coated. In which the stainless steel segment contributes high growth rate.
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Chemical Tankers Market: Regional Analysis
Asia-Pacific market dominates the global chemical tankers market. Prosperity in the petrochemical sector of APAC region has helped them to dominate the market. High GDP growth rate of developing countries like India, China and Singapore are also increasing the demand for petrochemicals which is driving the growth of the chemical tanker segment. North America is expected to show high growth rate due to demand for vegetable and oil segment. The probability of US region to grow in the chemical tankers market is high due to increasing number of shipbuilders, fleet owners, high cash inflow from MNCs and availability of raw materials.
Chemical Tankers Market: Competitive Players
Some of the key market players in the chemical tanker market segment are Bahri, Stolt-Nielsen, Odfjell, Navig8, MOL Chemical Tankers, Nordic Tankers, Wilmar International, MISC Berhad, Team Tankers, Iino Kaiun Kaisha among others.
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Chemical Tankers Market: Regional Segment Analysis
North America
The U.S.
Europe
The UK
France
Germany
The Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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