Chemical Tanker Market Research Report By Cargo Type (Chemical Gases, Petroleum Gases, Ethylene and Propylene, Inorganic Chemicals, Finished Chemical Products), By Ship Size (Small Chemical Tankers (Below 10,000 DWT), Mid-sized Chemical Tankers (10,000-50,000 DWT), Large Chemical Tankers (Above 50,000 DWT)), By Tank Coating Type (Epoxide Phenolic, Phenolic Epoxy, Zinc Silicate, Advanced Phenolic), By Design Type (Pressure Vessels, Semi-Pressure Vessels, Gravity Tanks) and By Regional (North America, Europe, South America, Asia Pacific, Midd

Global Chemical Tanker Market Overview

The Chemical Tanker Market Size was estimated at 24.5 (USD Billion) in 2022. The Chemical Tanker Industry is expected to grow from 26.04(USD Billion) in 2023 to 45.03 (USD Billion) by 2032. The Chemical Tanker Market CAGR (growth rate) is expected to be around 6.28% during the forecast period (2024 - 2032).

Key Chemical Tanker Market Trends Highlighted

The chemical tanker market continues to witness significant growth, driven by increasing demand for transportation of specialty chemicals, petrochemicals, and other hazardous materials. The stringent regulatory environment and growing concerns over safety and environmental protection are also fueling demand for specialized chemical tankers.Key drivers of the market include rising chemical production and consumption, particularly in developing economies like Asia-Pacific. The growing adoption of sustainable practices and the need for efficient and safe transportation solutions are driving the demand for advanced chemical tankers equipped with eco-friendly technologies and enhanced safety features.Recent trends in the market include the increasing utilization of larger chemical tankers with higher capacities, enabling economies of scale and operational efficiency. The adoption of digitalization and automation technologies is also transforming the industry, enhancing vessel monitoring, cargo handling, and overall safety. Additionally, the emergence of new regulations and standards for chemical tanker operations is shaping the market, necessitating compliance and investment in safety measures.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Chemical Tanker Market Drivers 

Increasing Demand for Chemicals and Petrochemicals

The chemical tanker market is primarily driven by the increasing demand for chemicals and petrochemicals. These chemicals are essential raw materials used in various industries, including manufacturing, construction, and agriculture. The growing population and urbanization, along with the expansion of industrial activities, have led to a surge in the demand for chemicals and petrochemicals. As a result, there is a growing need for efficient and reliable transportation of these chemicals, which is driving the growth of the chemical tanker market. The chemical industry is a major consumer of crude oil and natural gas, which are used as feedstock for the production of chemicals.The increasing demand for chemicals has led to a rise in the production of crude oil and natural gas, which in turn has increased the demand for chemical tankers to transport these commodities. In addition, the growing demand for finished chemical products, such as plastics, fertilizers, and pharmaceuticals, has also contributed to the growth of the chemical tanker market. These products are used in a wide range of applications, including packaging, construction, and healthcare.The increasing demand for these products has led to an increase in the transportation of finished chemical products, which has driven the growth of the chemical tanker market. The growth of the chemical tanker market is also supported by the increasing demand for chemicals and petrochemicals in emerging economies. Countries such as China, India, and Brazil are experiencing rapid industrialization and urbanization, which is leading to a surge in the demand for chemicals and petrochemicals.This has created a significant opportunity for chemical tanker operators to expand their operations in these regions.

Expansion of Trade

The expansion of trade is another major driver of the chemical tanker market. The increasing demand for chemicals and petrochemicals has led to a rise in the international trade of these commodities. Chemical tankers are used to transport chemicals and petrochemicals across borders, which has contributed to the growth of the chemical tanker market. The growth of trade has been driven by a number of factors, including the increasing demand for goods and services, the reduction of trade barriers, and the development of new transportation technologies.The increasing demand for goods and services has led to an increase in the volume of goods being traded, which has, in turn, increased the demand for chemical tankers. The reduction of trade barriers has also contributed to the growth of trade. The World Trade Organization (WTO) has played a key role in reducing trade barriers, which has made it easier for businesses to import and export goods. This has led to an increase in the volume of goods being traded, which has, in turn, increased the demand for chemical tankers. The development of new transportation technologies has also contributed to the growth of trade.The development of container ships and specialized chemical tankers has made it more efficient and cost-effective to transport chemicals and petrochemicals across borders. This has led to an increase in the volume of goods being traded, which has, in turn, increased the demand for chemical tankers.

Stringent Environmental Regulations

Stringent environmental regulations are also driving the growth of the chemical tanker market. Governments around the world are implementing stricter regulations to reduce the environmental impact of shipping. These regulations include requirements for ships to use cleaner fuels, reduce emissions, and improve energy efficiency. The implementation of these regulations has led to an increase in the demand for chemical tankers that are compliant with the new regulations.Shipyards are building new chemical tankers that are designed to meet the new regulations, and existing chemical tankers are being retrofitted to meet the new requirements. The growth of the chemical tanker market is also supported by the increasing demand for sustainable shipping practices. Chemical tanker operators are adopting sustainable practices to reduce their environmental impact. These practices include using alternative fuels, reducing emissions, and improving energy efficiency. The growth of the chemical tanker market is expected to continue in the coming years.The increasing demand for chemicals and petrochemicals, the expansion of trade, and the implementation of stringent environmental regulations are all expected to drive the growth of the market.

Chemical Tanker Market Segment Insights

Chemical Tanker Market Cargo Type Insights 

The Chemical Tanker Market exhibited strong growth in the past and is projected to continue its upward trajectory in the coming years. The market is segmented based on cargo type, with key segments including Chemical Gases, Petroleum Gases, Ethylene and Propylene, Inorganic Chemicals, and Finished Chemical Products. Among these segments, Chemical Gases held the dominant position in the Chemical Tanker Market in 2023, accounting for a revenue share of around 35%. The segment is driven by the increasing demand for chemical gases in various industries, such as pharmaceuticals, chemicals, and electronics.Petroleum Gases followed closely, capturing a revenue share of approximately 30% in the same year. The growth of this segment can be attributed to the rising demand for LPG and LNG as clean energy sources. Ethylene and Propylene, which are essential feedstocks for the production of plastics and other petrochemicals, accounted for a significant portion of the market, with a revenue share of around 20% in 2023. Inorganic Chemicals, including acids, bases, and salts, also held a notable share of the market, driven by their extensive use in industrial processes.Finished Chemical Products, comprising various chemicals used in end-user applications, contributed the remaining share to the Chemical Tanker Market revenue. The growth of the Chemical Tanker Market is primarily attributed to the increasing demand for chemicals across various end-use industries. The expanding chemical industry, particularly in emerging economies, is fueling the need for efficient and reliable transportation of chemical products. Additionally, the rising adoption of stringent environmental regulations has led to increased demand for specialized chemical tankers designed to handle hazardous and environmentally sensitive cargoes.Furthermore, technological advancements, such as the development of more efficient and environmentally friendly tanker designs, are contributing to the growth of the market. The integration of digital technologies, including sensors and data analytics, is enhancing the safety and efficiency of chemical tanker operations. These factors are expected to drive the Chemical Tanker Market towards continued expansion in the years to come.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Chemical Tanker Market Ship Size Insights 

The Chemical Tanker Market is segmented based on ship size into small chemical tankers (below 10,000 DWT), mid-sized chemical tankers (10,000-50,000 DWT), and large chemical tankers (above 50,000 DWT). Among these, the mid-sized chemical tankers segment held the largest market share in 2023 and is projected to maintain its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for the transportation of specialty chemicals, petrochemicals, and other hazardous liquids. Small chemical tankers are primarily used for short-sea shipping and coastal transportation, while large chemical tankers are employed for long-haul voyages.

Chemical Tanker Market Tank Coating Type Insights 

The chemical tanker market is segmented based on tank coating type into Epoxide Phenolic, Phenolic Epoxy, Zinc Silicate, and Advanced Phenolic. Among these segments, Epoxide Phenolic holds the largest market share due to its high resistance to chemicals and corrosion. Phenolic Epoxy is another popular coating type, offering excellent chemical resistance and flexibility. Zinc Silicate provides good corrosion protection and is widely used in transporting acids and alkalis. Advanced Phenolic coatings offer superior chemical resistance and are gaining traction in the market.The market growth for these coating types is attributed to the increasing demand for specialized chemical tankers to transport hazardous and corrosive chemicals safely and efficiently.

Chemical Tanker Market Design Type Insights 

The Chemical Tanker Market is segmented by Design Type into Pressure Vessels, Semi-Pressure Vessels, and Gravity Tanks. Among these, Pressure Vessels hold the largest market share due to their ability to withstand high pressure and ensure the safe transportation of hazardous chemicals. Semi-pressure vessels are also gaining popularity as they offer a balance between pressure resistance and cost-effectiveness. Gravity Tanks, on the other hand, are suitable for non-hazardous chemicals and are primarily used for short-distance transportation.The Chemical Tanker Market revenue for Pressure Vessels is projected to reach $10.24 billion by 2023, growing at a CAGR of 6.3%. This growth is attributed to the increasing demand for safe and efficient transportation of hazardous chemicals. Semi-pressure vessels are expected to witness a CAGR of 5.9% during the same period, reaching a market value of $7.46 billion by 2023. Gravity Tanks are anticipated to grow at a CAGR of 4.8%, reaching a market valuation of $5.23 billion by 2023. These insights are crucial for market participants to understand the dynamics of the Chemical Tanker Market and make informed decisions regarding product development, market expansion, and strategic partnerships.

Chemical Tanker Market Regional Insights 

The regional segmentation of the Chemical Tanker Market offers valuable insights into the market dynamics and growth potential across different regions. North America holds a significant share of the market, driven by the presence of key chemical industries and stringent environmental regulations. Europe follows closely, with a mature market and advanced chemical transportation infrastructure. The APAC region is expected to witness robust growth, fueled by the increasing demand for chemicals from emerging economies like China and India. South America and MEA are relatively smaller markets but present opportunities for growth as chemical industries expand in these regions.The market segmentation provides valuable data and statistics for industry stakeholders to make informed decisions and capitalize on growth opportunities in specific regions.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Chemical Tanker Market Key Players And Competitive Insights

Major players in Chemical Tanker Market industry are constantly striving to enhance their fleets and expand their operations. Leading Chemical Tanker Market players are focusing on investing in new vessels and technologies to meet the growing demand for chemical transportation. Furthermore, the growing adoption of IMO 2020 regulations has led to a surge in demand for chemical tankers equipped with scrubbers and alternative fuel systems. The competitive Chemical Tanker Market development has intensified competition among market participants, driving them to adopt aggressive strategies to gain market share.Stolt Tankers, a leading provider of chemical tanker services, has a fleet of over 100 vessels and a network of terminals. The company has been actively investing in expanding its fleet and developing innovative technologies to improve efficiency and reduce emissions. Stolt Tankers has also entered into strategic partnerships with other industry players to strengthen its market position.Another major player in the Chemical Tanker Market Competitive Landscape is Odfjell Tankers. The company operates a fleet of around 80 vessels and has a strong presence in the European and Asian markets. Odfjell Tankers has implemented various initiatives to reduce its environmental impact, including installing scrubbers on its vessels and exploring the use of alternative fuels. The company has also expanded its operations into new markets, such as the Middle East and Africa.

Key Companies in the Chemical Tanker Market Include

• TORM


• Chemical Tankers Inc.


• Stolt Tankers


• MOL Chemical Tankers


• COSCO Shipping Energy Transportation


• Vroon Offshore Services


• Dorian LPG


• Teekay Tankers


• Navig8 Chemical Tankers


• Stena Bulk


• Sinochem Shipping


• Hanseatic Tankers


• Pacific Basin


• Odfjell


• Hafnia Tankers

Chemical Tanker Market Industry Developments

The chemical tanker market is projected to reach USD 45.03 billion by 2032, exhibiting a CAGR of 6.28% during the forecast period (2024-2032). Increasing demand for chemicals and petrochemicals, particularly in emerging economies, is driving market growth. The chemical tanker industry has recently witnessed consolidation among major players to enhance efficiency and competitiveness. Technological advancements, such as the adoption of eco-friendly designs and digitalization, are shaping the market landscape. Key industry participants include Stolt Tankers, Odfjell, and Navig8 Chemical Tankers. Recent news developments include the launch of new chemical tankers with enhanced safety features and the growing adoption of sustainable practices to reduce environmental impact.

Chemical Tanker Market Segmentation Insights 

Chemical Tanker Market Cargo Type Outlook

• Chemical Gases


• Petroleum Gases


• Ethylene and Propylene


• Inorganic Chemicals


• Finished Chemical Products

Chemical Tanker Market Ship Size Outlook

• Small Chemical Tankers (Below 10,000 DWT)


• Mid-sized Chemical Tankers (10,000-50,000 DWT)


• Large Chemical Tankers (Above 50,000 DWT)

Chemical Tanker Market Tank Coating Type Outlook

• Epoxide Phenolic


• Phenolic Epoxy


• Zinc Silicate


• Advanced Phenolic

Chemical Tanker Market Design Type Outlook

• Pressure Vessels


• Semi-Pressure Vessels


• Gravity Tanks

Chemical Tanker Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa