Chemical Tanker Shipping Market Research Report By Vessel Size (Small (less than 5,000 dwt), Medium (5,000-25,000 dwt), Large (over 25,000 dwt)), By Cargo Type (Acids, Alcohols, Bases, Gases, Solvents), By Vessel Type (Stainless Steel Chemical Tankers, Coated Chemical Tankers, Pressure Tankers, Refrigerated Chemical Tankers), By Operation Type (Spot Market, Term Contracts), By Chemical Type (Petrochemicals, Inorganics, Specialties, Other Chemicals) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa)

Global Chemical Tanker Shipping Market Overview

The Chemical Tanker Shipping Market Size was estimated at 18.33 (USD Billion) in 2022. The Chemical Tanker Shipping Industry is expected to grow from 19.11(USD Billion) in 2023 to 27.7 (USD Billion) by 2032. The Chemical Tanker Shipping Market CAGR (growth rate) is expected to be around 4.21% during the forecast period (2024 - 2032).

Key Chemical Tanker Shipping Market Trends Highlighted

Key Market Drivers:Growing demand for chemicals and petrochemicals Stringent regulations governing chemical transportation Increasing trade and globalization Rise in demand for specialty chemicals and pharmaceuticals.Opportunities to be Explored:Investment in advanced chemical tanker technologies Expansion into new chemical shipping routes Collaboration with chemical manufacturers and logistics providers Development of sustainable and environmentally friendly tanker operationsRecent Trends:Digitalization and IoT: Adoption of digital systems to enhance transparency, efficiency, and safety in operations.Tanker Consolidation: Mergers and acquisitions to strengthen market positions and reduce operating costs.Focus on Sustainability: Emphasis on low-emission vessels and alternative fuels to meet environmental regulations.Increased Demand for Niche Tankers: Growing demand for tankers specialized in handling specific types of chemicals and hazardous substances.

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

Chemical Tanker Shipping Market Drivers 

Increasing Demand for Chemicals and Petrochemicals

The growth of the chemical tanker shipping market is primarily driven by the increasing demand for chemicals and petrochemicals. These substances are used in a wide range of industries, including manufacturing, construction, and agriculture. As the economy continues to expand, so too does the demand for these essential materials. This, in turn, is driving up the demand for chemical tanker shipping services. The chemical tanker shipping market is also being driven by the increasing globalization of the chemical industry.In recent years, there has been a trend towards the production of chemicals in developing countries, where labor costs are lower. This has led to a corresponding increase in the demand for chemical tanker shipping services to transport these chemicals to markets around the world. In addition to the increasing demand for chemicals and petrochemicals, the chemical tanker shipping market is also being driven by the growing popularity of just-in-time manufacturing.This production method requires that manufacturers have a constant supply of raw materials on hand. As a result, there is a growing demand for chemical tanker shipping services to transport these raw materials to manufacturers on a timely basis. The increasing demand for chemicals and petrochemicals, the globalization of the chemical industry, and the growing popularity of just-in-time manufacturing are all major drivers of the growth of the chemical tanker shipping market.These factors are expected to continue to drive growth in the coming years.

Rising Environmental Regulations

The chemical tanker shipping industry is also being driven by increasingly stringent environmental regulations. These regulations are designed to reduce the environmental impact of shipping operations. As a result, chemical tanker operators are investing in new technologies and practices to reduce their emissions and improve their environmental performance. One of the most important environmental regulations affecting the chemical tanker shipping industry is the International Maritime Organization's (IMO) MARPOL Annex VI regulations.These regulations limit the emissions of sulfur oxides (SOx), nitrogen oxides (NOx), and particulate matter (PM) from ships. In order to comply with these regulations, chemical tanker operators are installing scrubbers and other emissions-control technologies on their vessels. In addition to the IMO's MARPOL Annex VI regulations, there are a number of other environmental regulations that are affecting the chemical tanker shipping industry. These regulations include the European Union's Sulphur Directive, the United States' Clean Air Act, and the International Convention for the Prevention of Pollution from Ships (MARPOL). The increasing stringency of environmental regulations is a major driver of growth in the chemical tanker shipping market. As chemical tanker operators invest in new technologies and practices to reduce their emissions and improve their environmental performance, the demand for chemical tanker shipping services is expected to continue to grow.

Technological Advancements

The chemical tanker shipping industry is also being driven by technological advancements. These advancements are leading to the development of more efficient and environmentally friendly chemical tankers. For example, chemical tanker operators are investing in new hull designs, propulsion systems, and cargo handling systems to improve the efficiency of their operations. In addition to improving efficiency, technological advancements are also leading to the development of more environmentally friendly chemical tankers.For example, chemical tanker operators are investing in new technologies to reduce their emissions and improve their environmental performance. These technologies include scrubbers, ballast water treatment systems, and alternative fuels. Technological advancements are a major driver of growth in the chemical tanker shipping market. As chemical tanker operators invest in new technologies to improve the efficiency and environmental performance of their operations, the demand for chemical tanker shipping services is expected to continue to grow.

Chemical Tanker Shipping Market Segment Insights

Chemical Tanker Shipping Market Vessel Size Insights 

The Chemical Tanker Shipping Market is segmented based on Vessel Size into Small (less than 5,000 dwt), Medium (5,000-25,000 dwt), and Large (over 25,000 dwt). The Small segment accounted for the largest share of the Chemical Tanker Shipping Market revenue in 2023, and it is projected to continue its dominance throughout the forecast period. This is primarily attributed to the increasing demand for the transportation of small-volume chemicals, such as specialty chemicals and pharmaceuticals. The Medium segment is expected to witness a significant growth rate during the forecast period, owing to the rising demand for the transportation of medium-volume chemicals, such as base oils and solvents.The Large segment is projected to grow at a steady pace, driven by the increasing demand for the transportation of large-volume chemicals, such as petrochemicals and fertilizers. The growth of the Chemical Tanker Shipping Market is expected to be driven by the increasing demand for the transportation of chemicals across various industries, such as the pharmaceutical, automotive, and manufacturing industries. The market is also expected to benefit from the growing trend of outsourcing chemical production to developing countries, which require the transportation of chemicals over long distances.Overall, the Chemical Tanker Shipping Market is expected to witness significant growth over the forecast period, driven by the increasing demand for the transportation of chemicals and the growing trend of outsourcing chemical production. 

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

Chemical Tanker Shipping Market Cargo Type Insights 

The Cargo Type segment in the Chemical Tanker Shipping Market is classified into Acids, Alcohols, Bases, Gases, and Solvents. Among these, Acids are expected to hold the largest market share of around 30% in 2023, owing to the increasing demand for acids in various industries such as fertilizers, chemicals, and pharmaceuticals. Alcohols are projected to be the fastest-growing segment during the forecast period, with a CAGR of 4.5%, due to their increasing use in the production of beverages, cosmetics, and personal care products. The demand for Bases is also expected to grow at a significant rate, driven by their use in the manufacturing of soaps, detergents, and paper products.Gases and Solvents are also expected to witness steady growth in the coming years, supported by their use in various industrial and commercial applications. The overall Chemical Tanker Shipping Market revenue from Cargo Type is projected to reach USD 15.4 billion by 2032, exhibiting a CAGR of 4.2% during the forecast period (2024-2032).

Chemical Tanker Shipping Market Vessel Type Insights 

The Chemical Tanker Shipping Market is segmented by Vessel Type into Stainless Steel Chemical Tankers, Coated Chemical Tankers, Pressure Tankers, and Refrigerated Chemical Tankers. Among these, Stainless Steel Chemical Tankers accounted for the largest market share in 2023, owing to their ability to transport various chemicals without the risk of contamination. Coated Chemical Tankers are anticipated to witness the highest CAGR during the forecast period, driven by the rising demand for specialized tankers for transporting hazardous and corrosive chemicals.Pressure Tankers are designed to handle high-pressure chemicals, making them suitable for transporting liquefied gases and other high-pressure chemicals. Refrigerated Chemical Tankers are used to transport temperature-sensitive chemicals, and their demand is expected to grow with the increasing production and consumption of specialty chemicals.

Chemical Tanker Shipping Market Operation Type Insights 

The Chemical Tanker Shipping Market is segmented based on Operation Type into Spot Market and Term Contracts. The spot market segment accounted for a larger share of the market in 2023 and is projected to continue dominating the market during the forecast period. The growth of the spot market is attributed to the increasing demand for short-term and flexible shipping arrangements. The market growth is driven by factors such as increasing demand for chemical products, rising trade volumes, and the expansion of the chemical industry. The market data and statistics suggest that the industry is expected to continue to grow in the coming years, offering significant growth opportunities for market participants.

Chemical Tanker Shipping Market Chemical Type Insights 

The Chemical Type segment plays a crucial role in shaping the Chemical Tanker Shipping Market. Petrochemicals, the dominant segment, accounted for a sizable revenue share in 2023 and is projected to maintain its lead throughout the forecast period. The transportation of chemicals such as ethylene, propylene, and methanol drive the growth of this segment. Inorganics, another significant segment, encompasses chemicals like sulfuric acid, hydrochloric acid, and caustic soda, which are extensively used in various industries. Specialties, a high-value segment, involves the transportation of specialized chemicals such as pharmaceuticals, agrochemicals, and electronics chemicals.Other Chemicals, a diverse segment, includes a wide range of chemicals used in various applications, contributing to the overall market revenue. The market segmentation offers insights into the specific dynamics and growth opportunities within the Chemical Tanker Shipping Market.

Chemical Tanker Shipping Market Regional Insights 

The regional segmentation of the Chemical Tanker Shipping Market offers insights into the market's performance across different geographical regions. North America holds a significant share of the market, driven by factors such as the presence of major chemical producers and a well-established chemical transportation infrastructure. Europe is another key region with a mature chemical industry and a strong demand for chemical tankers. APAC is projected to experience significant growth in the coming years due to the rapid expansion of the chemical industry in countries like China and India.South America and MEA also contribute to the market, with the former benefiting from growing demand for chemicals from the mining and agriculture sectors and the latter showing potential for growth due to increasing investments in chemical production.

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

Chemical Tanker Shipping Market Key Players And Competitive Insights

Major players in Chemical Tanker Shipping Market industry are constantly striving to gain a competitive edge and maintain their market position. Leading Chemical Tanker Shipping Market players are investing heavily in research and development to enhance their product offerings and meet the evolving needs of customers. The Chemical Tanker Shipping Market development is driven by factors such as increasing demand for chemical products, growing international trade, and stringent environmental regulations. The Chemical Tanker Shipping Market Competitive Landscape is characterized by the presence of both established and emerging players. Key players are focusing on strategic partnerships, acquisitions, and joint ventures to expand their footprint and strengthen their market position.Stolt Tankers is a leading provider of chemical tanker services with a fleet of over 100 vessels. The company offers a range of services, including parcel tankers, chemical tankers, and shuttle tankers. Stolt Tankers is committed to providing safe, reliable, and efficient transportation of chemicals. It has a strong track record of innovation and is constantly investing in new technologies to enhance its operations. The company is well-positioned to benefit from the growing demand for chemical tanker services.Odfjell is a major competitor in the Chemical Tanker Shipping Market. The company has a fleet of over 90 vessels, including chemical tankers, parcel tankers, and shuttle tankers. Odfjell provides a range of services, including transportation, storage, and distribution of chemicals. It has a presence and is well-positioned to meet the needs of customers worldwide. Odfjell is committed to safety and environmental protection and is constantly investing in new technologies to improve its operations.

Key Companies in the Chemical Tanker Shipping Market Include

• Stolt Tankers


• Zodiac Maritime


• Torm


• Chembulk


• Navig8 Chemical Tankers


• Stena Bulk


• DHT


• Sinochem Shipping


• Bernhard Schulte


• LR7


• Odfjell


• BW Chemical Tankers


• Hafnia


• Hanjin Shipping


• Ardmore Shipping

Chemical Tanker Shipping Market Industry Developments

The chemical tanker shipping market is projected to reach USD 27.7 billion by 2032, exhibiting a CAGR of 4.21% during the forecast period (2024-2032). The growth of the market is primarily attributed to the increasing demand for chemicals and petrochemicals, coupled with the expansion of the chemical industry. Stringent environmental regulations and the need for efficient and safe transportation of chemicals are also driving the demand for chemical tankers.

Recent news developments in the market include the announcement by Stolt Tankers to order eight new chemical tankers, reflecting the growing demand for specialized chemical transportation. Furthermore, the International Maritime Organization's (IMO) regulations on ballast water treatment systems are expected to impact the chemical tanker shipping market, as vessels will need to be retrofitted or replaced to comply with the regulations.

Chemical Tanker Shipping Market Segmentation Insights 

Chemical Tanker Shipping Market Vessel Size Outlook

• Small (less than 5,000 dwt)


• Medium (5,000-25,000 dwt)


• Large (over 25,000 dwt)

Chemical Tanker Shipping Market Cargo Type Outlook

• Acids


• Alcohols


• Bases


• Gases


• Solvents

Chemical Tanker Shipping Market Vessel Type Outlook

• Stainless Steel Chemical Tankers


• Coated Chemical Tankers


• Pressure Tankers


• Refrigerated Chemical Tankers

Chemical Tanker Shipping Market Operation Type Outlook

• Spot Market


• Term Contracts

Chemical Tanker Shipping Market Chemical Type Outlook

• Petrochemicals


• Inorganics


• Specialties


• Other Chemicals

Chemical Tanker Shipping Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa


•