Chemical Tankers Market Analysis

Product Type (Organic Chemicals, Inorganic Chemicals, Vegetable Oils & Fats)

The global chemical tankers market is segmented and analyzed for demand and supply by product type into organic chemicals, inorganic chemicals, and vegetable oils & fats. Out of the three product types carried in chemical tankers, the vegetable oils & fats segment is estimated to gain the largest market share of about 55% in the year 2037. The growth of the segment can be attributed to the rising demand for vegetable oils, such as virgin coconut oil, palm oil, mustard oil, and others. In the crop year 2021/22, global vegetable oil output hit around 200 million metric tons. Palm oil has the biggest volume of production among the various categories of vegetable oil, with nearly 73 million metric tons produced during that time period. In addition to this, soybean oil is the most popular type of edible oil in the United States. It's common in fried dishes, tinned fish, salad dressings, and margarine. In 2022, Americans consumed approximately 12 million metric tons of soybean oil. Moreover, the rising consumption of healthy oil is also expected to drive the growth of the segment.

Fleet Type (IMO 1, IMO 2, IMO 3)

The global market is also segmented and analyzed for demand and supply by fleet type into IMO 1, IMO 2, and IMO 3. Amongst these three segments, the IMO 2 segment is expected to garner a significant share of around 46% in the year 2037. IMO 2 chemical tankers provide better safety than other two tankers, as they are designed to carry moderately hazardous chemicals. IMO 2 has multiple cargo tanks, that allows the segregation of different types of chemical and thus many chemicals can be carried together without any risk of contamination. IMO 2 chemical tankers have specialized tank coatings that provide resistance to corrosion and chemical attack, ensuring that the cargo remains intact during transport. The safety of chemicals and fleet in the IMO 2 tanker is the primary reason for the segment growth.

Our in-depth analysis of the global market includes the following segments: