Chemical Tankers Market Size

Chemical Tankers Market size was valued at USD 34.67 billion in 2024 and is set to exceed USD 68.69 billion by 2037, expanding at over 5.4% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of chemical tankers is evaluated at USD 36.17 billion.

The growth of the market can be attributed to the rising demand for vegetable oils. In the international trade, vegetable/palm oil is typically transported in segmented packages on board chemical tankers with stainless steel or coated tanks. India is the world's largest importer of edible oil, with import amounts ranging from 6,600 to 14,100 million. The country's edible oil demand would rise from around 27 million tons in 2021-22 to 30 million tons in 2030-31. However, edible oil production in India is likely to increase from nearly 13 million tons to around 23 million tons during the same time period, leaving around 7 million tons deficit.

In addition to these, factors that are believed to fuel the market growth of chemical tankers include the rise in global trade, there has been a greater need for chemical tankers to transport chemicals between regions. This has been particularly significant in the region, such as Asia and Europe, where chemical production and demand are growing rapidly. Besides this, the ageing of the existing fleet is also attributed to the market growth. With the rising age, the need for replacing the old fleets with new ones has increased the demand for advanced chemical tankers that are much safer, and efficient.