Chemical
tanker is a type of tanker, designed to transport large amount of chemical from
one place to another. It is required to fulfill safety aspects as many
chemicals are flammable and toxic. Additionally, it is required mandatory
compliance with the International Bulk Chemical Code (IBC Code). These chemical
tankers are commonly used for carrying vegetable oils & fats, organic
chemicals, inorganic chemical, and others (additives, lube oils, and molasses).
Based
on product, chemical tanker shipping market is segmented into vegetable oils
& fats, organic chemicals, inorganic chemicals and others (lube oils,
additives, and molasses). Vegetable oils & fats segment holds major share
in market owing to rise in usage in culinary applications, pet food additives,
biodiesel, as well as manufacturing soaps, candles, perfumes, skin products and
other personal care products. Organic chemicals segment is expected to witness
higher growth rate due to the presence of its wide range of applications in
pesticides, personal care, pharmaceuticals, food & beverages, water
treatment, and other sectors during the forecast period. Based on shipment,
market is segmented into 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). The deep-sea chemical tankers are gaining positive growth
as a result of their offering for huge number of chemicals segregation. Based
on cargo type, market is segmented into IMO I, IMO II and IMO III. The IMO I
cargo type tankers are used for shipping most hazardous chemicals. IMO type II
cargo type tankers are used to ship less hazardous chemicals, and the IMO type
III cargo type tankers are used to ship the least hazardous varieties of
chemicals. Of these, the IMO type II and type III cargo chemical tankers are
most generally used as compared to the IMO type I tankers as type I tankers
require modern equipment, exhaustive and complex arrangements, and well-trained
resources for transportation. In addition, based on type of coating, market is
segmented into stainless steel tanks, epoxy coated tankers and others.
Stainless steel tanks are commonly utilized for transportation of aggressive
acids, for instance sulfuric and phosphoric acid. Whereas, epoxy coated
chemical tankers are utilized for transportation of vegetable oil.
The
chemical tanker shipping market is driven by rise in manufacturing activities,
followed by increase in rules & regulations associated with safety
shipments, growth in demand for chemicals, increase in concern among population
about healthy & hygienic food and low cost of crude oil. However, increase
in geopolitical issues among the countries and various oil bunkering
regulations may impact the market. Moreover, rise in trade activities is a key
opportunity for market.
Based
on geography, the North-American region dominates the chemical tanker shipping
market owing to growth in refinery & petrochemical market and increase in
investment towards the development of sea transportation infrastructure in the
region. The Asian-Pacific and European regions are predicted to witness higher
CAGR due to rise in gross domestic products (GDPs), less strict government
policies and low cost of material over the forecast period. In upcoming years,
it is anticipated that future of the market will be bright caused by presence
of various top chemical manufacturers and rise in development of shale gas
industries during the forecast period.
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