According to a recently published analysis by Fact.MR, global sales of chemical tanker topped 130 units in 2018 and are expected to grow at a moderate clip during the midterm prediction period. Due to rising seaborne commerce and demand from end-use sectors, APAC is expected to be the leading region, accounting for more than 35 percent (Volume) of the worldwide chemical tanker market.
Europe keeps a watchful eye on APAC. The Asia Pacific chemical tanker market is predicted to develop at a considerable CAGR in both value and quantity over the forecast period. China is likely to lead the market for chemical tankers in the Asia Pacific region.
Chemical Tankers to Provide Lucrative Investment Opportunities
As a result of the expansion of manufacturing operations around the world, the market demand for chemical tankers is likely to rise. The necessity for worldwide commerce in chemicals and derivatives has arisen as a result of regional manufacturing and demand trends. As a result, the use of a chemical tanker to carry chemical materials becomes necessary. The rise of the chemical industry, as well as the increasing usage of water transportation to transfer chemicals from one site to another around the world, are significant drivers of the chemical tanker market. Organic compounds such as acetic acid, propene, alcohols, benzene, benzyl acetate, methanol, and phenol are among the vital chemicals transported around the world by chemical tankers.
Growing International Trade Creating Avenues of Growth for Chemical Tankers
According to Fact.MR, the global chemical tanker industry is continuing to strengthen, owing to increased overall seaborne trade and a growing fleet of significant operators.
In 2019, the global chemical tanker market is predicted to be worth approximately USD 5 billion, while the global chemical tanker shipping sector will be worth more than US$ 28.5 billion.
One of the important factors that has contributed to the expansion of the chemical tanker industry is the emergence of shale gas. Alcohols, propene, acetic acid, benzene, benzyl acetate, methanol, and phenol are just a few of the critical chemicals that are transported by chemical tankers all over the world.