(IT-NEWSWIRE.COM, May 23, 2020 ) The report "Chemical Tankers Market by Product Type (Organic Chemicals, Inorganic Chemicals, Vegetable Oils & Fats), Fleet Type (IMO 1, IMO 2, IMO 3), Fleet Material (Stainless Steel, Coated), Fleet Size, and Region - Global Forecast to 2022", The chemical tankers market is projected to grow from USD 26.63 Billion in 2017 to USD 33.11 Billion by 2022, at a CAGR of 4.5% between 2017 and 2022.
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The vegetable oils & fats product type segment of the chemical tankers market is projected to grow at the highest CAGR, in terms of value and volume from 2017 to 2022.
Vegetable oils & fats are among significant ingredients used in the food industry. In the recent years, there has been a steady increase in the production of oils & fats across the globe, which, in turn, has led to the growth of the vegetable oils & fats product type segment of the chemical tankers market. Moreover, the increasing consumption of vegetable oils & fats as they contain more unsaturated fatty acids than animal fats is also leading to the growth of this segment of the market. Apart from this, the increasing global population is also fueling the growth of the vegetable oils & fats segment of the market.
Among fleet types, the IMO 2 segment of the chemical tankers market is projected to grow at the highest CAGR, in terms of value and volumeduring the forecast period.
IMO 2 chemical tankers are mostly used to carry vegetable oils & fats. They can carry a wide range of chemicals from strong acids to clean petroleum products from one place to another. The chemicals transported using IMO 2 chemical tankers are vegetable oils & fats, alcohols, alkanes, benzene, and toluene. The increasing demand for such chemicals across the globe is projected to drive the growth of the IMO 2 fleet type segment of the chemical tankers market during the forecast period.
Among fleet materials, the stainless steel segment of the chemical tankers market is projected to grow at the highest CAGR, in terms of value and volume, between 2017 and 2022.
The use of stainless steel as a material for manufacturing chemical tankers has led to the growth of the stainless steel fleet material segment of the chemical tankers market. Moreover, the improved chemical resistance offered by stainless steel and ease of cleaning chemical tanks manufactured from stainless steel also contribute to the growth of the stainless steel fleet material segment of the market.
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Browse in-depth TOC on "Chemical Tankers Market”
181 - Market Data Tables
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The Asia Pacific chemical tankers market is projected to grow at the highest CAGR, in terms of value and volume, during the forecast period.
The Asia Pacific chemical tankers market is projected to grow at the highest CAGR, in terms of value and volume during the forecast period. Flourishing chemical industry in China, increasing domestic production of chemicals in India, and rising number of industries in Japan and South Korea that are dependent on chemicals have increased the demand for chemical tankers in the region. Moreover, the increase in applications of fats & oils has resulted in a rise in the demand for palm oil and sunflower oil from the region, thereby leading to the growth of the Asia Pacific chemical tankers market.
The major players operating in the chemical tankers market are Bahri (Saudi Arabia), Stolt-Nielsen (UK), Odfjell (Norway), Navig8 (UK), MOL Chemical Tankers (Singapore), Nordic Tankers (Denmark), Wilmar International (Singapore), MISC Berhad (Malaysia), Team Tankers (Bermuda), and Iino Kaiun Kaisha (Japan).
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