A new market study, titled “Discover Global Chemical Tankers Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Chemical tankers are the type of cargo ships which are constructed to carry different types of liquid chemicals in a vast quantity. With time, the market of chemical tankers is expected to witness growth. The chemical industry is now growing, and manufacturers are also increasing their capacity. So, all these factors will lead to better growth.
In the year 2018, the Global Chemical Tankers Market size was USD xx million. However, looking at the CAGR percent of xx % for 2019- 2025, it is now estimated that the market will reach $ xx million by the end of 2025.
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Segmentation of Global Market of Chemical Tankers
The Global Chemical Tankers Market has been segmented into product type, fleet type, fleet size, and fleet material.
By the type, the product has split into Vegetable Oils & Fats, Organic Chemicals, Inorganic Chemicals and More. Based on fleet type, it has segmented by IMO Type1, 2 and IMO Type 3. Based on fleet size, the product has divided into Inland, Coastal, and Deep Sea. Coming to the material, there are Coated and Stainless Steel.
Geographical Segmentation of the Market
Based on geography, the World Chemical Tankers Market has been segmented into Asia Pacific, Europe, North America, South America, and Middle East & Africa.
As per the report, Asia Pacific has the highest market share for this market. The reason is increasing expansion in this industry, especially by China.
Driving Factors and some Limitations
Talking about the primary opportunity factors of this market, it is the increasing production of different chemicals in different regions. On the other side, constant growth of chemical industry and growing demand for fats, vegetable, and oilseeds oils also are two important things which are driving the growth of the market.
Coming to the restraining factors, these are comparatively slow growth in the production of crude oil, and political unrest in some regions. Another major thing that is affecting the market is the cost of acquiring new technologies for production.
Key Players of Global Chemical Tankers Market =>
The key players who are dominating the Global Chemical Tankers Market are Bahri, Odfjell, MOL Chemical Tankers, Stolt-Nielsen, and Navig8. Some other dominating companies are MISC Berhad, Nordic Tankers, Wilmar International, Stena Bulk, Team Tankers, Iino Kaiun Kaisha, and Maersk Tankers.
These companies are employing different strategies, for example, massive investment in Research and Development and company acquisition to become the world’s top companies in this market segment.
Latest Market News
In the year 2018, a leading tanker shipping company, Stena Bilk joined Bay Crest Management, a Singapore-based company to expand its business across Asia.
In 2017, Odfjell, a Norway-based company joined with Sinochem Shipping, a Singapore-based company. As per the new agreement, Odfjell will take four new contracts from Sinochem under which it will manufacture 840,900 DWT tankers. The company is expected to earn a massive profit from these contracts. The company is taking every possible step to fulfill the growing demand for such tankers. Besides, the company is planning to acquire some new companies to expand its base across the world.
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