Sarasota, FL -- (SBWIRE) -- 11/13/2018 -- Zion Market Research has published a new report titled "Chemical Tankers Market by Product Type (Organic Chemicals, Inorganic Chemical, Vegetable Fats & Oils, and Others), by Fleet Type (IMO 1, IMO 2, and IMO 3), by Fleet Material (Stainless Steel and Coated), and by Fleet Size (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)): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024". According to the report, the global chemical tankers market was valued at approximately USD 26.63 billion in 2017 and is expected to generate revenue of around USD 36 billion by the end of 2024, growing at a CAGR of around 4.4% between 2018 and 2024.

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Chemical tankers are cargo ships designed to transport chemicals in bulk. These tankers transport chemicals in different forms. Growing development in the chemical industry is the major factor driving this market's growth. Growing chemical industries leads to large-scale chemicals' production, which, in turn, contributes to the growing demand for chemical tankers. In addition, increasing regulations regarding the safe shipment of hazardous chemicals are also contributing to this market's growth.

On the basis of product type, the market for chemical tankers is categorized into organic, inorganic chemicals, vegetable fats and oils, and others. Vegetable fats and oils are the most important ingredients used in the food industry. They are preferred over animal fats as they contain more unsaturated fatty acids. Moreover, in recent years, there is an increase in the production of vegetable fats and oils across the world. Hence, the vegetable fats and oils segment are anticipated to dominate the chemical tankers market in the upcoming years. In addition to this, increasing global population leads to increased use of vegetable fats and oils, which is also positively impacting this segment's market growth.

Based on the fleet type, this market is divided into IMO 1, IMO 2, and IMO 3. IMO 2 chemical tankers are more preferred, as they transport a wide range of chemicals, ranging from strong acids to petroleum products, etc. These tankers are majorly used to transport vegetable fats and oils. Hence, the IMO 2 is anticipated to dominate the market in the upcoming years.

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Based on fleet material, this market is bifurcated into coated and stainless steel. The stainless steel chemical tankers segment accounted for the major market share in 2017. Chemicals tankers made up with stainless steel material offer improved chemical resistance and ease of cleaning. Therefore, the stainless steel segment is anticipated to dominate the market in the forecast years. On the basis of fleet size, this 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).

On the basis of geography, the Asia Pacific region accounted for the major share in terms of revenue and volume in 2017 in chemical tankers market. This growth is attributed to the increasing demand for petrochemicals in countries, such as China, India, and Singapore. North America is anticipated to show the fastest growth rate during the forecast period, due to an increase in the demand for vegetable fats and oil segment in the region. The U.S. contributes a major market share due to the increasing number of fleet owners and shipbuilders and the availability of raw materials.

Key players operating in the chemical tankers market include Stolt-Nielsen, Navig8, Bahri, MOL Chemical Tankers, Odfjell, Nordic Tankers, MISC Berhad, Wilmar International, Iino Kaiun Kaisha, Stena Bulk, Team Tankers, and Maersk Tankers.

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This report segments the global chemical tankers market as follows:

Global Chemical Tankers Market: Product Type Segment Analysis

Organic Chemicals
Inorganic Chemical
Vegetable Fats & Oils
Others

Global Chemical Tankers Market: Fleet Type Segment Analysis

IMO 1
IMO 2
IMO 3

Global Chemical Tankers Market: Fleet Material Segment Analysis

Stainless Steel
Coated

Global Chemical Tankers Market: Fleet Size Segment Analysis

Inland Chemical Tankers (1,000-4,999 DWT)
Coastal Chemical Tankers (5,000-9,999 DWT)
Deep-Sea Chemical Tankers (10,000-50,000 DWT)

Global Chemical Tankers Market: Regional Segment Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa