Global chemical tanker shipping market is expected to reach USD 2.23 trillion by 2020, according to a new study by Grand View Research, Inc. Growth of global GDP on account of rapid industrialization in Asia Pacific and Latin America is expected to drive global chemical tanker shipping market. Shale gas boom particularly in the U.S., Canada and China is also expected to have a positive influence on the market growth. Rapid development of shale gas is expected to raise production level of organic chemicals which in turn is expected to fuel global chemical tanker shipping market. Large number of upcoming refinery and petrochemical integration projects particularly in the Middle East is expected to drive the future market.
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Organic chemicals were the largest product segment shipped and accounted for 49.6% of total market volume in 2013. Increasing shale gas production in North America and China is expected to drive global organic chemical shipping market. Organic chemicals are also expected to witness the fastest growth of 4.6% from 2014 to 2020.
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Further key findings from the study suggest:
• Global chemical tanker shipments were 200.10 million tons in 2013 and are expected to reach 268.42 million tons by 2020, growing at a CAGR of 4.3% from 2014 to 2020.
• Deep sea tankers accounted for 52% of total chemicals shipped in 2013 in terms of tanker size. It is also expected to witness the highest growth rate of 4.4% from 2014 to 2020. Relatively lower fleet costs coupled with capacity to carry large amount of chemicals is expected to fuel its market over the forecast period.
• IMO II emerged as the largest type of cargo used for chemical...