Chemical Tankers Market Regional Analysis:
North American Market Insights
North America industry is expected to account for largest revenue share of 32% by 2035. The growth of the market can be attributed majorly to the rising export and import of oils. Crude oil imports into the United States grew by around 235,000 barrels per day in 2021, reaching over 6.1 million barrels per day. In 2021, net crude oil imports were estimated to be around 3.1 million b/d. Imports of petroleum products (excluding crude oil) in the United States climbed by 19% in 2021, while exports increased by 7%. On the other hand, the rising production of chemicals is also expected to drive the market growth in the region. The United States is one of the world's largest national producers of chemical products, with about 770 billion US dollars in chemical shipments in 2021, and over 438 billion US dollars in value added by U.S. chemistry in that same year.
Europe Market Insights
The European market for chemical tankers is estimated to be the second largest, registering a share of about 28% by the end of 2035. The growth of the market can be attributed majorly to the rising export of chemicals. Europe is home to a large and growing chemical industry which is boosting the need for chemical tankers for transporting chemicals between countries and other nations. In 2022, Germany was the top exporter of chemicals in the European Union, which made an export worth USD 157 billion, followed by Belgium, which exported chemicals worth USD 90 billion. Moreover, the European Union has some of the strictest regulations when it comes to the trade of hazardous substances. This factor is increasing the demand for specialized chemical tankers that comply with transport safety regulations.
APAC Market Insights
Asia Pacific region is anticipated to register substantial growth through 2035. The growth of the market can be attributed majorly to the significant increase in demand for chemicals, driven by urbanization, industrialization, and a growing population. This demand is creating a need for chemical tankers to transport chemicals to meet the demand. Moreover, the Asia Pacific region has become a major producer of chemicals, with Japan, India, and China being one of the top three producers of the chemicals which is likely to drive market growth in the region.
