CHEMICAL TANKER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The chemical tanker market faces many challenges. Stricter environmental regulations aim to reduce pollution from tankers, requiring investments in cleaner fuels and emissions scrubbers. This increases operating costs. Other challenges include geopolitical risks from shipping through volatile regions, and boom-bust cargo cycles that lead to oversupply when chemical demand is low. Tanker owners struggle with high new building costs and debt payments during downturns. Additionally, the pandemic reduced chemical and oil consumption in 2020, lowering tanker freight rates and vessel utilization.

 Market Opportunities: Growing chemical industry

The demand for tankers is correlated with the larger chemicals industry. As population and standards of living grow across Asia Pacific and elsewhere increase, the demand for petrochemicals is expected to rise.