CHEMICAL TANKER MARKET Size and trends

Chemical Tanker Market Size and Trends

The chemical tanker market is estimated to be valued at USD 37.86 Bn in 2025 and is expected to reach USD 52.26 Bn by 2032, growing at a compound annual growth rate (CAGR) of 4.7% from 2025 to 2032.

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Inflation and rising energy demands are driving the greater seaborne trade of crude and petroleum products. The expansion of the global petrochemical industry has also increased the demand for the transport and trade of commodity and specialty chemicals via tankers.

The chemical tanker market trend has been positive over the past few years. As global petrochemical consumption increases steadily, chemical tankers continue experiencing high vessel utilization rates and freight rates. Furthermore, international trade policies could play a key role in shaping the future of global supply chains and petrochemical trade flows. The overall market momentum remains upbeat, supported by robust economic growth across major developing regions.

Growing Demand from the Petrochemical Industry

The petrochemical industry has been experiencing significant growth over the past decade driven by the increasing consumption of plastics and chemicals globally. For instance, in August 2023, India's chemical and petrochemical (CPC) industry held a significant position in the world market, worth 178 USD Bn, and it is expected to grow to about 300 billion USD by 2025. A large portion of petrochemical products are transported via chemical tankers as seaborne transportation is the most feasible option for their bulk transportation over long distances. As global petrochemical production continues to expand to meet the rising demand from end-use industries such as packaging, construction, and automobiles, it will invariably lead to higher volumes of petrochemical volumes being shipped internationally via tankers. Several key petrochemical producers are investing heavily to expand and build new facilities across major markets. For instance, Saudi Aramco has ongoing projects to develop massive petrochemical complexes along its eastern coast to gain advantages from low feedstock prices and access to Asian markets. Similarly, plans are underway in the U.S. to build new crackers on the Gulf Coast enabled by abundant shale gas. As more petrochemical capacities come online globally in the coming years to capitalize on emerging opportunities, it will support the growth of petrochemical seaborne trade volumes and positively impact the demand for chemical tankers.