Chemical Tankers Market - Strategic Developments & Key Insights

A chemical tanker is a cargo ship that is designed for the transportation of chemicals. These tankers transport different forms of chemicals. These tankers are mandated to comply with the International Bulk Chemical Code (IBC Code), which divides these chemical tankers into three types: ST1, ST2 and ST3. ST1 tankers transports flammable or toxic hazardous chemicals. Important precautions must be taken when transporting chemicals in ST2. ST3 tankers are required to transport chemicals with moderate pollution levels. These tankers help to maintain the consistency of the chemicals while transporting them around the world. The continuous development of the chemical industry is the main factor driving the growth of the global chemical tankers market. The expansion and the development of the chemical industry has led to large-scale production of chemical products, which in turn has promoted the growth of demand for chemical tankers.

The product type is further segmented into organic chemicals, inorganic chemicals, vegetables oils and fats. Organic chemicals holds the largest share in the global market owing to the increasing demand from pharmaceuticals, fertilizers, crop protection, pesticides, gasoline additives, food & beverages, personal care products & cosmetics, water treatment, polymers, and other products. The boom of shale gas in China and North America has boosted the production of organic chemicals in these regions, of which ethylene is the main raw material.