Europe Chemical Tanker Market Size Likely to Reach at a CAGR of 4.2% By 2033

As per the current market research conducted by the CMI Team, the Europe Chemical Tanker Market size is expected to record a CAGR of 4.2% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 9,508.4 Million. By 2033, the valuation is anticipated to reach USD 13,769.4 Million.

Europe Chemical Tanker Market: Growth Factors and Dynamics

• Economic Growth and Trade Expansion: Europe’s chemical tanker market is driven by economic growth and increasing international trade, leading to rising demand for chemicals and petrochemicals. Growth in manufacturing sectors and industrial activities across Europe fuels the need for efficient transportation of chemical products.

• Stringent Regulations and Safety Standards: Europe maintains stringent regulations regarding the transportation and handling of hazardous chemicals. Compliance with safety standards and environmental regulations necessitates the use of specialized chemical tankers equipped with advanced safety features, driving the market growth.

• Technological Advancements: Advancements in chemical tanker design and technology enhance vessel efficiency, safety, and environmental sustainability. Innovations such as double-hull construction, inert gas systems, and advanced cargo handling systems improve operational capabilities and attract investment in modern fleet upgrades.

• Increasing Focus on Environmental Sustainability: Europe’s chemical tanker market experiences growing emphasis on environmental sustainability and reducing carbon emissions. Adoption of eco-friendly propulsion systems, alternative fuels, and measures to minimize environmental impact align with regulatory requirements and industry initiatives, influencing market dynamics.

• Growing Demand for Specialized Chemicals: The increasing demand for specialized chemicals used in various industries such as pharmaceuticals, agriculture, and electronics drives the need for dedicated chemical tanker services. Transporting high-value, niche chemical products requires specialized expertise and infrastructure, contributing to market growth.

• Geopolitical Factors and Trade Dynamics: Geopolitical developments, trade agreements, and shifts in global trade patterns influence Europe’s chemical tanker market dynamics. Factors such as trade disputes, sanctions, and changes in energy markets can impact trade flows, affecting demand for chemical tanker services and route preferences. Adapting to evolving trade dynamics is essential for market participants to capitalize on emerging opportunities and mitigate risks.

• Infrastructure Development and Port Facilities: Investments in port infrastructure and facilities across Europe enhance the efficiency and capacity of chemical tanker operations. Expansion of port terminals, modernization of cargo handling facilities, and improvements in navigational infrastructure streamline logistics and support the growth of the chemical tanker market.

Europe Chemical Tanker Market: Partnership and Acquisitions

• In 2024, Chemship, a Rotterdam-based chemical tanker operator, launched its first ship with wind-assisted propulsion, MT Chemical Challenger. It’s the world’s first chemical tanker with sustainable wind technology. Operating on the Transatlantic route between the US East Coast and the Mediterranean, it underscores Chemship’s commitment to sustainability.

• In 2022, Hafnia sold eight stainless steel vessels to Ace Tankers for USD 252 million, to be delivered by September. These vessels, known for durability and high resistance to rough materials, offer a longer lifespan and remain unaffected by vulnerabilities compared to ordinary tanks.

Report Scope

Europe Chemical Tanker Market: COVID-19 Analysis

The COVID-19 pandemic has significantly impacted the Europe Chemical Tanker Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Disruption in Supply Chains: The COVID-19 pandemic disrupted global supply chains, including the transportation of chemicals. Lockdowns, restrictions on international travel, and workforce shortages led to delays in chemical shipments, affecting the operation of chemical tankers and causing logistical challenges.

• Decline in Industrial Activity: The pandemic-induced economic slowdown resulted in reduced industrial activity across Europe, impacting the demand for chemical products. Decreased production levels in sectors such as manufacturing, automotive, and construction led to lower volumes of chemicals transported via tankers, affecting market demand.

• Resumption of Economic Activity: As economies gradually reopen and industrial activities resume, demand for chemical products is expected to rebound. Increased manufacturing output, construction projects, and consumer spending drive the recovery of the chemical tanker market, leading to higher transportation volumes and improved market conditions.

• Focus on Supply Chain Resilience: Stakeholders in the chemical tanker market are likely to prioritize supply chain resilience in response to the lessons learned from the pandemic. Companies may invest in diversifying supply chains, enhancing inventory management, and adopting digital technologies to improve visibility and agility in responding to future disruptions.

• Adoption of Safety Protocols: The chemical tanker industry is expected to implement enhanced safety protocols and hygiene measures to mitigate the risk of COVID-19 transmission among crew members and shore personnel. Strict adherence to health guidelines, including regular testing, social distancing, and sanitation practices, ensures the safe operation of vessels and minimizes the impact of potential outbreaks.

• Technological Innovation: Continued investment in technological innovation drives efficiency improvements and cost optimization in the chemical tanker market. The adoption of digital solutions, automation, and predictive analytics enhances operational performance, reduces fuel consumption, and improves fleet management, positioning companies for sustainable growth in a post-pandemic environment.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Europe Chemical Tanker Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the Europe Chemical Tanker Market:

• Stolt-Nielsen Limited
• Odfjell SE
• Navig8 Chemical Tankers Inc.
• Team Tankers International Ltd.
• Hafnia Limited
• Essberger Tankers B.V.
• Ardmore Shipping Corporation
• Iino Kaiun Kaisha Ltd.
• Chembulk Tankers
• Eitzen Chemical ASA
• Jo Tankers AS
• Stenersen AS
• Dampskibsselskabet Norden A/S
• Laurin Maritime (Europe) AB
• Iwagi Shipping Co. Ltd.
• Others

The Europe Chemical Tanker Market is segmented as follows:

By Cargo Type

• Organic Chemicals
• Inorganic Chemicals
• Vegetable Oils & Fats
• Liquefied Gases
• Others

By Fleet Type

• IMO 1
• IMO 2
• IMO 3

By Fleet Material

• Stainless Steel
• Coated

By Fleet Size

• Inland Chemical Tanker
• Coastal Chemical Tankers
• Deep-Sea Chemical Tanker

Regional Coverage:

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe