Increasing Seaborne Trade of Organic Chemicals Augmenting Chemical Tanker Market Growth: Fact MR
DUBAI--(Korea Newswire) June 23, 2021 -- According to a report by Fact MR, East Asia is offering lucrative growth opportunities to the chemical tanker market as the import of shale gas and essential chemicals is on the rise in the region.
Companies operating in the market generate revenue through the shipping of chemicals and associated products. Thriving chemical industry and growing efforts towards expanding the production capacity by chemical manufacturers in Asia are accelerating the demand for chemical tankers on a global level.
As per the Energy Information Administration U.S., China is the second leading consumer of crude oil in the world with 14 million barrels per day. Increasing import of crude oil and other petrochemicals will drive the IMO-1 chemical tanker market demand.
According to Fact MR, the overall demand for beer in China has skyrocketed due to lenient beer import procedures through free trade zones in China. Simplified import procedures from Chinese customs have boosted the beer import, further increasing the demand for chemical tankers.
The chemical tanker market is highly consolidated with top five market players collectively owing around 370 tankers. Increasing international trade with China and Japan will open doors of immense growth in upcoming years.
“Thriving chemical manufacturing industries and growing demand for high grade chemicals and coal derivatives in South Korea will fuel the chemical tanker market growth in East Asia,” says a lead analyst at Fact.MR.
South Korea to Lead Chemical Tanker Market in Asia
According to Fact MR’s analysis, South Korea has limited oil reserves and is highly dependent on import to meet its energy requirements. Increasing import of oil, petroleum, and non-conventional fluids will boost the chemical tanker market demand.
Due to an absence of international oil or natural gas pipelines in South Korea, it relies exclusively on tanker shipments of natural gas and crude oil. Such high dependency on chemical tankers for energy shipment has made South Korea a lucrative market among chemical tanker market leaders.
Closure of trading routes and suspension of import-export activities due to the pandemic have hampered the chemical tanker market growth in South Korea. According to the U.S. Energy Information Administration, crude oil imports declined at around 8% during the pandemic.
However, the market is expected to recover as the South Korean government is investing to enhance the production capacity of Naptha and other oil products and promoting the import of bio-fuels instead of crude oil.
South Korea is one of the leading exporters of petrochemical products in the world. Increasing demand of Naptha chemicals for manufacturing of ethylene and plastics in Asia will propel the chemical tanker market growth.
The Fact.MR study also profiles leading players in the chemical tanker market are:
· Stolt- Nielsen
· MOL Nordic Tanker
· Navig8 Tanker
· Team Tanker
Key Questions Answered by the Report
· What is the Asia chemical tanker market size?
· How will demand for chemical tanker grow in Asia?
· Who are the leading chemical tankers manufactures and what is their strategy?
· Which countries in Asia Pacific are ideal for investment?
· How will COVID-19 affect the chemical tanker market?
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