Chemical tanker shipping is a global market that is predicted to reach US$2.23 trillion by 2020.
Global chemical tanker shipments are expected to reach 243.50 million tonnes by 2020, growing at a Compound Annual Growth Rate (CAGR) of 4.3% from 2014 to 2020.
Shale gas is expected to increase the production level of organic chemicals, which in turn is anticipated to boost the chemical tanker shipping market.
Growth of global Gross Domestic Product, which is the total value of a company’s output in a specified time period, on account of rapid industrialization in Asia Pacific and Latin America, is also expected to drive the global chemical tanker shipping market.
The US, Canada and China are projected to have a positive influence on market growth through an increase in shale gas production.
Expansion of refinery and petrochemical capacity in China and India partnered with increasing production of vegetable oils in South East Asia is expected to be a factor driving regional market through to 2022.
Organic chemicals are expected to see the fastest growth of 4.6% from 2014 to 2020.