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Tanker Cargo Ship Market Outlook – 2030
Transportation of fluids, such as gases and liquids, is very important for the global economy. Tankers ships are utilized to transport fluids from one destination to another via the sea route. The fluids transported include oil, chemical, LPG, and CNG. These carriers are significantly large in size so that fluids in bulk could be transported easily. Tanker cargo shipping is a convenient and economical way to transport fluid in bulk across the globe. Advancements in technology, tanker modification, and globalization are major factors that are driving the global tanker cargo ship market, which in turn are fueling the demand for tanker cargo ship. The worldwide tanker cargo shipping market is expected to grow at a significant pace owing to the increase in demand for fluids, such as chemicals, gases, and oil, across the globe. Increase in demand for crude oil is also a major factor that is projected to drive the tanker shipping market during the forecast period. Very Large Crude Carrier VLCCs are utilized to transport about two million barrels of crude oil at a time, twice the capacity of Suezmax tankers. Based on fluid, the worldwide tanker shipping market can be split into vegetable oil, fuel, crude oil, LPG, LNG, CNG, wines, molasses, and fresh water. Increase in demand for crude oil and globalization, are key reasons boosting the demand for tanker cargo ship market.
Market scope and structure analysis:
Report Metric | Details |
Market size available for years | 2020–2030 |
Base year considered | 2020 |
Forecast period | 2021–2030 |
Forecast units | Value (USD) |
Segments covered | Product, Route, Cargo Type and Region |
Regions covered | North America (U.S., Canada and Mexico), Europe (Germany, U.K, France, Russia and rest of Europe), Asia-Pacific (China, Japan, India, South Korea and rest of Asia-Pacific), LAMEA (Latin America, Middle East and Africa) |
Companies covered | IINO KAIUN KAISHA, Nordic Tankers, Odfjell, Tokyo Marine, Stolt-Nielsen, Navig8 Chemicals, MISC., Berlian Laju Tanker, Seatrans chemical tankers, and Lomar. |
COVID-19 Impact analysis
The suspension in the trade business due to coronavirus pandemic leads to decline in of ship-borne trade and temporary downfall in tanker cargo ship market. Tanker shipping represents around 90% of the world trade thus, downfall in trade activities will create enormous pressure on shipping industry. The pandemic has had a negative impact on the tanker cargo ship market size for the year 2020, a major deviation is noticed in the growth of tanker cargo ship market due to coronavirus. As the governments all over the world have declared lockdowns over the past few months, the demand and supply cycle of many manufacturers disrupted. Slowdown of major ports and disturbance in cargo activities may lead to economic challenges for tanker cargo ship market. However, digital and technological advancements may create lucrative opportunities in the market.
Top Impacting Factor
The tanker cargo ship market trends are as follows:
Rise in trade-related contract
Numerous trade related contracts have been carried out among the developed and the developing nations to transport goods from one place to another. This fact has allowed the suppliers to choose water ways as a better and efficient means of transportation. This increases the growth of the tanker cargo ship market market. Also, free trade contract has allowed a reduction in duties and taxes. Additional, there has been an increase in trade activities as exporters and importers need not pay taxes to the government. Nations in trade blocs are lifting bans and making trade more flexible. Hence, the rise in trade-related agreements leads to the demand for stronger containers thereby supplementing the growth of the tanker cargo ship market.
Fluctuations in transportation and inventory costs
Transporting goods from one place to another requires a suitable mode of conveyance, which means there should be a well-organized usage of the medium. The cost incurred in transportation is another important factor that has a negative impact on logistics. Price is the most important factor affecting the entire logistics service from the first function to the delivery of goods. This continual variation in transportation and inventory cost of the material has affected the shipping industry by allowing the customers to choose different methods to transport the goods, which ultimately suppresses the growth of the global tanker cargo ship market.
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Questions answered in the tanker cargo ship market research report:
Key Market Segments
Key Market Players