Global chemical tanker shipping market is expected to reach USD 2.23 trillion by 2020, according to a new study by Grand View Research, Inc. Growth of global GDP on account of rapid industrialization in Asia Pacific and Latin America is expected to drive global chemical tanker shipping market. Shale gas boom particularly in the U.S., Canada and China is also expected to have a positive influence on the market growth. Rapid development of shale gas is expected to raise production level of organic chemicals which in turn is expected to fuel global chemical tanker shipping market. Large number of upcoming refinery and petrochemical integration projects particularly in the Middle East is expected to drive the future market.
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Organic chemicals were the largest product segment shipped and accounted for 49.6% of total market volume in 2013. Increasing shale gas production in North America and China is expected to drive global organic chemical shipping market. Organic chemicals are also expected to witness the fastest growth of 4.6% from 2014 to 2020.
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About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights.
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