The North American chemical tanker shipping market is
expected to reach USD 339.5 billion by 2027, according to a new report by Grand
View Research, Inc. The growing chemical products exports and low chartered
rates are expected to drive the market during the forecast period.
After a severe downfall in 2015
to 2016, the U.S. shale oil/gas is likely to reach its full production scale by
2018. It is also expected to increase its ethylene and caustic soda exports in
reliance with associated low energy prices. These factors are expected to drive
the chemical tanker market in North America.
The growing economy of Mexico and
other South American countries is expected to spur the growth of the market in
the region. Moreover, as Mexico enjoys free trade with most of the South
American nations, it is expected to act as an added advantage for the industry.
The Great Lakes region is one of
the most significant shipping routes for trade between Canada and the
U.S. Charters in this area are expected to maintain competitive freight
rates on account of weak spot prices and an oversupply of chemical tankers.
However, negative sentiments among manufactures regarding the renegotiation of
NAFTA coupled with the lack in supply of chemical tankers is likely to hamper
the shipping industry in this region.
The chemical tanker ships used
for trading includes inland, coastal and deep-sea ships. The selection of the ships
for transportation depends upon the demand size and type of cargos such as IMO
I, IMO II, and IMO III. There are approximately 73 tank terminals located in
Canada and 1,566 located in the U.S.
U.S. chemical tanker shipping market by shipment route,
2014 - 2027 (USD Billion)
Browse full research report on North
America Chemical Tanker Shipping Market
Further key findings from the report suggest:
- Canadian
chemical tanked shipping market is expected to reach a market valuation of
USD 60.6 billion by 2027
- The
re-stabilization of North American chemical and shale oil & gas
industry will heavily contribute to the chemical tanker shipping market growth
- Appreciated
dollar rates contributed to slow trade in 2014-2016, making North American
products expensive in comparison with the other developed/developing
nations. However, exchange rates are likely to decrease in 2017 making
American products competitive again.
- Deep Sea
shipment route in Canada is expected to have the highest growth rate to
reach a market value of USD 41.76 billion during the forecast period
- In 2016, the
U.S. shipments through the Great Lakes region were estimated at 7,767.4
kilo tons and is projected to reach 11,494.2 kilo tons by the end of 2027
For more information: http://www.grandviewresearch.com
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