chemicals , and the IMO type III tankers are used to ship the least hazardous varieties of chemicals . Of these , the IMO type II and type III chemical tankers are most commonly used as compared to the IMO type I tankers as type I tankers require detailed and complex arrangements , modern equipment , and well-trained resources for transportation .
On the basis of type of coating used in the chemical tanker , based on which the type of cargo to be carried by the tanker is determined , the market for chemical tanker shipping can be segmented into stainless steel tanks and epoxy coated tankers . For the transportation of aggressive acids , such as sulfuric and phosphoric acid , stainless steel tanks are commonly utilized . Epoxy coated chemical tankers are mostly used for the transportation of vegetable oil . On the basis of product type , the chemical tanker shipping market by can be segmented into organic oil , inorganic oil , vegetable oil , animal oil , and fats .
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Global Chemical Tanker Shipping Market : Geographical Dynamics From a geographic perspective , the global chemical tanker shipping market has been examined in the report for regional markets such as Europe , North America , Asia Pacific , and Middle East and Africa . Of these , the Asia Pacific market presently dominates the global chemical tanker shipping market . Nearly one-third of the total revenue of the global chemical tanker shipping market is contributed by the Asia Pacific market and the regional market is expected to witness significant growth owing to the flourishing refinery / petrochemical market and increased focus and funds invested towards the development of sea transportation infrastructure in the region .
Moreover , the rising GDPs of emerging economies such as India , China and Singapore in the region are also driving increased demand for a variety of chemicals , hence driving the market for chemical tanker shipping market . The Europe chemical tanker shipping market follows Asia Pacific and is expected to remain one of the most promising regions for the chemical tanker shipping market . Rapid development of the shale gas industry is expected to be the key driving force for the North America market . The market in Middle East is expected to be driven by refinery expansion projects .
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