Chemical Tanker Shipping Market is Projected to Grow at USD 2.23 Trillion by 2020 : Radiant Insights , Inc
“ Global chemical tanker shipments were 200.10 million tons in 2013 and are expected to reach 268.42 million tons by 2020 , growing at a CAGR of 4.3 % from 2014 to 2020 ”
Global chemical tanker shipping market is expected to reach USD 2.23 trillion by 2020 . 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 .
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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