Crude Oil Carrier Market Overview
During the forecast period 2022-2030, the global crude oil carrier market size is expected to grow to USD 14.5 billion with a significant rate of 4.2% CAGR.
Crude oil carriers refer to the transportation of crude oil. These carriers are generally named oil tankers that deliver the bulk amount of crude oil from one place to the other. These carriers can deliver to the international boundaries by providing a convenient way for liquid transportation in huge amounts and are economical. High demand from the extraction location of refineries is expected to expand the market growth.
Crude oil carriers are also used as a floating storeroom in most energy companies. The surge in production points to refinery routes has enhanced the development of the market. The volume of the crude oil is improved due to the different vessel sizes for transporting to various locations worldwide. Moreover, rising crude oil production in the African continents is predicted to rise market growth in the coming years.
Crude Oil Carrier Market COVID-19 Analysis:
Due to the COVID-19 outbreak, most of the business sectors like automotive, electronics& electrical, semiconductors, food & beverages, aircraft, etc are severely impacted. With the surging corona cases and rapid rise in the spread of the virus, most country’s governments implemented stringent regulations like lockdown, transportation bans, public places off, limited visits to outer, manufacturing industries closed, education system stopped, etc.
Due to the lockdown, the manufacturing industries face a lot of problems like supply chain disruptions, lack of raw materials, and shortage of workers which results in the stoppage of automotive manufacturing industry production. This reduces the demand for automotive products. Moreover, due to the transportation banned, the transferring of crude oil from one place to other is restricted. So, the crude oil carrier market is drastically impacted during the pandemic period. Further, after the post-lockdown, rapidly the corona cases are reduced and restrictions are removed which restarts the crude oil carriers normally and is expected to grow at a significant demand in the forecast period.
Growing demand for the transport of crude oil is one of the major driving factors of market growth. Rising demand for bulk transportation, globalization, rapid industrialization, low cost of bulk fuels, and low global oil prices are the few major factors driving the crude oil carrier market growth. Moreover, the rising demand for bulk oil transportation facilities is fueling the market growth. Also, the growing demand from the automotive and aviation industry will foster the market demand.
The growing global population and subsequent demand for crude oil & its by-products are anticipated to bolster the market growth. The present low global oil prices and high supply from OPEC countries are predicted to escalate the market growth in the assessment period. Due to low prices in OECD (Organization for Economic Co-operation and Development) and non-OECD regions are predicted to enhance market growth.
High logistics costs and reducing oil imports from regions tapping into renewable resources like solar power are limiting the market growth. The fluctuation
Longer hauls and fewer triangulation options or backhaul routes for minimizing ballasting are the factors creating opportunities for the industry participants. Due to recent low prices and greater refinery output, there is a rise in demand for healthy carriers which further boosts the global market growth.
Concerns regarding seasonal variations and reducing imports are hindering the market growth.
Study Objectives -
- To give detailed information about the crude oil carrier market structure along with various forecast segments and sub-segments for the next 7 years.
- To provide the insights that are impacting the growth of the crude oil carrier market value.
- To analyze the crude oil carrier market industry analysis based on porter’s five force analysis, factors-price analysis, etc.
- To provide past and future revenue segments and sub-segments of the market revenue for the four main geographies.
- To provide country-level and region-level analysis of the present market size and future prospective.
- To offer a country-level analysis of the industry growth by region, type, and application.
- To provide a complete profile of the prominent industry participants in the market, analyze their core competencies, and draw a global growth landscape.
- To track and study new product launches, improvements in existing products, mergers, collaborations, investments, strategic alliances, and global market research.
The global crude oil carrier market has been divided into segments based on type, application, and region.
Based on Type
The crude oil carrier market based on type is classified into a few types such as deposit control, antioxidant corrosion, corrosion inhibitors, and others.
Based on Application
The crude oil carrier market by application is categorized into diesel, gasoline, aviation turbine fuel, and others.
Based on Region
Regionally, the global crude oil carrier market is sectioned into four main geographies such as Asia-Pacific, Europe, North America, and the Rest of the World. Among them, North America is dominating the largest market share of their great potential in the region for crude oil carriers.
Regional Analysis -
Geographically, the crude oil carriers market based on regions is partitioned into four major regions like Asia-Pacific, Europe, North America, and the Rest of the World. Out of these regions, North America is holding the largest crude oil carrier market share in California, the city of Texas, North Dakota due to their great potential in the region for crude oil carriers. Europe is holding a significant market share due to its highest consumption in the transportation sector. Moreover, it is more concentrated on being a less pollutant crude carrier. Hyundai Heavy Industries constructed ten new liquified natural gas crude oil carriers which are predicted to create a great position in the market. Recently, Africa’s surge in crude oil production is boosting the market growth in this region.
Due to rapid industrialization and urbanization, Asia-Pacific is one of the major crude oil carriers, especially in Japan, China, and India. The rising economy of these emerging nations leads to an increased number of middle-class people who are investing more in their personal care. Which raises the manufacturing activities in the country and higher imports of goods including petroleum products that require storage space using sea vessels. Furthermore, the freight charges for oil tankers are accelerating the market growth in this region. It is expected that recent issues in the Middle East and Iran can reduce the growth ratio of the global crude oil carrier market.
The prominent key players in the crude oil carrier market outlook are the following:
- Tsakos Energy Navigation Limited
- Ship Finance International Limited
- Maersk Tankers Kuwait oil Tanker Company S.A.K
- Teekay Corporation
- Shipping Corporation of India,
- Nordic American Tankers
- Taiyo Cabletec Corporation
- Alaska Tanker Company.
- In June 2019, one of the popular enterprises Sovcomflot and Gazprom Neft made an agreement to cooperate on LNG fuel bunkering. This agreement enforces the mutual agreement of both the companies towards their cooperation in Sovcomflot’s tankers with LNG fuel bunkering.
- In May 2019, a famous organization, Teekay Offshore took partnership with a leading international midstream services provider, L.P announced that they gained a new $ 100 million revolving credit facility for the Voyageur Spirit, Piranema Spirit, and Petrojarl Varg FPSO units.
- In June 2019, China introduced the first smart crude oil carrier called New Journey with a capacity of 2.257 million barrels. Recently, it was handed over to China Merchant Energy Shipping Co. in Dalian. This ship includes various beneficial features like autopilot navigation, intelligent liquefied cargo management, equipment operation & maintenance, comprehensive energy efficiency management, and integrated ship-to-shore communication.
This global crude oil carrier market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the crude oil market drivers, restraints, challenges, and opportunities. The market forecast segments are by type, application, and region.
The crude oil carrier market trends have been segmented globally based on the type, application, and region.
Deposit control, antioxidant corrosion, corrosion inhibitors, and others are a few types of the market
Diesel, gasoline, aviation turbine fuel, and others are a few applications in the market.
Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the market.