As per MRFR Analysis, the Global Crude Oil Carrier Market was valued at USD 253.1 Billion in 2023 and is projected to grow to USD 351.7 Billion by 2032, with a CAGR of 3.66% from 2024 to 2032. Key drivers include increased government investment in fuel additives and rising demand for low-emission energy sources. The market is significantly influenced by the demand for crude oil, which is essential for energy needs, particularly in developing countries like China and India. The corrosion inhibitor segment dominated the market in 2022, while diesel fuel remains the largest application segment. The Asia-Pacific region is expected to lead the market, with China holding the largest share and India being the fastest-growing market.
The Crude Oil Carrier Market is witnessing significant growth driven by various factors.
Key players include Teekay Corporation, Maersk Tankers, Essar, Kuwait Oil Tanker Company S.A.K, and Alaska Tanker Company.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for crude oil carrier is being driven by the demand for crude oil is predicted to fuel the expansion of the crude oil flow improvers market. Other nonrenewable energy resources, on the other hand, are incapable of meeting the rising demand. Because crude oil is one of the world's greatest energy resources, it is critical to use and distribute crude oil in a profitable and effective manner.
This is a significant growth driver in the market. Crude oil flow improvers are utilised in the manufacturing stage to provide an optimal solution for all three stages of extraction, transportation, and refining. Crude oil flow improvers are used to increase crude oil productivity, which is a major market driver. This factor will drive the growth of market in the forecast period.
The refactoring of shale wells is a hot topic because operators can utilise cutting-edge technologies on ageing wells, increasing production without incurring the expenditures of new wells. The functions of old or underperforming wells are turned off, and hydraulic modelling is used to complete the well. The use of hydraulic simulation in horizontal shale wells is in its early stages.
The number of horizontal wells re-fracked in the United States in 2018 was less than 1% of the total number of horizontal wells. During the projection period, refactoring may raise demand for crude oil flow improvers. In 2016, there were approximately 50,000 existing wells in the United States that could be fracked.
This can be ascribed to increased demand for fossil fuels to meet energy needs, particularly in developing countries such as China and India, as well as the predicted stabilisation of oil and gas prices. Fossil fuels are derived from the decomposition of plants and animals. These fuels, which can be found in the Earth's crust and contain carbon and hydrogen, can be burned for energy.
Petroleum, often known as crude oil, is a liquid fossil fuel composed primarily of hydrocarbons (hydrogen and carbon molecules). Oil can be discovered in underground reservoirs, sedimentary rock cracks, crevices, and pores, or tar sands on the earth's surface. According to the Centre for Strategic and International Studies, coal accounted for 56.8% of China's energy consumption in 2020. Thus, driving the Crude Oil Carrier Market revenue.
The Crude Oil Carrier Market segmentation, based on type includes deposit control, antioxidant corrosion, corrosion inhibitors and others. In 2022, the corrosion inhibitor category dominated the market. Corrosion Inhibitor additive prevents corrosion induced by water associated with crude oil production in the production well and gathering system before the corrosion eats away at revenues owing to rising costs. Corrosion is a constant concern in crude oil production and flow stream delivery handling.
There are numerous methods for identifying, preventing, and removing corrosion, including chemical inhibitors, pipeline alloy selection, coating, isolation, and cathodic protection. Corrosion inhibitors, on the other hand, are substances that are introduced to wells to prevent corrosion. Carboxylic acids, amides, salts, and imidazolines are among them. In conventional treatment techniques, these substances are introduced to oil wells. They are, however, not always effective and have environmental consequences.
Figure1: Crude Oil Carrier Market, by Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Crude Oil Carrier Market segmentation, based on application, includes diesel, gasoline, aviation turbine fuel and others. Diesel category has the biggest market share. Diesel fuel is one of the products made from crude oil. The viscous black thick crude oil is converted into the considerably lighter diesel fuel during the refining process. We must first learn what crude oil is and then how petroleum diesel fuel is manufactured.
Other than the standard approach, there are several methods for producing diesel fuel. Crude oil is a naturally occuring liquid that can be converted into a variety of fuels and other petroleum-based goods. Crude oil is transformed into various fuels and petroleum-based goods through the distillation process.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Crude Oil Carrier Market area will dominate this market, due to the growing economies of these emerging nations result in an increase in the number of middle-class people who invest more in their personal care.
This increases manufacturing activity in the country and imports of goods, especially petroleum products, which require storage space on sea vessels. Moreover, China’s Crude Oil Carrier Market held the largest market share, and the Indian Crude Oil Carrier Market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: Crude Oil Carrier Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Crude Oil Carrier Market accounts for the second-largest market due to its biggest utilisation in the transportation industry. Further, the German Crude Oil Carrier Market held the largest market share, and the UK Crude Oil Carrier Market was the fastest growing market in the European region
The North America Crude Oil Carrier Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to their enormous potential in the region for crude oil transportation.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Crude Oil Carrier Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations.
To expand and survive in a more competitive and rising market climate, Crude Oil Carrierindustry must offer cost-effective items. Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Crude Oil Carrier industry to benefit clients and increase the market sector. In recent years, the Crude Oil Carrier industry has offered some of the most significant advantages to medicine.
Major players in the Crude Oil Carrier Market, including Taiyo Cabletec Corporation, Maersk Tankers, Essar, Kuwait Oil Tanker Company S.A.K and Alaska Tanker Company and others, are attempting to increase market demand by investing in research and development operations.
Teekay specialises in the transportation of crude oil. Torben Karlshoej, a 31-year-old Danish ship trader who immigrated to the United States at the age of 20 and largely worked on farms, created Teekay in 1973. The firm was called "TK" after Karlshoej's initials. It began operations by purchasing tiny second and third hand oil tankers, a lucrative trade during the 1973-1974 oil crisis.
It kept its headquarters in the Bahamas to take advantage of cheap corporation taxes. The majority of its ships were registered in Liberia, taking advantage of the country's low taxes and capacity to recruit seamen from all over the world. In May 2019, Teekay Offshore Partners L.P., a prominent international midstream services provider, announced the establishment of a new $100 million revolving credit facility for the FPSO units Piranema Spirit, Voyageur Spirit, and Petrojarl Varg.
Gazprom Neft is Russia's third largest oil producer and ranks third in refining throughput. It is a subsidiary of Gazprom, which owns around 96% of the company. After core offices were relocated from Moscow in 2011, the corporation was registered and headquartered in St. Petersburg. By the end of 2012, Gazprom Neft accounted for 10% of Russian oil and gas output and 14.6% of Russian refining activities.
In 2012, production volumes climbed by 4.3% over 2011, refining throughput increased by 7%, revenue increased by 19.5%, and EBITDA and nett profit improved by 7.7% and 9.9%, respectively. In June 2019, Sovcomflot and Gazprom Neft have agreed to collaborate on LNG fuel bunkering. The agreement binds both parties to their mutual agreement to cooperate in the bunkering of Sovcomflot tankers with LNG fuel.
In December 2019,At the 2018 Lloyd's List Awards, held at the Hilton Park Lane in London, AET Group was named Tanker Operator of the Year. This honour is the first of its kind on an international scale, and it is attributed to the staff's devotion, enthusiasm, and tenacity both at sea and on land.
In May 2019,Teekay Offshore, a well-known company, announced a new $ 100 million revolving credit facility for the Voyageur Spirit, Piranema Spirit, and Petrojarl Varg FPSO units in collaboration with LP, a renowned worldwide midstream services provider.
In June 2019,China launched the world's first smart crude oil carrier, New Journey, with a capacity of 2.257 million barrels. It was recently transferred to China Merchant Energy Shipping Co in Dalian. Autopilot navigation, intelligent liquefied cargo management, equipment operation and maintenance, complete energy efficiency management, and integrated ship-to-shore communication are all included in this ship.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 253.1 Billion |
| Market Size 2024 | USD 263.73 Billion |
| Market Size 2032 | USD 351.7 Billion |
| Compound Annual Growth Rate (CAGR) | 3.66% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Teekay Corporation, Frontline, Shipping Corporation of India, Tsakos Energy Navigation Limited, Nordic American Tankers, Ship Finance International Limited, Taiyo Cabletec Corporation, Maersk Tankers, Essar, Kuwait Oil Tanker Company S.A.K and Alaska Tanker Company. |
| Key Market Opportunities | Increasing government funding in gasoline additives |
| Key Market Dynamics | Rising demand for low-emission, energy-efficient sources. |
Crude Oil Carrier Market Highlights:
Frequently Asked Questions (FAQ) :
The Crude Oil Carrier Market size was valued at USD 253.1 Billion in 2023.
The market is projected to grow at a CAGR of 3.66% during the forecast period, 2024-2032.
Asia Pacific had the largest share in the market
The key players in the market are Taiyo Cabletec Corporation, Maersk Tankers, Essar, Kuwait Oil Tanker Company S.A.K and Alaska Tanker Company.
The Corrosion Inhibitor category dominated the market in 2022.
The Diesel fuel had the largest share in the market.
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Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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