As per a report made available by MRFR, crude oil carrier market is anticipated to expand with a 4.2% CAGR while raking in revenues worth USD 247.5 billion by 2023. The intensification of crude oil extraction activities has increased the demand for the market.
Escalation in production point to refinery routes has translated positively into the development of the market in the recent years. The different vessel sizes have improved the volume of crude oil that can be transported to various locations around the world. The demand for crude oil has been identified as a key motivator for the progress in crude oil carrier market. The upsurge in the production of crude oil in the African continent is anticipated to spur the expansion of the crude oil tanker market in the impending years.
The notable players existing in the crude oil carrier market are 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
The report aims to create a thorough understanding of the crude oil carrier market that includes significant trends gaining momentum in the market. The report includes the existing market status, industry trends and recent developments in the petroleum carriers market that will have significant bearing on the long-term growth of the market. The scope of the research includes the segments of the market such as hull type and dead weight tonnage. The market structure is better defined to include the different aspects of the market. A revenue analysis on the existing application areas is also offered in the report.
The report on the global crude oil market covers aspects such as forecast, historical market trends, market dynamics, market value by region as well as by country-level analysis for every individual market segment, key player’s market share analysis, segmentation, and market factor analysis which contains supply chain and Porter’s five forces analysis of the market.
Crude oil tankers have played an integral role in the transportation of the oil across the world. The energy value chain is considerably benefitted from the services provided by crude oil carriers.
The report methodology employed by Market Research Future brings forth a great deal of lucidity associated to the existing market scenarios and how the current competitors are strategizing in the present set up. The reports have an intrinsic capability to cover all aspects relevant to forming a knowledgeable view of any given market. The joint use of primary and secondary research increases the efficacy of the reports in achieving the purpose mentioned above. The clients through our reports gain access to information that can transform their strategies related to their market significantly helping them to capture a more major portion of the market. The best strategies for growth in the market are highlighted upon so as to develop the market intensively. The top up and bottom down approaches engaged are valuable in detecting the trends that will be influencing the market in the forecast period.
Crude Oil Carrier Market Segmental Analysis
The segmentation analysis of the crude oil carrier market is done to enable better understanding of the market.
By Hull Type
|Market Size||2023: USD 247.5 Billion|
|CAGR||4.2% CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Hull Type and Dead Weight Tonnage|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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 investment by government in fuel additives|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The market for crude oil carrier is estimated to surge at a CAGR of 4.2% during the assessment timeline.
By 2023, the market value is anticipated to be USD 247.5 USD billion.
Ship Finance International Limited, Nordic American Tankers, Alaska Tanker Company, Taiyo Cabletec Corporation, Teekay Corporation, Essar, Frontline, Kuwait Oil Tanker Company S.A.K, Maersk Tankers, Shipping Corporation of India, Tsakos Energy Navigation Limited, and others are the most significant vendors in the global market.
Some of the most compelling factors in the market expansion include the amplified rate of industrialization, accelerated demand for crude oil across numerous regions and the reduced bunker fuel costs among others.
The growth opportunities in the worldwide market for crude oil carrier includes the increasing production levels of oil in Africa, which is only expected to surge in the coming years.