A recent report published by Infinium Global Research on crude oil carriers market provides in-depth analysis of segments and sub-segments in global as well as regional crude oil carriers market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional crude oil carriers market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global crude oil carriers market. According to the report, the global crude oil carriers market is projected to grow at a CAGR of 3.6% over the forecast period of 2018-2024.
Petroleum includes more products than just crude oil. Petroleum includes refined petroleum products such as gasoline, diesel fuel, jet fuel, unfinished oils, and other liquids such as fuel ethanol, blending components for gasoline, and other refinery inputs. Crude oil carriers are the ship designed for the bulk transport of oil or its products. Crude tankers move large quantities of unrefined crude oil from its point of extraction to refineries. Carriers provide a convenient and economical way to transport liquid bulk, facilitating international seaborne trade. Oil carriers have been involved in a number of damaging and high profile oil spills. As a result, they are subject to stringent operational regulations.
Increasing demand for crude oil and it’s by-products are the key factors driving the growth of the crude oil carriers market. In addition, the growing transportation industry across the world, rising number of automotive and aviation industry, use of growth in various end-use industry and increasing industrialization creates a demand for crude products. However, high logistics cost and decreasing oil imports that are beating into renewable solar power are likely to hamper the growth of the crude oil carrier market during the forecast period.
On the other hand, the high cost of capital required to acquire ships is also anticipated to create a negative impact on market growth. Furthermore, Longer hauls and fewer triangulation options or backhaul routes to reduce ballasting are likely to present growth opportunities for industry participants. Increasing oil imports and stabilizing relations between OPEC and NON-OPEC nations are creating huge opportunities oiver the upcoming years. Moreover, ongoing low global oil prices and high supply from the organization of the petroleum exporting countries are anticipated to boost the demand for carriers demand over the years to come. Therefore, Low bunker fuel prices are likely to spur increased earnings, leading to greater carrier application and demand across the globe. Among the geographies, Asia-Pacific dominated the crude oil carriers market. High oil refining, production, and trade activities in UAE, Kuwait, Saudi Arabia, Iraq, and other Middle Eastern countries with large financial resources led to highest industry share for this region.
The report on global crude oil carriers market covers segments such as vessel type. On the basis of vessel type, the global crude oil carriers market is categorized into the very large crude carrier(VLCC), suezmax, aframax, ultra large crude carrier (ULCC) and others/panamax.
Geographic Coverage
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-Pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global crude oil carriers market such as China Shipping Tanker Co., Ltd., Maersk Tankers, Kuwait Oil Tankers Co., Essar Shipping, OSG Ship Management Inc., Tankers International LLC., Alaska Tanker Co, Keystone Alaska LLC and Shipping Corporation of India.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global crude oil carriers market. Moreover, IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of crude oil carriers market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the crude oil carriers market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the crude oil carriers market to understand the present and future trends in this market and formulate their strategies accordingly.