Crude Oil Carriers Market Size and Share
| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| CAGR | 2.50% |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Crude Oil Carriers Market Analysis by Mordor Intelligence
The Crude Oil Carriers Market is expected to register a CAGR of greater than 2.5% during the forecast period.
- Crude oil carriers or tankers are specialized ships, build to carry hydrocarbon liquids, ranging from crude oil to refined products.
- The carriers are majorly segregated based upon its deadweight metric ton (dwt) and is classified into Panamax (55,000 - 84,999 dwt), Aframax (85,000 - 124,999 dwt), Suezmax (125,000 - 199,999 dwt), and Very Large Crude Carriers/Ultra Large Crude Carriers (200,000 - 3200,000+ dwt).
- Crude oil carriers market is expected to grow with increasing crude oil trade around the world. During 2008-2018, crude oil trade had a CAGR of around 2.76%, which is expected to grow during the forecasting period, with Asia-Pacific as major importer.
- The major factors driving the crude oil carriers market is the increasing crude oil demand in various regions across the world. Increase in crude oil demand increases crude oil trade within the countries, which are majorly transported by crude oil tankers and thus helps to drive the crude oil carrier market.
- Though the demand for crude oil drives the market, but the fluctuation of crude oil price act as a restraint for the market. Higher international crude oil price reduces the buying capacity or reduces the buying interest of the buyers or the importers, which is expected to hinder the market growth during the forecasting period.
- Very large crude carriers (VLCC)/ultra large crude carriers (ULCC) are the major crude oil carrier that has the ability to carry the highest volume of crude. In 2018, VLCC had a demand of 194.8 million dwt.
- With around 71 million barrels per day of crude oil trade in 2018, it is expected to have an increase in trade during the upcoming years. In Asia-Pacific, especially India's domestic crude production is decreasing year-on-year, which is expected to increase its dependency on the foreign countries and is expected to increase crude trade and thereby crude oil carrier market. Thus, India's dependence on other nations for crude oil is expected to create an opportunity for the crude oil carrier market in the future.
- During 2018, Europe has dominated the crude oil carrier market and holds more than 26% of the total oil tankers available. Greece is the major country out of Europe that has the maximum market share in the crude oil carrier market.
Global Crude Oil Carriers Market Trends and Insights
Very Large Crude Carrier to Dominate the Market
- VLCC have a size rang between 180,000 to 320,000 DWT, and are capable of passing through the Suez Canal in Egypt, for which these carrier are extensively used around the North Sea, Mediterranean and West Africa. Its dimensions is of 470 m in length, beam of up to 60 m, and a draught of up to 20 m.
- Among all the crude carriers demand, VLCC has the highest demand, followed by the demand for Suezmax. During 2018, demand for VLCC has increased around 5% and is expected to grow with decreasing spot rate of VLCC, and increasing demand for crude trade, due to depleting domestic production, especially in the Asia-Pacific region.
- During 2018, the highest demand arises between the Asia-Pacific and the Middle Eastern countries. The Middle East is one of the largest producers of crude oil, export its maximum volume to Asia-Pacific, making the Middle East Gulf (MEG)- Asia-Pacific as the highest demand for VLCC crude tankers.
- Regarding the crude fleet growth, VLCC has experienced the maximum growth, with a 4 % growth in 2018, in comparison to the preceding year.
Europe to Dominate the Market
- Europe has the maximum number of crude tankers, followed by Asia-Pacific. With around 55% of total crude oil tankers, Europe has the highest deadweight tons of tankers around the world.
- Greece is the prominent country among the Europe that holds the maximum numbers of the crude fleet company, with 167 crude carriers individually.
- It is expected that, with the growth of trade crude volume around the world, Europe is likely to expand its crude carriers by around 5%, during the forecast period. Moreover, Europe is more concentrated on having less pollutant crude carrier. It is estimated that Greece is building ten new liquefied natural gas (LNG) crude oil carriers, constructed by Hyundai Heavy Industries, that is expected to create a new milestone in the crude oil carrier market.
Competitive Landscape
The crude oil carriers market is consolidated. Some of the key players in the crude oil carrier market include China COSCO Shipping, China Merchants Group, National Iranian Oil Company (NIOC), Bahri, Euronav, Angelicoussis Group, and Teekay Corporation.
Crude Oil Carriers Industry Leaders
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China Cosco Shipping Corporation Limited
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China Merchants Group
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Teekay Corporation
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Angelicoussis Group
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Tsakos Group
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Minerva Marine
- *Disclaimer: Major Players sorted in no particular order
Global Crude Oil Carriers Market Report Scope
The crude oil carrier market report include:
| Medium Range |
| Panaxax |
| Aframax |
| Suezmax |
| Very Large Crude Carriers and Ultra Large Crude Carriers |
| North America |
| Europe |
| Asia-Pacific |
| South America |
| Middle East & Africa |
| Size | Medium Range |
| Panaxax | |
| Aframax | |
| Suezmax | |
| Very Large Crude Carriers and Ultra Large Crude Carriers | |
| Geography | North America |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle East & Africa |
Key Questions Answered in the Report
What is the current Crude Oil Carriers Market size?
The Crude Oil Carriers Market is projected to register a CAGR of greater than 2.5% during the forecast period (2025-2030)
Who are the key players in Crude Oil Carriers Market?
China Cosco Shipping Corporation Limited, China Merchants Group, Teekay Corporation, Angelicoussis Group, Tsakos Group and Minerva Marine are the major companies operating in the Crude Oil Carriers Market.
Which is the fastest growing region in Crude Oil Carriers Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Crude Oil Carriers Market?
In 2025, the Europe accounts for the largest market share in Crude Oil Carriers Market.
What years does this Crude Oil Carriers Market cover?
The report covers the Crude Oil Carriers Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Crude Oil Carriers Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Crude Oil Carriers Market Report
Statistics for the 2025 Crude Oil Carriers market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Crude Oil Carriers analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
