Market Size of Crude Oil Carriers Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 2.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Crude Oil Carriers Market Analysis
The crude oil carriers market is expected to register a CAGR of over 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.
