Crude Oil Carriers Market Size (2024 - 2029)

The crude oil carriers market is anticipated to experience growth driven by increasing global crude oil trade, with the Asia-Pacific region emerging as a significant importer. The market's expansion is supported by rising crude oil demand, which boosts trade and necessitates the use of tankers for transportation. However, fluctuations in crude oil prices pose a challenge, potentially hindering market growth by affecting buyers' purchasing power. Very large crude carriers (VLCC) play a crucial role in the market due to their capacity to transport substantial volumes. India's decreasing domestic crude production is expected to heighten its reliance on imports, creating further opportunities for market growth. Europe, particularly Greece, currently holds a substantial share of the market, indicating regional disparities in market size and share.

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Market Size of Crude Oil Carriers Industry

Crude Oil Carriers Market Size
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

Crude Oil Carriers Market Major Players

*Disclaimer: Major Players sorted in no particular order

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.

Crude Oil Carriers Industry Segmentation

The crude oil carrier market report include:

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
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Crude Oil Carriers Market Size Summary

The crude oil carriers market is poised for growth, driven by the increasing global demand for crude oil and the subsequent rise in crude oil trade. Crude oil carriers, also known as tankers, are specialized vessels designed to transport hydrocarbon liquids, including crude oil and refined products. These carriers are categorized based on their deadweight tonnage (dwt) into various classes such as Panamax, Aframax, Suezmax, and Very Large/Ultra Large Crude Carriers (VLCC/ULCC). The market's expansion is largely attributed to the growing crude oil demand across different regions, which fuels trade and necessitates the use of these tankers. However, fluctuations in crude oil prices pose a challenge, as higher prices can dampen the purchasing interest of importers, potentially hindering market growth.

The VLCC segment, capable of carrying the largest volumes of crude oil, is particularly significant in the market, with its demand expected to rise due to increasing crude trade, especially between the Asia-Pacific and Middle Eastern countries. Europe currently dominates the crude oil carrier market, with Greece leading in market share, supported by a substantial fleet of crude carriers. The region is also focusing on developing less polluting carriers, with new projects underway to enhance its fleet. The market is characterized by consolidation, with key players such as China COSCO Shipping, China Merchants Group, and Teekay Corporation playing pivotal roles. As global trade volumes continue to grow, Europe is anticipated to expand its crude carrier fleet, further solidifying its market position.

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Crude Oil Carriers Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Crude Carrier Forecast in USD billion, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Industry Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Size

      1. 2.1.1 Medium Range

      2. 2.1.2 Panaxax

      3. 2.1.3 Aframax

      4. 2.1.4 Suezmax

      5. 2.1.5 Very Large Crude Carriers and Ultra Large Crude Carriers

    2. 2.2 Geography

      1. 2.2.1 North America

      2. 2.2.2 Europe

      3. 2.2.3 Asia-Pacific

      4. 2.2.4 South America

      5. 2.2.5 Middle East & Africa

Crude Oil Carriers Market Size FAQs

The Crude Oil Carriers Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)

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.

Crude Oil Carrier Market Report Snapshots

Crude Oil Carriers Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)