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

The report covers Global Crude Oil Carrier Market Size and it is segmented by Size (Medium Range, Panamax, Aframax, Suezmax, Very Large Crude Carriers and Ultra Large Crude Carriers), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa)

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Crude Oil Carriers Market Size

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

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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.

Crude Oil Carriers Market Trends

This section covers the major market trends shaping the Crude Oil Carriers Market according to our research experts:

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.
Crude Oil Carriers Market Share

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.
Crude Oil Carriers Market Growth

Crude Oil Carriers Industry Overview

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 Market Leaders

  1. China Cosco Shipping Corporation Limited

  2. China Merchants Group

  3. Teekay Corporation

  4. Angelicoussis Group

  5. Tsakos Group

  6. Minerva Marine

*Disclaimer: Major Players sorted in no particular order

China Cosco Shipping Corporation Limited, China Merchants Group, Teekay Corporation, Angelicoussis Group, Tsakos Group, Minerva Marine
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Crude Oil Carriers Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

    4. 1.4 Study Deliverables

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Crude Carrier Forecast in USD billion, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Industry Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitute Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Size

      1. 5.1.1 Medium Range

      2. 5.1.2 Panaxax

      3. 5.1.3 Aframax

      4. 5.1.4 Suezmax

      5. 5.1.5 Very Large Crude Carriers and Ultra Large Crude Carriers

    2. 5.2 Geography

      1. 5.2.1 North America

      2. 5.2.2 Europe

      3. 5.2.3 Asia-Pacific

      4. 5.2.4 South America

      5. 5.2.5 Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 China Cosco Shipping Corporation Limited

      2. 6.3.2 China Merchants Group Ltd

      3. 6.3.3 National Iranian Oil Company (NIOC)

      4. 6.3.4 The National Shipping Co. Saudi Arabia

      5. 6.3.5 Euronav NV

      6. 6.3.6 Angelicoussis Shipping Group Ltd

      7. 6.3.7 Teekay Corporation

      8. 6.3.8 Tsakos Energy N/SH

      9. 6.3.9 Minerva Marine Inc.

      10. 6.3.10 Petroliam Nasional Berhad (PETRONAS)

    4. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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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 Research 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.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Europe accounts for the largest market share in Crude Oil Carriers Market.

The report covers the Crude Oil Carriers Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Crude Oil Carriers Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Crude Oil Carrier Industry Report

Statistics for the 2024 Crude Oil Carrier market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Crude Oil Carrier analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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