Asia-Pacific Chemical Tankers Market is Projected to Grow at the Highest CAGR

The chemical tankers market is projected to reach USD 33.11 billion by 2022, at a CAGR of 4.5% between 2017 and 2022. Note: Chemical tankers market includes revenues earned through shipping of chemicals and related products. The construction process of chemical tankers is governed by the safety standards established by the International Bulk Chemical Code (IBC Code). According to the IBC Code, there are three types of chemical tankers, which include IMO 1, IMO 2, and IMO 3. The main products transported by chemical tankers are organic chemicals, inorganic chemicals, and vegetable oils & fats.

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Expansions, joint ventures, acquisitions, and agreements were the key strategies adopted by the major players to achieve growth in the chemical tankers market between 2014 and 2017. The major players operating in the chemical tankers market include Bahri (Saudi Arabia), Stolt-Nielsen (UK), Odfjell (Norway), Navig8 (UK), MOL Chemical Tankers (Singapore), Nordic Tankers (Denmark), Wilmar International (Singapore), MISC Berhad (Malaysia), Team Tankers (Bermuda), and Iino Kaiun Kaisha (Japan).

Odfjell (Norway) has adopted agreements as a major strategy to increase its share in the chemical tankers market and cater the increasing demand for chemical tankers to ship various types of chemical products. In November 2017, Odfjell (Norway) signed an agreement with Sinochem Shipping (Singapore). According to this agreement, Odfjell (Norway) is expected to take four new orders from Sinochem Shipping (Singapore) for manufacturing 840,900 Dead Weight Tonnage (DWT) chemical tankers. In March 2017, Odfjell (Norway) received a contract from Hudong-Zhonghua Shipbuilding (China) for the manufacturing of two chemical tankers. These tankers are expected to have 40 stainless steel cargo tanks with a capacity of 38,000 DWT. In July 2014, Odfjell (Norway) signed a contract with Hyundai Mipo Dockyard (South Korea) to construct four new 46,000 DWT chemical tankers with an option for four additional vessels.

Stolt-Nielsen (UK) has adopted acquisitions as a major growth strategy to strengthen its position in chemical tankers market. In July 2016, Stolt-Nielsen (UK) acquired the chemical tanker operations of Jo Tankers (Norway). This development involved acquisition of 13 chemical tankers by Stolt-Nielsen (UK) and 50% share in a joint venture having eight new tanker buildings. This acquisition enabled Stolt-Nielsen (UK) to increase the number of chemical tankers owned by it.

The chemical tankers market is projected to reach USD 33.11 billion by 2022, at a CAGR of 4.5% between 2017 and 2022. Note: Chemical tankers market includes revenues earned through shipping of chemicals and related products. The easy and low-cost water transportation of goods makes chemical tankers a suitable choice for chemical importers and exporters across the globe. These chemical tankers are ships, designed specifically for carrying various types of chemicals. One of the major drivers for the chemical tankers market is the rapidly growing chemical industry across the globe. Increasing use of different types of chemicals in various end-use industries such as automotive, aerospace, manufacturing, and construction has led to the growth of the chemicals industry across the globe, which, in turn, has fueled the growth of the chemical tankers market. Moreover, the growing consumption of vegetable oils & fats by masses also acts as a driver for the growth of the chemical takers market across the globe.

Marine bunkers account for a share of 7% of the total global demand for barrels. The growing dependence of masses on oil has led to the formulation of new environmental regulations across the globe that restrict the use of oil. The new IMO regulations, which are expected to be implemented in January 2020, ensure low sulfur cap of bunkers.

Among product types, the vegetable oils & fats segment of the chemical tankers market is projected to grow at the highest AGR, in terms of both, value and volume during the forecast period. The growth of this segment of the market can be attributed to the growing health awareness among masses and ease of transporting vegetable oils & fats. Increasing popularity of olive oil and palm oil is one of the major drivers for the growth of the vegetable oils & fats segment of the chemical tankers market. Different environmental and geographical conditions across the globe have enabled a few countries to produce vegetable oils & fats in abundance. The increasing demand for vegetable oils & fats in the international market is expected to fuel the growth of the vegetable oils & fats segment of the chemical tankers market in the coming years. Among fleet types, the IMO 2 segment of the chemical tankers market is projected to grow at the highest CAGR, in terms of both, value and volume during the forecast period. IMO 2 chemical tankers are mostly used to transport vegetable oils & fats from one place to another. They are also designed to carry chemicals, which require significant care during their transportation.

Among fleet materials, the stainless steel segment of the chemical tankers market is projected to grow at the highest CAGR, in terms of both, value and volume during the forecast period. The favorable properties of stainless steel such as improved chemical resistance and ease of cleaning tanks manufactured from it, make stainless steel a suitable material for developing chemical tankers. 

The Asia Pacific chemical tankers market is projected to grow at the highest CAGR, in terms of both, value and volume during the forecast period. The growth of the Asia Pacific chemical tankers market can be attributed to the flourishing chemical industry in China, increasing domestic production of chemicals in India, and rising number of industries that are dependent on chemicals in Japan and South Korea.

Iodine Market worth 1,041.0 Million USD By 2022 - At a CAGR of 4.58%

Expansions and new product launches are the key development strategies adopted by leading players in the global iodine market.

Iodine is a non-metallic element with a blue-black color and lustrous appearance. It belongs to the halogen family in the periodic table and is the least reactive among the halogens. Iodine is a trace element that can be obtained mainly from three sources, which are underground brines, caliche ore, and seaweed. It is also recycled in many parts of the world, mainly in Japan. Iodine is either used in elemental or isotopic form and in the form of inorganic salts & complexes and organic compounds. It is widely used in numerous applications, such as X-ray contrast media, pharmaceuticals, iodophors, and optical polarizing films in LCDs, catalyst in polymer synthesis, biocides, human nutrition, animal feed, and fluorochemicals. Increasing use of iodine in optical polarizing films in LCD applications and growing deficiency of iodine in developing countries are the major factors driving the market for iodine globally. The growth is further driven by its application in X-ray contrast media, fluorinated derivatives, and photography. The global iodine market is estimated at USD 832.1 million in 2017 and is projected to reach USD 1,041.0 million by 2022, at a CAGR of 4.58% between 2017 and 2022.

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Key companies manufacturing iodine were majorly involved in expansions to strengthen their positions in the market. It was the most preferred strategy adopted by the market players from 2013 to 2017. The increase in the number of expansions indicates that manufacturers are expanding their production facilities to establish a strong foothold in the iodine market and cater the escalating demand for iodine due to its deficiency, especially in developing countries. New product launch was the second-most preferred growth strategy by manufacturers. Major market players are adopting this strategy to diversify their product portfolio by bringing out new, innovative products.

Major manufacturers such as Sociedad Química y Minera (SQM) (Chile), Iofina (UK), ISE Chemicals Corporation (Japan), IOCHEM Corporation (US), Compañía de Salitre y Yodo (Chile), Algorta Norte SA (Chile), Nippoh Chemicals Co., Ltd (Japan), Kanto Natural Gas Development Co., Ltd (Japan), Toho Earthtech Co., Ltd (Japan), and Godo Shigen Co., Ltd (Japan), among others, are profiled in this report. These companies have large production facilities and have adopted organic strategies to become the leading players in the global iodine market.

Sociedad Química y Minera (Chile), Iofina (UK), ISE Chemicals Corporation (Japan), IOCHEM Corporation (US), Compañía de Salitre y Yodo (Chile), and Algorta Norte SA (Chile) are the leading players in the global iodine market. These companies accounted for the highest number of strategic activities, with expansions and product launches being the most preferred ones.

                           

SQM is the leading manufacturer of iodine with the largest production capacity of iodine globally. The company manufactures around 10,000 tons of iodine and its derivatives annually. The company, in 2016 launched a new product Ethyl-TriPhenyl-Phosphonium Iodide (ETPPI) through its brand Iodeal. ETPPI is a quaternary phosphonium salt used in the advancement or curing of thermosetting powder coatings and phenolic-based epoxy resins, as a phase transfer catalyst, and a Wittig reagent. This product launch helped the company enhance and broaden its product offerings.

Iofina is another major company operating in iodine manufacturing after SQM. For instance, in 2017, Iofina expanded its iodine production with the construction of IO#7, a new production plant for manufacturing iodine and its derivatives. With this expansion, the company will be able to increase its iodine production with lower per kilo cost of production.

Increasing use of iodine in optical polarizing films in LCD as well as other versatile applications and growing iodine deficiency disorders in developing countries are driving the growth of the iodine market.

Iodine is a trace element found in nature, occurring in earth’s crust as mineral deposits, in underground brines, and in seaweeds. It is a non-metallic element with a blue-black color and lustrous appearance. Iodine is essential for human and animals for proper functioning of thyroid glands, brain activities, and reproducibility. Iodine, owing to its high reactivity and occurrence in several oxidation states, gives numerous organic and inorganic compounds. It is used in a plethora of applications in three major forms, namely, organic compounds, inorganic salts & complexes, and elemental & isotopic form. It is used in many applications across the industrial sector. It is used in table salts for human consumption, and as an additive in animal feed, pharmaceutical, and healthcare applications. It is also used in polarizing films along with PVA in LCD components. It is used in iodophors, nylon manufacturing, as catalyst in polymer synthesis, as biocide in manufacturing of fluorinated compounds, and in agricultural intermediates and heat stabilizers. The market is witnessing growth due to its increasing use in optical polarizing films in LCD applications. Growing deficiency of iodine in developing countries and use of iodine in applications such as X-ray contrast media, fluorinated derivatives, and photography are some of the factors driving the market for iodine. The global iodine market is estimated at USD 832.1 million in 2017 and is projected to reach USD 1,041.0 million by 2022, at a CAGR of 4.58% between 2017 and 2022.

Asia Pacific is estimated to be the fastest-growing market, in terms of both value and volume, during the forecast period. China is projected to be the fastest-growing iodine market in Asia Pacific, accounting for a major share of the demand for iodine in the region. The growth in the chemical manufacturing industry, favorable demographic scenario, the rise in aging population, growing investments in the radiology market, and increasing government support to strengthen healthcare services in the emerging countries such as China, India, and Nepal are expected to increase the demand for iodine in the region during the forecast period.

Recycling is estimated to be the fastest-growing segment of the iodine market, by source during the forecast period. Owing to the continuous commercial exploitation of mineral deposits and underground brines, iodine reserves may eventually deplete. Recycling of iodine will ensure its sustainable availability in the near future.

Organic compounds is estimated to be the fastest-growing segment of the iodine market, by form during the forecast period. It is the fastest-growing segment due to the increasing consumption of organic compounds such as methyl iodide in pesticides and soil fumigants in the agrochemical industry. The growing consumption of organic compounds in electronics and healthcare industry is also expected to boost their demand during the forecast period.

Optical polarizing films is estimated to be the fastest-growing segment of the iodine market, by application during the forecast period. The growing demand for iodine in optical polarizing films is attributed to the improved standards of living, rise in disposable income in developing countries, and increasing preference for advanced and visually appealing LCD display panels. The aforementioned factors are expected to drive the demand for iodine from the optical polarizing films application during the forecast period.
Major players in the global iodine market undertook various development strategies in recent years. Expansions and new product launches are some of the key strategies undertaken by major manufacturers such as Sociedad Química y Minera (SQM) (Chile), Iofina (UK), ISE Chemicals Corporation (Japan), IOCHEM Corporation (US), Compañía de Salitre y Yodo (Chile), and Algorta Norte SA (Chile). These strategies have helped these companies increase their production facilities and enhance their shares in the iodine market. For instance, in the period of 2016-2017, companies such as Iofina and IOCHEM Corporation expanded their manufacturing facilities by constructing new manufacturing plants and drilling of production wells respectively to increase their production capacities in the coming years.

North America is the Key Market for Biocides

The report “Biocides Market by Type (Halogen compounds, Metallic compounds, Organosulfurs, Organic acids, Phenolics, and Others) and by Application (Water treatment, Personal care, Wood preservation, Food & beverage, Paints & coatings, and Others) - Global Trends and Forecasts to 2020”, defines and segments the biocides market with an analysis and forecast for types and applications by volume as well as value. The biocides market size by value is projected to reach USD 10.6 Billion by 2020, with a CAGR of 4.8% between 2015 and 2020.

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Browse 88 tables and 59 figures spread through 149 Pages and in-depth TOC on "Biocides Market"

North America is the key market for Biocides

North America dominated the biocides market in 2014. The U.S. is the key market for biocides in the region. The growing demand for biocides in water treatment and food & beverage segments is driving the market for biocides in the region. Furthermore, the reviving construction industry in North America drives the market for biocides in paints & coatings and wood preservation segments. Paints & coatings segment is expected to witness growth during the projected period.

Asia-Pacific is the fastest-growing for biocides market during the projected period. The ensuing increase in investments and rise in the number of new manufacturing establishments is anticipated to witness Asia-Pacific emerge into a prime driver of growth for the biocides market. Furthermore, the food & beverage segment is expected to witness decent growth during the forecast period. This is due to the rising concern for safe packaged food in the region. Moreover, the rising construction activities drive the market for biocides in paints & coatings and wood preservation applications.

Water treatment application to dominate the global biocides market

Water treatment segment dominated the biocides market with ~25.6% the global market share in 2014, in terms of volume. The increasing demand for treated municipal and industrial water from the end-use industries is driving the market for biocides. The increased emphasis on clean water by the government of both the developed and developing nations paves a way for the growth of biocides. Biocides provide unparalled benefits in the water treatment and other segments.

Food & beverage is the other key application area of biocides. The stringent food safety norms in the developed nations of Europe and North America drive the market for biocides. Moreover, the growing food & beverage industry in the Asia-Pacific region drives the market for biocides, where they are used as preservatives.

Halogen Compounds projected to have the highest growth

Halogen compounds had the largest market share in 2014 and are projected to dominate the global market by 2020. They are very effective microbial growth control agents, less costly, efficient, have wide spectrum of applications, and relatively low occurrence of resistance. All these factors act as a driver for the halogen compounds.

Metallic compounds are used in wood preservation, food & beverage, and paint & coating applications as biocides. Silver-based biocides are widely used as an antibacterial agent in consumer products because of their properties such as high thermal stability and health and environmental safety. The organosulfur biocides are used to control microbial activity in the oil refineries industry. Organic acids such as formic or acetic acids are used as biocides on account of their less reactive nature as compared with strong mineral acids such as hydrochloric acid (HCl), mixtures of HCl and hydrofluoric acid (HF). Despite of these properties, these compounds do not hold larger market share than halogen compounds. Halogen compounds are more cost-efficient which is why they are used in a variety of applications.