The latest report on Crude Oil Carriers Market by Infinium Global Research gives complete coverage of the Crude Oil Carriers Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2018 to 2024. In addition, the study covers deep dive into key product and applications trends in the regional markets of Crude Oil Carriers such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Increasing Demand for Crude Oil and It’s By-Products are the Key Factors Driving the Growth of the Crude Oil Carriers Industry
Petroleum includes more products than just crude oil. Petroleum includes refined petroleum products such as gasoline, diesel fuel, jet fuel, unfinished oils, and other liquids such as fuel ethanol, blending components for gasoline, and other refinery inputs. Crude oil carriers are the ship designed for the bulk transport of oil or its products. Crude tankers move large quantities of unrefined crude oil from its point of extraction to refineries. Carriers provide a convenient and economical way to transport liquid bulk, facilitating international seaborne trade. Oil carriers have been involved in a number of damaging and high profile oil spills. As a result, they are subject to stringent operational regulations.
Increasing demand for crude oil and it’s by-products are the key factors driving the growth of the crude oil carriers market. In addition, the growing transportation industry across the world, rising number of automotive and aviation industry, use of growth in various end-use industry and increasing industrialization creates a demand for crude products. However, high logistics cost and decreasing oil imports that are beating into renewable solar power are likely to hamper the growth of the crude oil carrier market during the forecast period.
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The Growing Transportation Industry Across the World, Rising Number of Automotive and Aviation Industry
On the other hand, the high cost of capital required to acquire ships is also anticipated to create a negative impact on market growth. Furthermore, Longer hauls and fewer triangulation options or backhaul routes to reduce ballasting are likely to present growth opportunities for industry participants. Increasing oil imports and stabilizing relations between OPEC and NON-OPEC nations are creating huge opportunities oiver the upcoming years.
Moreover, ongoing low global oil prices and high supply from the organization of the petroleum exporting countries are anticipated to boost the demand for carriers demand over the years to come. Therefore, Low bunker fuel prices are likely to spur increased earnings, leading to greater carrier application and demand across the globe. Among the geographies, Asia-Pacific dominated the crude oil carriers market. High oil refining, production, and trade activities in UAE, Kuwait, Saudi Arabia, Iraq, and other Middle Eastern countries with large financial resources led to highest industry share for this region.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Crude Oil Carriers.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.