Market Forecast By Tanker Type (Oil Tankers, Liquid Gas Tankers) And Competitive Landscape
|Product Code: ETC432328||Publication Date: Dec 2022||Product Type: Market Research Report|
|Publisher: 6Wresearch||No. of Pages: 75||No. of Figures: 35||No. of Tables: 20|
Bangladesh Tanker Shipping Market is estimated to witness significant growth rate in the coming years. The market is projected to grow due to the increasing demand for oil and gas. Additionally, the government has initiated various favourable policies to boost the Bangladesh Tanker Shipping Industry including amending the Shipping Act and creating an exemption zone for tankers. The Bangladesh Tanker Shipping Market is witnessing strong growth, with the overall fleet size increasing year-on-year. This growth is expected to continue over the next few years as the country's economy continues to develop and demand for oil and other commodities increases.
According to 6Wresearch, Bangladesh Tanker Shipping Market is expected to grow during 2022-2028. The Asia Pacific Tanker Shipping Market is forecast to grow during the forecast period owing to the growing demand for oil and gas in the region. In addition to this, the growth of the Bangladesh Tanker Shipping Market is attributed to the increasing demand for energy resources, which is primarily sourced from neighbouring countries. The Bangladesh Tanker Shipping Market has been witnessing growth over the past few years owing to increasing cargo volumes handled by tankers throughout the country. Consequently, this has led to an increase in demand for maritime transport services across various sectors, including crude oil and petroleum products, chemicals, food grains, and other bulk cargoes.
Moreover, the main factors affecting the Bangladesh Tanker Shipping Market are global economics, which influence demand for maritime transport services, port capacity expansions and improvements, government policies, technological advancements, and changes in cargo mix, and oil prices. However, rigorous safety regulations and limited availability of tanker tonnage for new entrants hampering the Bangladesh Tanker Shipping Market size to expand rapidly.
Amid the Novel Corona Virus crisis, almost every industry has encountered huge losses mainly due to the slowdown in production and decreasing demand. The focus was on the essential commodities rather than non-essentials. Additionally, to limit the spread of deadly virus, countries announced nationwide lockdown and imposed unprecedented restrictions. Consequently, this has led to disrupting social and economic activities. The Bangladesh Tanker Shipping Market has observed slight decline in the production worldwide owing to the change in global mobility patterns.
The Bangladesh Tanker Shipping Market is dominated by the major shipping companies. These companies are accountable for most of the tanker shipping in the country. The market is highly fragmented, with several small players operating in the sector. There has been significant consolidation in the Bangladesh Tanker Shipping Market Growth over the past few years, with several smaller players either merging or going out of business. This trend is likely to continue as larger companies consolidate their positions and gain greater bargaining power in key markets.
The competitive environment of the Bangladesh Tanker Shipping Market is relatively moderate due to its open nature and lack of barriers for entry. However, some restraints that impact competition include stringent safety regulations and limited tanker tonnage availability for new entrants. Moreover, there are restrictions on vessel design that may limit flexibility for operators when transporting cargoes across different ports.
By Tanker Type, the market is classified into Oil Tankers and Liquid Gas Tankers. The Oil Tankers segment will dominate the Bangladesh Tanker Shipping Market share on the back of increasing demand for petroleum and diesel. Moreover, the growing use of tankers to transport refined oil and other chemical products will further contributing in the growth of this segment.
The report offers a comprehensive study of the subsequent market segments: