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Technavio has published a new report on the global tank container shipping market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global tank container shipping marketfor 2017-2021. Tank containers can withstand transportation and handling of liquid products, such as oil and gas, chemicals, and liquid food products.
The global tank container shipping market is expected to witness a substantial growth rate during the forecast period. The tank container shipping market is growing on the backdrop of the growing oil and gas industry and the global chemical industry. Also, with the increase in the global oil and gas logistics market and the growth of the container fleet market, it is expected that the global tank container shipping market will also grow.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global tank container shipping market:
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Growth of global oil and gas logistics market
The demand for oil and gas will grow during to the forecast period. The growth in oil and gas demand is due to the decline in global crude oil prices during the last five years. The decline in crude oil prices increases the demand for crude oil globally. The global demand for liquid hydrocarbons is expected to reach around 97 million barrels per day by 2020, registering a y-o-y growth rate of 1.2%. This global demand is expected to drive the growth of the global oil and gas logistics market.
Sharan Raj, a lead logistics research analyst at Technavio, says, “This global demand is expected to drive the growth of the global oil and gas logistics market. The transportation of liquid hydrocarbons across different geographies takes place through the waterways, and tank containers are widely used for the transportation of liquid hydrocarbons, such as oil and gas. As a result, the growth of the global oil and gas logistics market is expected to drive the growth of the global tank container shipping market during the forecast period.”
Increased production of tank containers globally
Exploration and production (E&P) activities are an important process in the oil and gas industry. Despite the tough trading conditions globally, the global tank container shipping market witnessed growth during 2014-2017. There has been a significant increase in the production of tank containers. In addition, transportation by waterways uses tank containers. As this mode of transportation is considered a reliable, safe, sustainable, and economical mode of transportation, a higher number of industries are availing the option, leading to the rise in demand for tank containers.
“The high growth of the tank container industry is due to the increase in the economic activities in the both deep-sea and regional operations by the operators. The increased manufacturing of tank containers is a result of the need for the shipping of hydrocarbon products for meeting the rising demand,” adds Sharan.
LNG tank container transportation preferred over pipeline transportation
Considering the LNG tank container market, the aim of logistics service providers is the transportation of natural gas by means of liquefaction. The other substitute available is transportation by means of a pipeline. There are various advantages of using LNG over pipeline transportation, which are lower environmental risks from transportation, lower risk exposure to terrorism and sabotage, and higher delivery efficiency over large distance transportation.
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