Very Large Crude Carrier (VLCC) Market was valued at USD 106.79 Billion in 2022 and is projected to reach USD 137.32 Billion by 2030, growing at a CAGR of 3.40% from 2024 to 2030.
Between 2018 and 2022, the market was also affected by stricter environmental regulations, which increased the cost of operations for shipping companies. The International Maritime Organization’s (IMO) 2020 sulfur cap further pushed shipowners to retrofit their vessels to meet emissions standards, which in turn increased operational costs. Despite these hurdles, the demand for VLCCs began to recover in the latter half of 2021 and into 2022, driven by the reopening of economies and a resurgence in crude oil imports. The supply of VLCCs remained somewhat constrained, with the new shipbuilding orders not keeping pace with demand, allowing older vessels to continue serving the market.
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The Very Large Crude Carrier (VLCC) market from 2018 to 2022 was shaped by multiple factors including fluctuating oil prices, global trade dynamics, and geopolitical tensions. During this period, the VLCC market experienced a number of ups and downs. The first half of the period saw significant demand due to rising oil prices and robust global demand for crude oil, particularly from key importers like China and India. However, market trends began to shift after 2020 with the COVID-19 pandemic and subsequent economic shutdowns, leading to reduced demand for oil and slower growth in the global economy. As a result, VLCC shipping rates fluctuated, and the market faced challenges including oversupply of vessels and reduced profitability.
China CSSC Holdings Limited
KOTC ICT GROUP
STX SHIPBUILDING
Mitsui E&S Holdings Co.
Ltd.
HYUNDAI SAMHO HEAVY INDUSTRIES CO.
LTD.
Namura Shipbuilding
Samsung Heavy Industries
DSME
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Very Large Crude Carrier (VLCC) Market
Crude Oil Transportation
Refined Oil Transport
Other
Based on Types the Market is categorized into Below types that held the largest Very Large Crude Carrier (VLCC) market share In 2023.
Energy Saving and Environmental Protection Type
Regular Type
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Very Large Crude Carrier (VLCC) Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Very Large Crude Carrier (VLCC) Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Very Large Crude Carrier (VLCC) Market, By Type
6. Global Very Large Crude Carrier (VLCC) Market, By Application
7. Global Very Large Crude Carrier (VLCC) Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Very Large Crude Carrier (VLCC) Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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