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Global Crude Oil Carriers Market to Reach US$282.4 Billion by 2030

The global market for Crude Oil Carriers estimated at US$233.4 Billion in the year 2024, is expected to reach US$282.4 Billion by 2030, growing at a CAGR of 3.2% over the analysis period 2024-2030. VLCC / ULCC, one of the segments analyzed in the report, is expected to record a 3.5% CAGR and reach US$180.9 Billion by the end of the analysis period. Growth in the Aframax segment is estimated at 2.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$62.7 Billion While China is Forecast to Grow at 3.0% CAGR

The Crude Oil Carriers market in the U.S. is estimated at US$62.7 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$44.8 Billion by the year 2030 trailing a CAGR of 3.0% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.2% and 2.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR.

Global Crude Oil Carriers Market - Key Trends & Drivers Summarized

How Are Global Oil Trade Patterns Influencing The Crude Oil Carriers Market?

The global crude oil carriers market is intricately linked to the dynamics of international oil trade patterns, which are influenced by geopolitical developments, supply and demand imbalances, and changes in energy policies. The market comprises various types of tankers, including Very Large Crude Carriers (VLCCs), Suezmax, and Aframax vessels, which are essential for transporting crude oil from production regions to refineries and consumption markets worldwide. The growing demand for energy in emerging economies, particularly in Asia-Pacific regions like China and India, is driving the need for crude oil imports, thereby boosting the demand for large-capacity crude oil carriers. Additionally, fluctuations in oil prices and OPEC production cuts influence the movement and storage strategies of crude oil, impacting the market for these carriers.

What Technological Advancements Are Enhancing The Efficiency Of Crude Oil Carriers?

Technological advancements are playing a critical role in enhancing the operational efficiency and safety of crude oil carriers. The adoption of eco-friendly and fuel-efficient technologies, such as LNG-fueled engines and dual-fuel propulsion systems, is becoming more prevalent as shipping companies strive to comply with stringent environmental regulations set by organizations like the International Maritime Organization (IMO). Innovations in hull design and coatings are reducing drag and fuel consumption, thereby lowering operational costs and emissions. Moreover, the integration of advanced navigation and cargo management systems enables better route planning and cargo handling, reducing downtime and maximizing carrier utilization. The use of digital twins and predictive maintenance technologies is further aiding in minimizing mechanical failures and optimizing fleet management.

How Are Environmental Regulations And Global Policies Shaping The Crude Oil Carriers Market?

Environmental regulations and global policies are significantly shaping the crude oil carriers market by enforcing stricter emission norms and operational standards. The IMO 2020 regulation, which mandates a reduction in sulfur content in marine fuels, has led to a shift toward low-sulfur fuels and the adoption of scrubber systems. Moreover, the growing emphasis on decarbonization and sustainability in the shipping industry is prompting carriers to invest in cleaner technologies and alternative fuels. Meanwhile, geopolitical tensions and trade policies impact crude oil shipping routes, tariffs, and insurance costs, affecting the overall market dynamics. The market is also influenced by strategic decisions made by oil-producing countries regarding output levels and export strategies, further underscoring the complex interplay of regulatory and policy factors.

What Factors Are Driving The Growth Of The Crude Oil Carriers Market?

The growth in the crude oil carriers market is driven by several factors, including the rising global demand for crude oil, technological advancements in carrier design and propulsion, and the increasing focus on environmental compliance. A key driver is the expansion of oil refinery capacities in emerging markets, which necessitates efficient crude oil transportation. The global shift towards cleaner shipping fuels and the introduction of dual-fuel propulsion systems are also enhancing the appeal of modern, eco-friendly crude oil carriers. Additionally, strategic crude oil storage practices due to market volatility and geopolitical uncertainties are driving demand for floating storage units (FSUs). Furthermore, the surge in offshore oil production and the increasing need for long-haul crude oil transportation are contributing to market growth. These factors collectively underscore the sustained demand and growth potential for crude oil carriers worldwide.

SCOPE OF STUDY:

The report analyzes the Crude Oil Carriers market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:

Carrier Type (VLCC / ULCC, Aframax, Suezmax, Other Carrier Types)

Geographic Regions/Countries:

World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

Select Competitors (Total 47 Featured) -

• AET Technologies
• Bahri
• Euronav NV
• Frontline Ltd.
• Maran Tankers Management
• Mitsui O.S.K. Lines, Ltd.
• National Iranian Tanker Company
• NYK Line
• Ocean Tankers (Pte) Ltd.
• Oman Shipping Company SAOC
• OSG Ship Management, Inc.
• PAO Sovcomflot
• Teekay Corporation

AI INTEGRATIONS

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Instead of following the general norm of querying LLMs and Industry-specific SLMs, we built repositories of content curated from domain experts worldwide including video transcripts, blogs, search engines research, and massive amounts of enterprise, product/service, and market data.

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by increasing the Cost of Goods Sold (COGS), reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

TABLE OF CONTENTS

I. METHODOLOGY

II. EXECUTIVE SUMMARY

• 1. MARKET OVERVIEW
  • Influencer Market Insights
  • Tariff Impact on Global Supply Chain Patterns
  • Tariff Impact on Global Supply Chain Patterns
  • Crude Oil Carriers - Global Key Competitors Percentage Market Share in 2025 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2025 (E)
• 2. FOCUS ON SELECT PLAYERS
• 3. MARKET TRENDS & DRIVERS
  • Rising Global Demand for Oil and Its Impact on Crude Oil Carrier Market
  • Technological Advancements in Crude Oil Tanker Design and Efficiency
  • Impact of Geopolitical Tensions on Oil Trade Routes and Carrier Demand
  • Increasing Scrapping of Old Vessels to Meet Environmental Regulations
  • Development of LNG-Powered Crude Oil Carriers to Reduce Emissions
  • Growing Demand for Ultra-Large Crude Carriers (ULCCs)
  • Impact of Changing Oil Production Locations on Carrier Demand
  • Increasing Focus on Double-Hull Tankers for Enhanced Safety
  • Adoption of Digital Solutions for Fleet Management and Optimization
  • Expanding Oil Refining Capacities in Emerging Markets
  • Impact of Fluctuating Oil Prices on Crude Oil Carrier Operations
  • Growing Investment in Maritime Security to Protect Oil Trade Routes
• 4. GLOBAL MARKET PERSPECTIVE
  • TABLE 1: World Crude Oil Carriers Market Analysis of Annual Sales in US$ Million for Years 2015 through 2030
  • TABLE 2: World Recent Past, Current & Future Analysis for Crude Oil Carriers by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2024 through 2030 and % CAGR
  • TABLE 3: World Historic Review for Crude Oil Carriers by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 4: World 15-Year Perspective for Crude Oil Carriers by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2015, 2025 & 2030
  • TABLE 5: World Recent Past, Current & Future Analysis for VLCC / ULCC by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2024 through 2030 and % CAGR
  • TABLE 6: World Historic Review for VLCC / ULCC by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 7: World 15-Year Perspective for VLCC / ULCC by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2025 & 2030
  • TABLE 8: World Recent Past, Current & Future Analysis for Aframax by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2024 through 2030 and % CAGR
  • TABLE 9: World Historic Review for Aframax by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 10: World 15-Year Perspective for Aframax by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2025 & 2030
  • TABLE 11: World Recent Past, Current & Future Analysis for Suezmax by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2024 through 2030 and % CAGR
  • TABLE 12: World Historic Review for Suezmax by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 13: World 15-Year Perspective for Suezmax by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2025 & 2030
  • TABLE 14: World Recent Past, Current & Future Analysis for Other Carrier Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2024 through 2030 and % CAGR
  • TABLE 15: World Historic Review for Other Carrier Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 16: World 15-Year Perspective for Other Carrier Types by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2025 & 2030

III. MARKET ANALYSIS

• UNITED STATES
  • Crude Oil Carriers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2025 (E)
  • TABLE 17: USA Recent Past, Current & Future Analysis for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 18: USA Historic Review for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 19: USA 15-Year Perspective for Crude Oil Carriers by Carrier type - Percentage Breakdown of Value Sales for VLCC / ULCC, Aframax, Suezmax and Other Carrier Types for the Years 2015, 2025 & 2030
• CANADA
  • TABLE 20: Canada Recent Past, Current & Future Analysis for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 21: Canada Historic Review for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 22: Canada 15-Year Perspective for Crude Oil Carriers by Carrier type - Percentage Breakdown of Value Sales for VLCC / ULCC, Aframax, Suezmax and Other Carrier Types for the Years 2015, 2025 & 2030
• JAPAN
  • Crude Oil Carriers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2025 (E)
  • TABLE 23: Japan Recent Past, Current & Future Analysis for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 24: Japan Historic Review for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 25: Japan 15-Year Perspective for Crude Oil Carriers by Carrier type - Percentage Breakdown of Value Sales for VLCC / ULCC, Aframax, Suezmax and Other Carrier Types for the Years 2015, 2025 & 2030
• CHINA
  • Crude Oil Carriers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2025 (E)
  • TABLE 26: China Recent Past, Current & Future Analysis for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 27: China Historic Review for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 28: China 15-Year Perspective for Crude Oil Carriers by Carrier type - Percentage Breakdown of Value Sales for VLCC / ULCC, Aframax, Suezmax and Other Carrier Types for the Years 2015, 2025 & 2030
• EUROPE
  • Crude Oil Carriers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2025 (E)
  • TABLE 29: Europe Recent Past, Current & Future Analysis for Crude Oil Carriers by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2024 through 2030 and % CAGR
  • TABLE 30: Europe Historic Review for Crude Oil Carriers by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 31: Europe 15-Year Perspective for Crude Oil Carriers by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK and Rest of Europe Markets for Years 2015, 2025 & 2030
  • TABLE 32: Europe Recent Past, Current & Future Analysis for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 33: Europe Historic Review for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 34: Europe 15-Year Perspective for Crude Oil Carriers by Carrier type - Percentage Breakdown of Value Sales for VLCC / ULCC, Aframax, Suezmax and Other Carrier Types for the Years 2015, 2025 & 2030
• FRANCE
  • Crude Oil Carriers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2025 (E)
  • TABLE 35: France Recent Past, Current & Future Analysis for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 36: France Historic Review for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 37: France 15-Year Perspective for Crude Oil Carriers by Carrier type - Percentage Breakdown of Value Sales for VLCC / ULCC, Aframax, Suezmax and Other Carrier Types for the Years 2015, 2025 & 2030
• GERMANY
  • Crude Oil Carriers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2025 (E)
  • TABLE 38: Germany Recent Past, Current & Future Analysis for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 39: Germany Historic Review for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 40: Germany 15-Year Perspective for Crude Oil Carriers by Carrier type - Percentage Breakdown of Value Sales for VLCC / ULCC, Aframax, Suezmax and Other Carrier Types for the Years 2015, 2025 & 2030
• ITALY
  • TABLE 41: Italy Recent Past, Current & Future Analysis for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 42: Italy Historic Review for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 43: Italy 15-Year Perspective for Crude Oil Carriers by Carrier type - Percentage Breakdown of Value Sales for VLCC / ULCC, Aframax, Suezmax and Other Carrier Types for the Years 2015, 2025 & 2030
• UNITED KINGDOM
  • Crude Oil Carriers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2025 (E)
  • TABLE 44: UK Recent Past, Current & Future Analysis for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 45: UK Historic Review for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 46: UK 15-Year Perspective for Crude Oil Carriers by Carrier type - Percentage Breakdown of Value Sales for VLCC / ULCC, Aframax, Suezmax and Other Carrier Types for the Years 2015, 2025 & 2030
• REST OF EUROPE
  • TABLE 47: Rest of Europe Recent Past, Current & Future Analysis for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 48: Rest of Europe Historic Review for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 49: Rest of Europe 15-Year Perspective for Crude Oil Carriers by Carrier type - Percentage Breakdown of Value Sales for VLCC / ULCC, Aframax, Suezmax and Other Carrier Types for the Years 2015, 2025 & 2030
• ASIA-PACIFIC
  • Crude Oil Carriers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2025 (E)
  • TABLE 50: Asia-Pacific Recent Past, Current & Future Analysis for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 51: Asia-Pacific Historic Review for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 52: Asia-Pacific 15-Year Perspective for Crude Oil Carriers by Carrier type - Percentage Breakdown of Value Sales for VLCC / ULCC, Aframax, Suezmax and Other Carrier Types for the Years 2015, 2025 & 2030
• REST OF WORLD
  • TABLE 53: Rest of World Recent Past, Current & Future Analysis for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types - Independent Analysis of Annual Sales in US$ Million for the Years 2024 through 2030 and % CAGR
  • TABLE 54: Rest of World Historic Review for Crude Oil Carriers by Carrier type - VLCC / ULCC, Aframax, Suezmax and Other Carrier Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2015 through 2023 and % CAGR
  • TABLE 55: Rest of World 15-Year Perspective for Crude Oil Carriers by Carrier type - Percentage Breakdown of Value Sales for VLCC / ULCC, Aframax, Suezmax and Other Carrier Types for the Years 2015, 2025 & 2030

IV. COMPETITION