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The tank trucking market size is forecast to grow by USD 97.06 billion, and decline at a CAGR of 7.29% between 2022 and 2027. The freight transportation services sector is witnessing a remarkable surge in demand for oil and natural gas, driving market expansion significantly. Over the past decade, there has been substantial global growth in the appetite for natural gas, primarily fueled by its extensive usage in heating applications. The escalating fuel consumption in emerging economies such as India is poised to further bolster natural gas demand within the projected timeframe. Technological advancements are emerging as a prominent trend in the cargo transport solutions market. The latest technological developments are leading to changes in the proportion, size, and structure of tank transport.
Presently, cargo transport operators and manufacturers are prioritizing lightweight components and parts that are both reliable and durable, aiming to enhance vehicle performance and fuel economy. Noteworthy investments are being made by vendors in mergers and acquisitions (M&A) to broaden their cargo logistics product portfolio.
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The market share growth by the for-hire segment will be significant during the forecast period. It is essential to hire tank trucks for businesses operating in the global market since it enables them to keep their fleet up-to-date and involves lower upfront costs than purchasing them.
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The for-hire segment was valued at USD 125.21 billion in 2017 and continued to grow until 2021. Although small-scale and mid-scale vendors are generally unable to spend their limited resources on purchasing tank trucks, there has been a rise in sales in this segment. The reason behind this is the increase in demand for tank trucking for short-term transport operations. This is a major factor that is expected to boost the growth of this market segment during the forecast period.
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North America is estimated to contribute 30% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Large-scale investments in infrastructure development and construction activities are the major reasons behind the market's growth in North America. High capital investments have been made in constructing many oil and gas pipelines in the US. As per the US Energy Information Administration (EIA), the natural gas pipeline network in the country is a highly integrated transmission and distribution network that can transport natural gas from and to nearly all the states in the country. In addition, increased oil and gas production due to a surge in unconventional exploration and production (E&P) activities in the region over the last five years has facilitated the availability of cheap feedstock for refineries.
The Tank Trucking Market is propelled by the growing demand for efficient transportation logistics. With a focus on freight services, cargo transport, and bulk transport services, the industry is witnessing significant trends in freight management and transportation solutions. However, challenges persist in freight handling, especially concerning hazardous cargo transport and liquid cargo transportation. Freight carriers and cargo transporters are innovating in freight operations to address these challenges. Enhanced cargo transportation management and freight distribution are becoming crucial in optimizing cargo fleet operations. As the industry evolves, effective cargo handling services and freight logistics will play pivotal roles in meeting market demands.
The market research report indicates a notable surge in demand for oil and natural gas, propelling market expansion. The global appetite for natural gas has experienced substantial growth over the past decade, driven mainly by its extensive utilization in heating applications. The increasing fuel consumption in emerging economies like India is also poised to boost natural gas demand in the projected timeframe.
According to the US EIA, the global daily consumption of liquid fuels bounced back in 2021 following a significant decline in 2020. Oil, natural gas, and coal collectively accounted for over 70% of the rise in energy demand. Furthermore, the gradual recovery of global crude oil prices is expected to attract fresh investments in the oil and gas sector, further reinforcing the global market in the forecast period.
Simultaneously, market growth projections and forecasts indicate favorable prospects for the Tanker Fleet, which plays a vital role in transporting oil and natural gas. Safety regulations, maintenance protocols, and optimized routes are crucial considerations within the Freight Industry to ensure efficient and secure transportation. Adhering to tank truck regulations and conducting meticulous tank truck maintenance are essential for enhancing safety and operational efficiency in the Cargo Trucking Industry. With well-planned tank truck routes and strict adherence to safety standards, the Tanker Fleet continues to make significant contributions to the energy supply chain, aligning with the broader trends observed in market forecasting..
Technological advancements are an emerging trend in the market. The new developments in technology lead to changes in the proportion, size, and structure of tank transport. Nowadays, the focus of tanker manufacturers is on lightweight components and parts that are reliable and durable and help improve the performance of their vehicles and also fuel economy. Significant investments are being done by vendors in M&A to expand their product portfolio.
Lucrative growth opportunities will be created with the integration of artificial intelligence into tankers for vendors in the global oil market. Hence, the rapidly growing global oil and gas industry and continuous technological advancements are expected to play a major role in boosting the growth of the global market during the forecast period.
Moreover, market trends indicate a growing emphasis on market growth analysis and market research and growth within the Petroleum Transportation and Chemical Transportation sectors. Specialized niches such as Food Grade Tankers and Hazardous Materials Transport are witnessing increased demand, further driving innovation and safety measures in tank truck safety protocols. As the industry evolves, aligning with emerging technologies and market forecasting becomes imperative for sustainable growth and competitiveness.
Challenges such as leakage incidents during the transportation of oil and gas pose significant hurdles to market growth within the Transportation Industry. The processes of transportation, storage, and distribution within the oil and gas sector entail the movement of these resources from oil wells to refineries and eventually to retail fuel outlets for consumption. Following the refinement of crude oil, the final products are conveyed from refineries using Tanker Truck Fleets and rail transport to reach retail fuel stores.
Generally, all modes of transportation employed in oil and gas transport face the risk of oil spills, particularly during loading and unloading operations. To mitigate this risk, various regulations are enforced to ensure effective oil spill prevention. For instance, guidelines set forth by the US Environmental Protection Agency (EPA) encompass regulations like the Facility Response Plan (FRP) and Spill Prevention, Control, and Countermeasure (SPCC) rules. Under the FRP mandate, facilities storing oil and gas must have contingency plans in place and readiness to address potential oil spill incidents. Such regulatory measures will impede the global Freight Transport market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Amthor International - The company operates under one segment. The company under this segment offers code and non-code tanks with stationery and dumping. The company's key offerings include tank trucking services.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market plays a vital role in liquid transportation, facilitating the movement of various substances such as petroleum, chemicals, and food-grade products. Tanker trucks form the backbone of bulk transport, ensuring the safe delivery of hazardous materials while adhering to stringent regulations. Tanker trucking companies manage extensive tank truck fleets, employing skilled tank truck drivers to operate them. Safety is paramount in tank truck operations, with rigorous maintenance schedules and adherence to safety protocols. Advanced tank truck technology enhances efficiency and safety, optimizing tank truck logistics and routes. Market analysis reveals dynamic trends in tank truck capacity and industry innovations, reflecting the continuous evolution of the market in meeting diverse transportation needs.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Market Scope |
|
Report Coverage |
Details |
Page number |
144 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Decelerate at a CAGR of 7.29% |
Market growth 2023-2027 |
USD 97.06 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.18 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 30% |
Key countries |
US, China, Singapore, UK, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amthor International, Dupre Logistics LLC, Eagle Transport Corp., Florida Rock and Tank-Lines Inc., Groendyke Transport Inc., Kenan Advantage Group Inc., Littlejohn Inc., Mac Trailer Manufacturing Inc., Martin Transport Inc., Miller Transporters Inc., Quest Liner Inc., Ruan Transportation Management Systems, Shiny Shipping and Logistics Pvt. Ltd., Superior Bulk Logistics Inc., Superior Industries Inc., Tankstar USA Inc., TFI International Inc., Trimac Transportation Services Inc., and Burch Tank and Truck |
Market dynamics |
Parent market analysis, market growth and forecasting, inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Ownership
7 Market Segmentation by Capacity
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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