New York, United States , April 04, 2023 (GLOBE NEWSWIRE) -- The Global Tank Trailers Market Size is expected to reach USD multi-billion by 2030, at a Compound Annual Growth Rate (CAGR) of 5.01% during the forecast period. The increasing application of logistics and transportation in various industry types such as food & beverage, dairy, construction, chemical, refined fuel, agriculture, oil & gas, government applications, and others will boost the demand for the tank trailers market.
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Tank trailers are used to transport large quantities of liquids (such as oil, chemicals, and water) as well as gas (such as industrial gases, LNG, and compressed natural gas). Tank trailers come in a number of sizes and configurations to carry a wide range of liquid cargo. The tank trailer market is expected to grow as the global construction industry gradually recovers and healthcare infrastructure expands following the epidemic. This industry conveys a wide range of specialized commodities that ordinary truck trailers cannot handle, such as heavy machinery, frozen food, cars, fuel, gasoline, mineral ores, and dangerous gases. In general, increases in crude oil prices have a substantial impact on the tank trailer market due to two main considerations. For the beginning, the volatility in crude oil prices caused by the world's crude oil supply has a direct impact on demand for crude oil transportation services. The second factor is the transportation costs of shipping companies.
Browse key industry insights spread across 200 pages with 123 market data tables and figures & charts from the report on "Global Tank Trailers Market Size, Share, and COVID-19 Impact Analysis, By Type (Light Tank Trailers, Medium Tank Trailers, Heavy Tank Trailers), By Industry (Food & Beverage, Dairy, Construction, Chemical, Refined Fuel, Agriculture, Oil & Gas, Government Applications, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." Get Detailed Report Description Here:
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The light tank trailers segment accounted the largest market share over the forecast period.
On the basis of type, the global tank trailers market is segmented into light tank trailers, medium tank trailers, and heavy tank trailers. Among these, the light tank trailers segment is dominating the market and is going to continue its dominance over the forecast period. Lighter trailers can haul more oil and fuel. A lightweight tank trailer may transport more tonnage than a standard oil tanker. Moreover, the cost of manufacturing tank trucks was lowered. Tank trailers that are lightweight require less material in their construction.
The refined fuel segment is dominating the market with the largest revenue share over the forecast period.
On the basis of the industry type, the global tank trailers market is segmented into food & beverage, dairy, construction, chemical, refined fuel, agriculture, oil & gas, government applications, and others. Among these, the refined fuel segment is dominating the market with the largest revenue share of 57% over the forecast period. Because it is more convenient and cost-effective than transferring it over canals and rivers inside national borders, tank trucks are widely used in the transportation of both refined fuels and, if necessary, crude oil.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 56.8% market share over the forecast period. Increasing demand from emerging economies such as China, Japan, India, and South Korea is driving the expansion of the region's tank trailers industry. Additionally, the Asia Pacific tanker trailer marketplace is mainly influenced by increased petroleum product demand.
North America, on the contrary, is forecast to develop the fastest, with the United States having the largest tanker trailers market in the area. The refined petroleum sector is the largest end-use business for tanker trailers in North America, and it has propelled tank trailer freights. Furthermore, the Middle East and Africa, as well as Latin America, are predicted to grow gradually over the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. The Tank Trailers Market Size was valued at USD countable Billion in 2021 and the worldwide market is growing at a CAGR of 5.01% from 2022 to 2030, according to a research report published by Spherical Insights & Consulting. Companies Covered: Kurt Willig GmbH & Co. KG, Kässbohrer Geländefahrzeug AG, Schmitz Cargobull, Stokota nv, Konzept- G GmbH, Feldbinder, Amthor International, Crosstand, NEXA Trailers, MAC Trailer Manufacturing, Tata Motors Limited, Polar Tank Trailer, LLC, Ford Motor Company, Volvo Group, Iveco, Mercedes, Hyundai Motor Company, MAN Truck & Bus AG, Martin Transport Inc. Engineered Transportation International and among others.
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Key Market Developments
In December 2022, Trimac Transportation has acquired Tank Wash USA located in Markham, Illinois. The facility includes six bays with chemical and food-grade capabilities and has been growing consistently over the past few years. This acquisition expands the presence of Trimac Transportation in the Chicago market, enabling the company to in-source washes currently performed at third-party facilities and continue to grow in the Midwest.
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