Market Size of United States Tank Trucking Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 59.69 Billion |
Market Size (2029) | USD 70.86 Billion |
CAGR (2024 - 2029) | 3.42 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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United States Tank Trucking Market Analysis
The United States Tank Trucking Market size is estimated at USD 59.69 billion in 2024, and is expected to reach USD 70.86 billion by 2029, growing at a CAGR of 3.42% during the forecast period (2024-2029).
- Several factors contribute to the growth of the US tank trucking market. A stronger economy, technological advancements, and increased production and trade of gas, oil, and chemical products drive the market’s expansion. Tank trucks are important in transporting goods to inaccessible areas by rail or pipeline, increasing demand. Furthermore, the slow recovery of the US construction industry and growth in healthcare infrastructure are expected to drive market growth.
- Tank trucks are essential for transporting hazardous chemicals and must adhere to the United States' stringent regulations and safety standards. Operators in this sector handle a wide range of specialty items, including heavy machinery, frozen food, automobiles, and gases that cannot be transported using standard trailers. The industry's performance is closely related to fluctuations in American industrial activity and consumer spending habits.
- Despite its growth potential, the sector encounters hurdles from global and domestic market uncertainties, including escalating borrowing rates, inflationary pressures, and the looming specter of a recession. The projected worldwide downturn in crude oil prices over the next five years poses a threat to the US tank trucking industry, potentially diminishing surcharges and profitability.
- Despite these obstacles, the aftermath of the pandemic has expedited the expansion of the fast-moving consumer goods (FMCG) and healthcare sectors in the United States, thereby providing a boon to the tank trucking industry. While consumer spending patterns may lean toward experiences over tangible goods, the replenishment of stocks will increase freight demand, fortifying the US tank trucking sector.
United States Tank Trucking Indsutry Segmentation
“Tank trucking" refers to the service used to transport liquids and gases, such as petroleum or oil, by road in tank trucks by tanker companies for industrial transportation. A tank truck is a special vehicle designed for moving goods, including vehicles, coal, oil, frozen food, iron ore, heavy machinery, gases, and other freight, that cannot be handled with regular box trailers. Owners of companies that provide long-distance, expert cargo transportation using trailers and trucks are included in the tank trucking industry.
The report provides a comprehensive background analysis of the US tank trucking market, covering the current market scenario, trends, drivers, restraints, technological updates, government regulations, and detailed information on various segments and the competitive landscape of the industry. In addition, the COVID-19 impact has been incorporated and considered during the study.
The market is segmented by fleet type (for-hire and private), capacity (light duty, medium duty, and heavy duty), and product category (crude petroleum, petroleum products (gasoline, diesel, and aviation fuels), chemicals, food and beverages, fertilizers, and other product categories). The report offers market size and forecasts for the US tank trucking market in value (USD billion) for all the above segments.
By Fleet Type | |
For-hire | |
Private |
By Capacity | |
Light Duty | |
Medium Duty | |
Heavy Duty |
By Product Category | |
Crude Petroleum | |
Petroleum Products (Gasoline, Diesel, and Aviation Fuels) | |
Chemicals | |
Food and Beverages | |
Fertilizers | |
Other Product Categories |
United States Tank Trucking Market Size Summary
The US tank trucking market is poised for steady growth, driven by a robust economy, technological advancements, and increased production and trade of gas, oil, and chemical products. Tank trucks play a crucial role in transporting goods to areas inaccessible by rail or pipeline, which bolsters demand. The sector is also benefiting from the gradual recovery of the construction industry and the expansion of healthcare infrastructure. However, the industry faces challenges from economic uncertainties, such as rising borrowing rates and inflation, which could impact profitability. Despite these hurdles, the post-pandemic surge in the fast-moving consumer goods and healthcare sectors is expected to provide a significant boost to the tank trucking industry.
The market is characterized by a high level of competition, with numerous small and medium-sized players contributing to its dynamic nature. Technological innovations, particularly in autonomous vehicle technology and satellite communication systems, are transforming operations, enhancing efficiency, and addressing driver shortages. Regulatory compliance, especially concerning the transportation of hazardous materials, remains a critical aspect of the industry. Major players like Kenan Advantage Group and Trimac Transportation Inc. are expanding their operations through strategic acquisitions, further consolidating their market positions. The demand for tank trucks, particularly those used for storing and transporting fuel, continues to grow, supported by advancements in vehicle design and construction.
United States Tank Trucking Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Current Market Scenario
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1.2 Overview - US Trucking Industry (Analysis on Trucking Fleet, Demand, Goods Flow, and Emerging Trends)
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1.3 Spotlight - Role of Transportation in the US Energy Sector
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1.4 Insights on Intermodal Transport (Special Addendum on Rail Tank Transport)
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1.5 Brief on Regulations and Safety
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1.6 Review and Commentary on Freight Rates
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1.7 Technology Snapshot - Trends and Automation
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1.8 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Fleet Type
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2.1.1 For-hire
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2.1.2 Private
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2.2 By Capacity
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2.2.1 Light Duty
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2.2.2 Medium Duty
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2.2.3 Heavy Duty
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2.3 By Product Category
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2.3.1 Crude Petroleum
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2.3.2 Petroleum Products (Gasoline, Diesel, and Aviation Fuels)
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2.3.3 Chemicals
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2.3.4 Food and Beverages
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2.3.5 Fertilizers
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2.3.6 Other Product Categories
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United States Tank Trucking Market Size FAQs
How big is the United States Tank Trucking Market?
The United States Tank Trucking Market size is expected to reach USD 59.69 billion in 2024 and grow at a CAGR of 3.42% to reach USD 70.86 billion by 2029.
What is the current United States Tank Trucking Market size?
In 2024, the United States Tank Trucking Market size is expected to reach USD 59.69 billion.