PUBLISHER: The Business Research Company | PRODUCT CODE: 1388004
PUBLISHER: The Business Research Company | PRODUCT CODE: 1388004
“Tank Wagons Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on tank wagons market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for tank wagons? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The tank wagons market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A tank wagon, refers to a type of railroad car or rolling stock designed as a tanker to transport various liquid and gaseous commodities. These commodities include hazardous chemicals, oil and gas, crude petroleum oil, and other liquid goods. Tank wagons play a critical role in transporting these materials from fuel stations to rail stations within the rail transport system, enhancing safety and minimizing the risk of hazardous liquid leakage during transportation.
The main types of tank wagons covered in this report include pressurized railroad tank cars and general-purpose or non-pressurized tank cars. Pressurized railroad tank cars are specifically engineered for the efficient and secure transportation of chemicals and petroleum products. They can be further categorized based on protection type, such as insulated or non-insulated, and based on application, including the transport of crude oil, ethanol, liquefied gases, biofuels, milk, chemicals, and other liquid commodities.
The tank waggons market research report is one of a series of new reports from The Business Research Company that provides tank waggons market statistics, including tank waggons industry global market size, regional shares, competitors with a tank waggons market share, detailed tank waggons market segments, market trends and opportunities, and any further data you may need to thrive in the tank waggons industry. This tank waggon market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The tank wagons market size has grown steadily in recent years. It will grow from $71.23 billion in 2023 to $74.4 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The expansion observed during the historical period can be attributed to factors such as industrial growth, the transportation of energy resources, the development of the chemical industry, and the emphasis on safety and regulatory compliance within the tank wagon sector.
The tank wagons market size is expected to see steady growth in the next few years. It will grow to $88.85 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%.
The anticipated growth in the forecast period can be attributed to the ongoing energy transition, the impact of environmental regulations, the advancements within the chemical and petrochemical industry, and innovations in materials used in tank wagons. Notable trends expected during the forecast period encompass ongoing innovations in materials, the development of railway infrastructure, the integration of digitalization and telematics technologies, and a growing emphasis on sustainability and green initiatives within the tank wagon industry.
The growth of the tank wagon market is being driven by the increased demand for liquids and gases as raw materials in the residential and petrochemical sectors, both of which rely on railways for transportation. This surge in demand is a consequence of global lockdowns and travel bans. As an example, the bp Statistical Review of World Energy reported a 5.3% increase in global natural gas demand in 2021. The need for products like PPE kits and the shift to cooking at home have further boosted the demand for bulk liquids and gases, which are efficiently transported via tank wagons, contributing to the expansion of the tank wagon market.
The tank wagon market is expected to benefit from the growing demand for efficient transportation. Efficient transportation involves optimizing the movement of goods, people, or information to minimize resource consumption, reduce waste, and maximize productivity. Tank wagons play a vital role in efficient transportation by securely and cost-effectively transporting bulk liquids or gases, such as chemicals and petroleum products, over long distances. This minimizes the requirement for numerous smaller containers and lowers handling and transportation costs. In 2021, the U.S. Department of Transportation revealed that transportation demand, valued at $1.9 trillion, accounted for 8.4% of GDP, with a 9.2% increase in transportation demand observed in 2021. Therefore, the rising demand for efficient transportation is a driving force behind the tank wagon market's growth.
The tank wagon market faces limitations due to the increasing rate of accidents attributed to high railway speeds. These accidents not only disrupt rail tank wagon services but also result in economic losses and environmental damage. For example, in April 2023, a freight train carrying hazardous materials derailed and caught fire in Rockwood, Maine, in the United States. Although the rail cars carrying hazardous materials did not derail, it is indicative of the potential hazards. The rise in accidents poses a challenge to the tank wagon market's revenue.
The introduction of the Internet of Things (IoT) to enhance the safety and compliance of rail tanks has generated significant demand in the tank wagon market. IoT enables rail operators to use internet-connected communication devices installed on infrastructure and rolling stock to enhance safety. Several apps, such as the safety lock app, terminal automation app, and anti-roll-away apps, have been launched to digitalize tank wagons and improve safety.
Major companies in the tank wagon market are adopting a strategic partnership approach. Strategic partnerships involve leveraging each other's strengths and resources to achieve mutual benefits. For instance, in July 2021, Singapore-based shipping company Aurora Tankers partnered with Golden Stena Baycrest (GSB) Tankers, a commercial ship management operator, with a focus on expanding in the chemical tank wagon market in the Asia region and growing their stainless-steel fleet to enhance customer service.
In November 2022, US-based liquid chemical and food transportation company Heniff Transportation Systems LLC acquired Coal City Cob Company, Inc. The acquisition enables Heniff to sustain its growth in the chemical sector of the tank truck market. Coal City Cob ('CCC') operates a significant rail-to-truck bulk transfer yard and tank wash facility at its Waxahachie, Texas headquarters, and has a nationwide network of terminals with over 230 drivers and 500 trailers. The integration of the Heniff and CCC teams aims to ensure a seamless transition, focusing on customer, employee, and driver satisfaction.
Major companies operating in the tank wagons market include American Railcar Industries Inc., GATX Corporation, National Steel Car Ltd., Greenbrier Companies, Trinity Industries Inc., Vertex Railcar, Union tank car company, Chongqing Changzheng Heavy Industry Co. Ltd., Caterpillar Inc., Japan Oil Transportation Co. Ltd., Kelso Technologies Inc., OmBesco Limited, Procor Limited, VTG GmbH, Titagarh Wagons Ltd., FreightCar America, United Wagon Company, Jupiter Wagons Limited, Texmaco Rail and Engineering Ltd., Jindal Rail Infrastructure Limited, ELH Waggonbau Niesky GmbH, W.H. Davis Ltd., AmstedMaxion, CIMC Tank Equipment (Zhangjiagang) Co. Ltd., Wabash National Corporation, CIMC ENRIC Holdings Limited, The Andersons Inc., CIMC Vehicles Group Co. Ltd., Hitachi Ltd., Talgo SA
Asia-Pacific was the largest region in the tank wagons market in 2023. North America was the second largest region in the tank wagons market. The regions covered in the tank wagons market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the tank wagons market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
The tank wagon market consists of sales of corrosive liquid tanks, highly flammable product tanks, and gasoline tanks. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.