Knowledge Sourcing Intelligence announces the publication of a new report on “Industrial Tank Truck Market - Forecasts from2020 to 2025" to their offering.
A tank truck, also known as a tanker truck, is used across various industries such as oil and gas, chemical, and dairy, to transport liquid products from one place to another. Growing end-use industries is thus, driving the market growth of industrial tank trucks.
According to the report, the Industrial Tank Truck Market is projected to increase at a CAGR of 2.86% in the coming years.
Growing production and consumption across end-use industries
Rising production as well as consumption of end products in industries such as dairy, oil and gas, and chemical is significantly driving the demand for industrial tank trucks across the globe to transport bulk liquid material from one place to another. For instance, according to the Food and Agriculture Organization of the United Nations (FAO), global milk output is estimated at 843 million tonnes in 2018, witnessing a rise of 2.2 percent from the previous year. This rise in volume was majorly driven by production expansions in the United States, Argentina, the European Union (EU), Turkey, India, and Pakistan. According to the EUROSTAT, the total exports of chemical in EU-28 increased from EUR 314.7 billion in 2015 to EUR 355.8 billion in 2018. Stringent government regulations regarding the transport of hazardous liquid is also propelling the global industrial tank truck market growth. Also, governments in different countries have set guidelines and standards regarding the safe and efficient delivery of milk, thus positively impacting the overall market growth.
By capacity, the industrial tank truck market has been segmented as small duty, medium-duty, and heavy-duty. The market has been further segmented by end user as oil and gas, chemical, and dairy. Oil and gas industry accounts for a substantial market share owing to the rising investments in E&P (exploration and production) activities in countries like the United States, Brazil, and the Gulf region. Growing dairy consumption worldwide is also augmenting the demand for industrial tank trucks to transport milk for both direct consumption and producing various dairy products such as cheese and yogurt thereby, bolstering the overall market growth.
By geography, industrial tank truck market is segmented as North America, South America, Europe, Middle East and Africa (MEA), and Asia Pacific (APAC). North America accounted for the significant market share in 2019 and is projected to remain at its position till the end of the forecast period. This growth is majorly attributed to the booming oil and gas sector in countries such as the United States and Mexico. According to the U.S. Energy Information Administration (EIA), the United States surpassed Russia in 2011 to become the world’s largest natural gas producing country and surpassed Saudi Arabia in 2018 to become the world’s largest producer of petroleum. The Canadian dairy industry is well-established in the global dairy industry which also contributes to the market growth of industrial tank truck in the North American region. Asia Pacific (APAC) is projected to witness a noteworthy compound annual growth rate between 2020 and 2025 owing to the rapidly growing chemical industry in the region. Chemical manufacturers are funnelling investments in APAC countries like China and India which is further supporting the APAC regional market growth. German-based chemical major BASF has recently announced to invest around 41 per cent of its investment spending into the Asia Pacific region over the next five years.
The major players covered as part of the report are MAN,Tata Motors,Izuzu Motors Ltd.,AB Volvo, Scania, Mahindra and Mahindra, and Caterpillar.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/industrial-tank-trucks-market
This report has segmented the Industrial Tank Truck marketon the basis following terms: