United States Tank Trucking Market Size was valued at USD 49.5 Billion in 2022. The United States Tank Trucking market industry is projected to grow from USD 51.98 Billion in 2023 to USD 76.79 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2024 - 2032). Increasing demand for tank trucking services to transport chemicals safely and efficiently across the country is the main market driver anticipated to propel the United States Tank Trucking market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The growing demand for petroleum products is a significant driver for the growth of the United States Tank Trucking Market CAGR. Tank trucks are vital for transporting petroleum products such as gasoline, diesel, jet fuel, and heating oil from refineries to distribution centers, terminals, and retail outlets across the country. With the United States being one of the largest consumers of petroleum products globally, the demand for tank trucking services remains consistently high. Factors such as population growth, economic expansion, industrial activities, and seasonal variations in demand further contribute to the need for efficient and reliable transportation of petroleum products. As a result, the United States Tank Trucking Market continues to thrive, serving the crucial role of ensuring the uninterrupted supply of petroleum products to meet the nation's energy needs.
The growth of the chemical industry is a significant driver of the United States Tank Trucking Market. Tank trucks are essential for transporting various chemicals used in industries such as manufacturing, agriculture, pharmaceuticals, and consumer goods. As the chemical industry continues to expand, there is an increasing demand for tank trucking services to transport chemicals safely and efficiently across the country. Chemicals are critical raw materials in numerous manufacturing processes, including the production of plastics, textiles, pharmaceuticals, and agricultural products. Tank trucks provide a flexible and reliable mode of transportation for these chemicals, ensuring timely delivery to manufacturing facilities and distribution centers. Additionally, stringent safety regulations and environmental standards necessitate specialized handling and transportation of chemicals, further emphasizing the importance of tank trucking services in meeting the needs of the growing chemical industry.
The United States Tank Trucking market segmentation, based on fleet type, includes For-hire and Private. The for-hire segment dominated the market mostly. The for-hire fleet type has captured the largest market share in the United States Tank Trucking Market due to several reasons. Firstly, for-hire fleets offer flexibility and scalability, allowing businesses to adjust their transportation capacity according to fluctuating demand. Additionally, for-hire fleets often specialize in specific industries or regions, providing tailored services and expertise to meet diverse customer needs. Furthermore, outsourcing transportation to for-hire fleets can reduce operational costs and administrative burdens for businesses, making it a preferred option in the competitive tank trucking industry.
Private fleet type is experiencing the highest Compound Annual Growth Rate (CAGR) in the United States Tank Trucking Market due to several factors. Private fleets offer companies greater control over their transportation operations, allowing for customization and optimization of routes and schedules to meet specific business requirements. Additionally, some companies prefer private fleets to ensure confidentiality and security when transporting sensitive or high-value goods. Moreover, private fleets can provide cost savings and efficiency improvements over time compared to outsourcing transportation services to for-hire fleets.
Figure 1: United States Tank Trucking Market, by Fleet Type, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The United States Tank Trucking market segmentation, based on capacity, includes Light Duty, Medium Duty and Heavy Duty. The light duty category generated the most income. Light-duty capacity has captured the largest market share in the United States Tank Trucking Market due to its versatility and widespread applications. Light-duty tank trucks are commonly used for transporting smaller quantities of liquids, such as fuel deliveries to gas stations, home heating oil deliveries, and local chemical distribution. Their compact size and maneuverability make them ideal for navigating urban areas and accessing tight spaces, catering to a broad range of customers and industries.
Medium-duty capacity is experiencing the highest Compound Annual Growth Rate (CAGR) in the United States Tank Trucking Market due to increasing demand for versatile and efficient transportation solutions. Medium-duty tank trucks offer a balance between capacity and flexibility, making them suitable for a wide range of applications, including regional distribution, industrial deliveries, and agricultural operations. Their ability to transport moderate quantities of liquids while maintaining maneuverability and accessibility contributes to their growing popularity among businesses seeking cost-effective and reliable transportation options.
The United States Tank Trucking market segmentation, based on product category, includes Crude Petroleum, Petroleum Products, Chemicals, Food and Beverages, Fertilizers and Other Product Categories. The crude petroleum category generated the most income. The crude petroleum product category has captured the largest market share in the United States Tank Trucking Market due to the significant demand for crude oil transportation from production sites such as oil fields and refineries to various destinations, including refineries, terminals, and distribution centers. With the United States being one of the largest producers and consumers of crude oil globally, the transportation of crude petroleum via tank trucks remains a vital component of the nation's energy infrastructure, driving the market dominance of this product category.
The petroleum products category is experiencing the highest Compound Annual Growth Rate (CAGR) in the United States Tank Trucking Market due to several factors. Firstly, petroleum products, such as gasoline, diesel, and jet fuel, are essential commodities with consistent demand for transportation from refineries to distribution centers and retail outlets across the country. Additionally, the growth of the transportation sector, increased consumer demand for fuel, and expansion of industrial activities contribute to the rising need for efficient and reliable tank trucking services for petroleum products, thereby driving the high CAGR in this product category.
The United States Tank Trucking Market is a critical component of the nation's transportation infrastructure, facilitating the safe and efficient transport of various liquids, including petroleum products, chemicals, food, and agricultural commodities. With a vast network of highways, refineries, terminals, and distribution centers, the U.S. Tank Trucking Market serves diverse industries, including petroleum, chemical manufacturing, food and beverage, agriculture, and industrial manufacturing. The market is characterized by a competitive landscape comprising both for-hire and private fleet operators, offering specialized services tailored to meet the unique needs of customers. Stringent safety regulations, environmental considerations, and technological advancements further shape the dynamics of the United States Tank Trucking Market, ensuring reliable and sustainable liquid transportation solutions nationwide.
Leading players are focusing on several strategies to maintain their competitive edge. This includes investing in fleet modernization to enhance efficiency and safety, expanding service offerings to cater to diverse customer needs, adopting advanced technologies for route optimization and real-time tracking, and implementing stringent safety and environmental standards to ensure compliance and customer satisfaction. Additionally, leading players are actively seeking partnerships and acquisitions to expand their geographic reach and market developments, further solidifying their position in the highly competitive tank trucking industry.
Major players in the United States Tank Trucking market are attempting to increase market demand by investing in research and development operations, including Trimac Transportation, Quality Carriers, Groendyke Transport, Kenan Advantage Group, Love's Travel Stops & Country Stores, Superior Bulk Logistics, Ruan Transportation Management Systems, Eagle Transport Corporation, Bulkmatic Transport and J&M Tank Lines.
November 2022: Customers and drivers in the US tank trucking industry are showing enthusiasm for Toyota's fuel-cell modules, scheduled to commence production in Georgetown, Kentucky, by 2023. The "Shore to Store" ZANZEFF project, recently completed at the Port of Los Angeles, demonstrated the effectiveness of hydrogen-powered trucks in demanding environments. As part of the ZANZEFF (Zero and Near Zero Emissions Freight Facility) S2S (Shore to Store) initiative, ten fuel cell electric T680 trucks developed collaboratively by Toyota and Kenworth were deployed. These trucks significantly reduced or eliminated heavy-duty transportation and the movement of port freight.
October 2022: The tank transportation division of Bay and Bay Transportation, based in Burnsville, Minnesota, is set to be acquired by McCoy Group, the parent company of dry and liquid bulk carrier Quest Liner and tank transporter Foodliner. However, specific details regarding the terms of the agreement have not been disclosed to the public.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 49.5Â Billion |
| Market Size 2023 | USD 51.98 Billion |
| Market Size 2032 | USD 76.79 Billion |
| Compound Annual Growth Rate (CAGR) | 5.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Fleet Type, Capacity, Product Category, and Region |
| Countries Covered | United States |
| Key Companies Profiled | Trimac Transportation, Quality Carriers, Groendyke Transport, Kenan Advantage Group, Love's Travel Stops & Country Stores, Superior Bulk Logistics, Ruan Transportation Management Systems, Eagle Transport Corporation, Bulkmatic Transport and J&M Tank Lines |
| Key Market Opportunities | Increased Demand for Renewable Energy Growing trend of online shopping |
| Key Market Dynamics | Demand for Petroleum Products Chemical Industry Growth |
Frequently Asked Questions (FAQ) :
The United States Tank Trucking market size was valued at USD 51.98 Billion in 2023.
The market is projected to grow at a CAGR of 5.00% during the forecast period, 2024-2032.
The key players in the market are Trimac Transportation, Quality Carriers, Groendyke Transport, Kenan Advantage Group, Love's Travel Stops & Country Stores, Superior Bulk Logistics, Ruan Transportation Management Systems, Eagle Transport Corporation, Bulkmatic Transport and J&M Tank Lines.
The light duty category dominated the market in 2023.
The crude petroleum category had the largest share of the market.
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