United States Tank Trucking Market Size (2024 - 2029)

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.