UNITED STATES TANK TRUCKING MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The United States Tank Trucking Market is segmented into 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).

Market Snapshot

Study Period:

2016 - 2026

Base Year:

2020

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Market Overview

The US tank trucking market is driven by the growth in demand from the US chemical sector, while driver shortage has dragged the market growth down.

  • Driver shortage remains to be one of the key challenges for the trucking companies across the world, including the tank trucking industry. The tank trucking industry is unique in many ways, when compared to counterparts in the truckload and less-than-truckload segments, but how the industry is going to address this problem is going to be key.
  • The energy sector of a country relies on the transportation industry to assist in moving mass quantities of oil and gas, nationally and globally. Many subsectors and daily lives depend on the energy. In this context, the transportation of oil and gas by trucks plays a major role.

Scope of the Report

The US tank trucking market covers the segments, like fleet type, product category, and capacity. Additionally, the market report cover the important aspects, like trucking rates, effect of the energy sector on the tank trucking business, and government regulations in the tank trucking market. 

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Key Market Trends

US Logistics Industry

US logistics is one of the major markets with extensive supply chain network across all the states of the United States. The logistics and transportation industry in the United States is highly competitive, with prominent domestic and international companies. The industry supports a wide range of sectors with excellent transportation and storage solutions. The logistics spending in the United States accounted to 1.3 trillion in 2017. It is estimated that the logistics industry is growing in proportion to the high investment it accounts for. 

Road transportation is one of the major segments of logistics in the United States and is highly utilized for domestics and sub continental transportation. The tank trucking industry witnessed a good revenue increase in 2017. Tank truck carriers were among the beneficiaries of 2.3% growth in the real GDP in 2017. For truck fleets, that translated to a 3.7% increase in truck tonnage in 2017. Freight volumes rose faster than capacity, during every month in 2017.

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The Chemical Segment is Driving the United States Tank Trucking Market

The US manufacturing industry appears back on track and is likely to surpass growth expectations. There are approximately 13,500 chemical manufacturing facilities in the United States, owned by more than 9,000 companies. Facilities are located all over the country, with many companies in Texas, Ohio, New Jersey, Illinois, Louisiana, Pennsylvania, and the Carolinas. The chemical industry is an essential contributor to the US economy, with shipments valued at about USD 555 billion per year.

The ongoing shale gas boom in the United States provides a steady, low-cost supply of raw materials used to manufacture a variety of chemicals. This has made the country a hot spot for chemical production, with increasing demand from the markets, globally. American shale gas attracted a USD 202 billion (as of September 2018) US chemical industry investment, much of which is directed toward the US export markets.

Growing demand for US-made chemicals sparks new opportunities, while aggravating capacity concerns. For companies that manufacture or ship chemicals, this is a dynamic era. As production grows, so does logistics activities related to chemicals. Chemical shipments may increase by 34% in the next five years, reaching USD 1 trillion by 2020. As cross-border trucking in the North American region is on a rise, it is expected to provide opportunities for the tank truck carriers to move liquid bulk, across the borders.

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Competitive Landscape

The US tank trucking market is highly fragmented, due to the presence of many small- and medium-sized players. The market is also highly competitive. Driver shortage or availability plays a major role in the revenue generation ability of a player. 

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Market

    2. 1.2 Market Definition

    3. 1.3 Executive Summary

  2. 2. RESEARCH METHODOLOGY

    1. 2.1 Study Deliverables

    2. 2.2 Study Assumptions

    3. 2.3 Analysis Methodology

    4. 2.4 Research Phases

  3. 3. MARKET INSIGHTS

    1. 3.1 Current Market Scenario

    2. 3.2 Overview - US Trucking Industry (Analysis on Trucking Fleet, Demand, Goods Flow, and Emerging Trends)

    3. 3.3 Spotlight - Role of Transportation in the US Energy Sector

    4. 3.4 Insights on Intermodal Transport (Special Addendum on Rail Tank Transport)

    5. 3.5 Brief on Regulations and Safety

    6. 3.6 Review and Commentary on Freight Rates

    7. 3.7 Technology Snapshot - Trends and Automation

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

    2. 4.2 Restraints

    3. 4.3 Opportunities

    4. 4.4 Porter's Five Forces Analysis

    5. 4.5 Value Chain / Supply Chain Analysis

  5. 5. MARKET SEGMENTATION AND ANALYSIS - BY FLEET TYPE

    1. 5.1 For-hire

    2. 5.2 Private

  6. 6. MARKET SEGMENTATION AND ANALYSIS - BY CAPACITY

    1. 6.1 Light Duty

    2. 6.2 Medium Duty

    3. 6.3 Heavy Duty

  7. 7. MARKET SEGMENTATION AND ANALYSIS - BY PRODUCT CATEGORY

    1. 7.1 Crude Petroleum

    2. 7.2 Petroleum Products (Gasoline, Diesel, and Aviation Fuels)

    3. 7.3 Chemicals

    4. 7.4 Food and Beverages

    5. 7.5 Fertilizers

    6. 7.6 Other Product Categories

  8. 8. QUALITATIVE AND QUANTITATIVE INSIGHTS ON THE KEY US STATES (STATE OVERVIEW, LIQUID BULK PRODUCTION, TANK TRUCK TRANSPORTATION STATISTICS, ETC.)

  9. 9. COMPETITIVE LANDSCAPE

    1. 9.1 Overview (Market Concentration and Major Players)

    2. 9.2 Company Profiles (Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements)

      1. 9.2.1 Kenan Advantage Group

      2. 9.2.2 Trimac Transportation Inc.

      3. 9.2.3 Foodliner/Quest Liner Inc.

      4. 9.2.4 Superior Bulk Logistics Inc.

      5. 9.2.5 Dupre Logistics LLC

      6. 9.2.6 Groendyke Transport Inc.

      7. 9.2.7 Ruan Transportation Management Systems

      8. 9.2.8 Eagle Transport Corp

      9. 9.2.9 Tankstar USA

      10. 9.2.10 Florida Rock & Tank Lines Inc.

      11. 9.2.11 Martin Transport Inc.

      12. 9.2.12 Miller Transporters Inc. *

    3. 9.3 Other Companies in the Market Include

      1. 9.3.1 Slay Transportation Co. Inc., Apex Logistics LLC, Mission Petroleum Carriers, Genox Transportation Inc., J&M Tank Lines Inc., CLI Transport LP, Tidewater Transit Co. Inc., Herman R Ewell Inc., Service Transport Company, Schilli Bulk Carriers Group, Andrews Logistics, and CTL Transportation LLC

  10. *List Not Exhaustive

** Subject to Availability

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