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

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.

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.