Market Size of United States Tank Trucking Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 59.69 Billion |
| Market Size (2029) | USD 70.86 Billion |
| CAGR (2024 - 2029) | 3.42 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
