Global Tank Wagons Market Outlook 2024, Forecast To 2033
19 Jan, 2024
The tank wagons market has experienced steady growth, climbing from $71.23 billion in 2023 to $74.4 billion in 2024, marking a 4.4% CAGR. Historical drivers include industrial growth, energy transportation, chemical industry dynamics, and safety and regulatory compliance. Forecasts suggest continued steady growth, projecting a size of $88.85 billion in 2028, with a 4.5% CAGR. Growth is attributed to energy transition, environmental regulations, the chemical and petrochemical industry, and material innovations. Notable trends include innovations in materials, railway infrastructure development, digitalization and telematics, and sustainability and green initiatives.
Global Tank Wagons Market Key Driver
The tank wagon market sees growth due to increased demand for liquids and gases as raw materials in residential and petrochemical sectors utilizing railways for transportation. Lockdowns and travel bans worldwide have amplified the need for liquid and gas materials, with a 5.3% growth in global natural gas demand in 2021, according to the bp Statistical Review of World Energy. The rise in demand for PPE kits and home cooking further propels the tank wagon market.
Get A Free Sample Of The Global Tank Wagons Market ReportGlobal Tank Wagons Market Segments
The tank wagons market covered in this report is segmented –
1) By Tank Pressure Type: Pressurized Railraod tank car, General Purpose or Non-Pressurized tank car
2) By Protection Type: Insulated, Non-insulated
3) By Application: Crude Oil, Ethanol, Liquefied Gases, Bio Fuels, Milk, Chemicals, Other Applications
By Geography: The regions covered in the tank wagons market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
Asia-Pacific was the largest region in the tank wagons market in 2023. North America was the second largest region in the tank wagons market. The regions covered in the tank wagons market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Tank Wagons Industry Players
American Railcar Industries Inc., GATX Corporation, National Steel Car Ltd., Greenbrier Companies, Trinity Industries Inc., Vertex Railcar, Union tank car company, Chongqing Changzheng Heavy Industry Co. Ltd., Caterpillar Inc., Japan Oil Transportation Co. Ltd., Kelso Technologies Inc., OmBesco Limited, Procor Limited, VTG GmbH, Titagarh Wagons Ltd., FreightCar America, United Wagon Company, Jupiter Wagons Limited, Texmaco Rail and Engineering Ltd., Jindal Rail Infrastructure Limited, ELH Waggonbau Niesky GmbH, W.H. Davis Ltd, AmstedMaxion, CIMC Tank Equipment (Zhangjiagang) Co. Ltd., Wabash National Corporation, CIMC ENRIC Holdings Limited, The Andersons Inc., CIMC Vehicles Group Co. Ltd, Hitachi Ltd., Talgo SA
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Tank Wagons Market Overview
Tank wagon refers to a type of railroad car or rolling stock that is used as a tanker designed to transport liquid and gaseous commodities such as hazardous chemicals, oil and gas, crude petroleum oil, and other liquid commodities from fuel stations to rail stations on the rail transport system and on the road transport system to improve safety and reduce the chance of leakage of hazardous liquids.
Tank Wagons Global Market Report 2023 provides data on the global tank wagons market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The tank wagons market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.