NEW YORK, Feb. 27, 2023 /PRNewswire/ — Major players in the tank wagons market are American Railcar Industries Inc., GATX, National Steel Car, The Greenbrier Companies, Trinity Industries Inc., Vertex Railcar, Union tank car company, American-Rails, Chongqing ChagnZheng Heavy Industry, TrinityRail Products, Caterpillar, Japan Oil Transportation., Kelso Technologies Inc, OmBesco Limited, Procor Limited, and VTG Aktiengesellschaft.
Read the full report: https://www.reportlinker.com/p06250364/?utm_source=PRN
The global tank wagon market will grow from $67.44 billion in 2022 to $70.56 billion in 2023 at a compound annual growth rate (CAGR) of 4.6%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The tank wagon market is expected to grow to $82.63 billion in 2027 at a CAGR of 4.0%.
The tank wagon market consists of sales of corrosive liquid tanks, highly flammable product tanks, and gasoline tanks.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
Asia Pacific was the largest region in the tank wagons market in 2022.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, and Africa.
The main types of tank waggons covered in this report are pressurised railroad tank cars and general-purpose or non-pressurized tank cars.The pressurised railroad tank car was designed to carry chemicals and petroleum products efficiently and safely.
It is also segmented by protection type into insulated and non-insulated and by application into crude oil, ethanol, liquefied gases, biofuels, milk, chemicals, and others.
Increased demand for liquids and gases as a raw material in the residential and petrochemical sectors that use railways as one of the modes of transportation is contributing to the growth of the tank waggon market.This upswing in need is due to the lockdown and ban on travelling which have happened worldwide.
For instance, according to the Facts Global Energy (FGE) data, India is expected to buy 15.8 million tonnes of LPG from abroad in the 2020 year, which is 9% more than in 2019. Furthermore, FGE has also estimated that the Asia-Pacific region will buy 67–69.5 million tonnes of gas from abroad in 2020, which will be 1–3% more than in 2019. An increase in the need for PPE kits and cooking at home is causing a rise in demand for liquid and gas, which is fulfilled with the help of tank waggons to carry tonnes of these materials, thus driving the tank waggon market.
The increased rate of accidents due to the high speed of railways is expected to limit the growth of the tank waggon market.These high accident rates can hamper the service provided by the rail tank waggons and also result in a loss of economy and fuel.
For instance, in June 2020, in Andhra Pradesh, a state in India, tank waggons carrying oil got derailed due to high speed and caught fire, which caused a huge combustion of the oil.In February 2020, in Canada, a train with 19 waggons carrying dangerous goods got derailed due to high speed, causing an explosive fire.
This led to the imposition of trains carrying hazardous goods. Thus, a rise in accidents is hampering the revenues generated for the tank waggon market.
The launch of the internet of things (IoT) to fast-track the safety and compliance of rail tanks has created immense demand in the tank waggon market.The Internet of Things (IoT) empowers rail administrators to use internet-connected communication devices installed across infrastructure and rolling stock to increase safety.
Moreover, there are many apps, such as the safety lock app, terminal automation app, and anti-roll-away apps, rolled out by TCS to digitalize the tank wagons.
In November 2022, Heniff Transportation Systems, LLC, a US-based liquid chemical and food transportation company, acquired Coal City Cob Company, Inc. for an undisclosed amount. Through this acquisition, Heniff is able to maintain its industry-leading growth in the chemical sector of the tank truck market. In addition to a sizable rail-to-truck bulk transfer yard and tank wash facility at its headquarters in Waxahachie, Texas, Coal City Cob (“CCC”) operates with more than 230 drivers and 500 trailers across its countrywide network of terminals. With a focus on maximizing customer, employee, and driver satisfaction, the current Heniff and CCC teams will collaborate closely to ensure a prompt and effective integration between the two networks. Coal City Cob Company, Inc. is a US-based company pioneering in the transportation of liquid and hazardous chemicals for various chemical and pharmaceutical companies.
The countries covered in the tank wagons market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The tank waggons market research report is one of a series of new reports that provides tank waggons market statistics, including tank waggons industry global market size, regional shares, competitors with a tank waggons market share, detailed tank waggons market segments, market trends and opportunities, and any further data you may need to thrive in the tank waggons industry. This tank waggon market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06250364/?utm_source=PRN
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
