How big is the tank wagons market today, and what are its future growth expectations?
The tank wagons market size has grown steadily in recent years. It will grow from $74.34 billion in 2024 to $77.57 billion in 2025 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to industrial growth, energy transportation, chemical industry, safety and regulatory compliance.
The tank wagons market size is expected to see steady growth in the next few years. It will grow to $93.64 billion in 2029 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to energy transition, environmental regulations, chemical and petrochemical industry, material innovations. Major trends in the forecast period include innovations in materials, railway infrastructure development, digitalization and telematics, sustainability and green initiatives.
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What have been the primary factors driving the tank wagons market’s growth?
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, in September 2023, according to GOV.UK, a UK-based government website that provides government services and information, total government revenues from UK oil and gas production amounted to $9.90 billion (£9 billion) in the financial year 2022-2023, up from $1.54 billion (£1.4 billion) in 2021-2022, marking an increase of $8.36 billion (£7.6 billion). 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 growth.
What are the key segments within the tank wagons market?
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
Subsegments:
1) By Pressurized Railroad Tank Car: LPG Tank Cars, Chemical Tank Cars
2) By General Purpose Or Non-Pressurized Tank Car: Liquid Bulk Tank Cars, Crude Oil Tank Cars, Food-grade Tank Cars
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Which key players are shaping the tank wagons market?
Major companies operating in the tank wagons market include 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
How will industry trends affect the trajectory of the tank wagons 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.
Which geographic trends are shaping the tank wagons market, and which region has the highest market share?
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
What Does The Tank Wagons Market Report 2025 Offer?
The tank wagons market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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 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. They are well-suited for carrying substantial quantities of liquids or gases, minimizing the necessity for numerous shipments and enhancing efficiency.
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