Aug 24, 2021   SOURCE: BusinessWire

Global Tank Wagons Markets Report 2021: Crude Oil, Ethanol, Liquefied Gases, Bio Fuels, Milk, Chemicals - Forecasts to 2025 & 2030 - ResearchAndMarkets.com

The "Tank Wagons Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.

The global tank wagons market is expected to grow from $62.59 billion in 2020 to $68.74 billion in 2021 at a compound annual growth rate (CAGR) of 9.8%.

The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $88.55 billion in 2025 at a CAGR of 6.5%.

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, and TrinityRail Products.

The tank wagons market consists of sales of tank wagons rail freight transportation services and related goods by entities (organizations, sole traders, and partnerships) that provide the transportation of freight in a tank wagon. Tank Wagons are a type of railroad cars or rolling stock that are designed to transport liquid and gaseous commodities on the rail transport system. Only goods and services traded between entities or sold to end consumers are included.

The launch of the internet of things (IoT) to fast-track the safety and compliance of the rail tanks have created immense demand in the tank wagons 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.

The tank wagons market covered in this report is segmented by tank pressure type into pressurized railroad tank car; general purpose or non-pressurized tank car. It is also segmented by protection type into insulated; non-insulated and by application into crude oil; ethanol; liquefied gases; bio fuels; milk; chemicals; others.

In July 2019, Greenbrier, a US-based railroad transportation company, announced the acquisition of American Railcar Industries manufacturing business for $430 million. The acquisition is expected to enable Greenbrier to provide customers not only with direct sales or leasing options but also with after-market services and also to help customers seeking tank cars and covered hoppers. American Railcar Industries is a US-based company that manufactures railroad rolling stock.

Increased demand for liquid and gases as a raw material in residential and petrochemicals sectors that use railways as one of the modes of transportation is contributing to the growth of the tank wagon market. This upswing in need is due to lockdown and ban on traveling which has happened worldwide. Due increase in need of PPE kits and cooking at home is causing a rise in demand for liquid and gas which is fulfilled with help of tank wagons to carry tons of these materials, thus driving the tank wagon market.

The increased rate of accidents due to the high speed of railways is expected to limit the growth of the tank wagon market. These high accident rates can hamper the service provided by the rail tank wagons and also loss of economy and fuels. This led to the imposition of trains carrying hazardous goods. Thus, a rise in accidents is hampering the revenues generated for the tank wagons market.

Key Topics Covered:

1. Executive Summary

2. Tank Wagons Market Characteristics

3. Tank Wagons Market Trends and Strategies

4. Impact of COVID-19 on Tank Wagons

5. Tank Wagons Market Size and Growth

5.1. Global Tank Wagons Historic Market, 2015-2020, $ Billion

5.1.1. Drivers of the Market

5.1.2. Restraints on the Market

5.2. Global Tank Wagons Forecast Market, 2020-2025F, 2030F, $ Billion

5.2.1. Drivers of the Market

5.2.2. Restraints on the Market

6. Tank Wagons Market Segmentation

6.1. Global Tank Wagons Market, Segmentation by Tank Pressure Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

  • Pressurized Railraod tank car
  • General Purpose or Non-Pressurized tank car

6.2. Global Tank Wagons Market, Segmentation by Protection Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

  • Insulated
  • Non-insulated

6.3. Global Tank Wagons Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

  • Crude Oil
  • Ethanol
  • Liquefied Gases
  • Bio Fuels
  • Milk
  • Chemicals
  • Others

7. Tank Wagons Market Regional and Country Analysis

7.1. Global Tank Wagons Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

7.2. Global Tank Wagons Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

Companies Mentioned

  • 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
  • VTG Aktiengesellschaft

For more information about this report visit https://www.researchandmarkets.com/r/ibwbop