Tank Wagons Global Market to Grow from $69.71 Billion to $85.8 Billion by 2026

DUBLIN, Dec. 6, 2022 /PRNewswire/ -- The "Tank Wagons Global Market Report 2022: By Protection Type, By Application" report has been added to  ResearchAndMarkets.com's offering.

The global tank wagons market is expected to grow from $63.4 billion in 2021 to $69.71 billion in 2022 at a compound annual growth rate (CAGR) of 10.0%. The market is expected to grow to $85.8 billion in 2026 at a compound annual growth rate (CAGR) of 5.3%.

The main types of tank wagons covered in this report are pressurized railroad tank cars and general-purpose or non-pressurized tank cars. The pressurized 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.

Asia Pacific was the largest region in the tank wagons market in 2021. North America was the second largest region in the tank wagons market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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. For instance, according to the Facts Global Energy (FGE) data, India is expected to buy 15.8 million tons of LPG from abroad in the 2020 year which is 9% more than in 2019. Furthermore, FGE has also estimated that the Asia region will buy 67-69.5 million tons of gas from abroad in 2020, which will be 1-3% more than that of 2019. Due 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 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 fuel. For instance, in June 2020, in Andhra Pradesh, a state in India, tank wagons carrying oil got derailed due to high speed and caught fire which caused huge combustion of the oil. In February 2020, in Canada, a train with 19 wagons 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 wagons market.

The launch of the internet of things (IoT) to fast-track the safety and compliance of 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.

Scope

Markets Covered:

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

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

6. Tank Wagons Market Segmentation

7. Tank Wagons Market Regional And Country Analysis

8. Asia-Pacific Tank Wagons Market

9. China Tank Wagons Market

10. India Tank Wagons Market

11. Japan Tank Wagons Market

12. Australia Tank Wagons Market

13. Indonesia Tank Wagons Market

14. South Korea Tank Wagons Market

15. Western Europe Tank Wagons Market

16. UK Tank Wagons Market

17. Germany Tank Wagons Market

18. France Tank Wagons Market

19. Eastern Europe Tank Wagons Market

20. Russia Tank Wagons Market

21. North America Tank Wagons Market

22. USA Tank Wagons Market

23. South America Tank Wagons Market

24. Brazil Tank Wagons Market

25. Middle East Tank Wagons Market

26. Africa Tank Wagons Market

27. Tank Wagons Market Competitive Landscape And Company Profiles

29. Key Mergers And Acquisitions In The Tank Wagons Market

29. Tank Wagons Market Future Outlook and Potential Analysis

30. Appendix

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/do4ea5

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets