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| A12286 | Pages: NA | Sep 2021 | 54 Views | | |
| Author(s) : Sonia Mutreja | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Oil Tank Trucks Market
Request Now !Oil tank trucks are used for transporting oil from oil refineries and oil trading companies for safe delivery of oil and petroleum products to the distribution point. The trucks have the capacity to carry high amount of liquid and plays a vital role in transporting oil from production areas to rail terminals and pipelines. The rise in demand for crude oil globally and rise in oil production has increased the demand for reliable transportation. The light duty small oil tank trucks are logistically ideal for short distances, medium and heavy-duty oil tank trucks are economically viable for long hauls. Majority of oil trade cross borders are done via medium and heavy-duty oil tank trucks. For instance, various oil companies in Canada are using large capacity oil tank trucks for transporting oil to different states in United States. The crude oil transportation to coastal refineries was carried out through oceangoing oil tankers and pipelines but with increasing demand & rise in crude oil production the transportation is currently done by road via oil tank trucks.
Market Scope and Structure Analysis:
Report Metric | Details |
Market size available for years | 2020–2030 |
Base year considered | 2020 |
Forecast period | 2021–2030 |
Forecast units | Value (USD) |
Segments covered | Types, Applications, Product Type, Capacity, and Region |
Regions covered | North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa) |
Companies covered | Amthor International, Paragon Enterprises LLC, Oilmen’s Equipment Corporation, Dongfeng Su, Mann Tek, CSCTRUCK, Foton Motor Inc., FAW Group Corporation, Sinotruk Limited, and ISUZU Motors Limited |
COVID-19 Impact Analysis:
COVID-19 has affected the global economy of major countries since, lockdown and government restrictions have caused business shutdowns affecting oil tank truck market. Due to lockdown and travel ban the demand for oil in the marker has also reduced. Moreover, unavailability of labour due to social distancing norms and other restrictions have disrupted the operation of oil refineries thus it had halted the supply of oil. Furthermore, due to lockdown people have stopped travelling thus it has reduced the demand for petrol and diesel in the market. Therefore, due to COVID-19 pandemic the oil market has been affected severely and reducing the need for transportation. Oil tank truck market is an evolving sector since the demand for oil is continuously rising thus, it is expected post pandemic the market will return back to normalcy.
Top Impacting Factors
Market Trends
Stringent regulations regarding loading, unloading & transportation of oil
Stringent regulations related to loading, unloading & transportation of oil is expected to fuel the demand for oil tank trucks. The oil tank trucks have to comply with the rules & regulations for safe and smooth transportation. For instance, in 2013 United States Department of Transportation (DOT) and the American Society of Mechanical Engineers (ASME) have introduced some codes and mandatory specifications for transportation of hazardous liquid tank bodies including DOT406, DOT407, DOT412, and MC331. Furthermore, the demand of crude oil is increasing, and more oil reserves are being developed and discovered in Middle East and Latin America thus, it acts as an opportunity for growth of oil tank trucks market.
Rise in number of automobiles globally
The sale of automobile is rising globally thus increasing the demand for petrol & diesel. For instance, the automobile sale is expected to surpass 400 vehicles per 1000 population in the coming years from 230 vehicles per 1000 population in 2019. Moreover, the vehicle run per kilometre is also increasing. This rise in automobile demand is expected to drive growth of oil tank trucks market.
Key Segments Covered:
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