Oil Tank Trucks Market

Oil Tank Trucks Market Outlook 2030 -

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.

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

• Rise in oil production, rise in truck building using rust & corrosion resistance material, and rise in number of automobiles globally is expected to drive growth of the market.
• However, shortage of driver and rise in prices of crude oil can hamper growth of the market.
• Moreover, rise in demand for oil globally, stringent regulations regarding loading, unloading & transportation of oil and periodic quality testing of tankers is expected to drive growth of the market.

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 Benefits of the Report:

• This study presents the analytical depiction of the oil tank trucks market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with challenges of the oil tank trucks market.
• The current market is quantitatively analyzed to highlight the oil tank trucks market growth scenario.
• The report provides detailed oil tank trucks market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the oil tank trucks market research report:

• Which are the leading market players active in the oil tank trucks market?
• What would be the detailed impact of COVID-19 on the market?
• What current trends would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the oil tank trucks market?
• What are the projections for the future that would help in taking further strategic steps?

 Oil Tank Trucks Market Report Highlights