Yahoo Finance Tank Container Market size was USD 1483.00 million in 2021 it will grow to CAGR of 8.7% till 2029 : GreyViews
Tank Container Market Size By Product Type (Multi-compartment tank, Lined tank, Reefer Tank, Cryogenic & Gas Tanks, and Swap Body Tank), Transport Mode (Road, Rail, and Marine), Application (Chemical, Petrochemical, Food & Beverages, Pharmaceuticals, Industrial Gas), Regions, Segmentation, and forecast till 2029.
Pune India, Dec. 01, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East, and Africa. These are the key regions where the Tank Container market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Tank Container market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, route of administration, facility of use, and others. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Tank Container market are Danteco industries, Meeberg, Tankformator, THIELMANN, Tankcon, Stolt-Nielsen Limited, Bertschi AG, Bulkhaul Limited, China International Marine Containers (Group) Ltd., Welfit Ody among others. To achieve a substantial market share in the worldwide Tank Container market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Hoyer Group is one of the most significant manufacturers and distributors present in the global Tank Container market.
A tank container which is also called as a tanktainer is an intermodal container that is widely for transporting gases, liquids, and powders as bulk cargo. It is built to the ISO standards, making it suitable for different modes of transportation; as such, it is also called an ISO tank. The tank container is widely used to transport hazardous and non-hazardous materials via road, sea, and rail route. It is usually a stainless steel body that is enclosed by insulation and protected with a layer of polyurethane and aluminum. The main vessel of the container is placed inside a steel frame. Usually, tank containers are loaded from the top and unloaded from the bottom. A standard-size tank container usually consists of a manhole, one valve at the bottom, and a minimum one at the top. Tank containers are mostly used in the transportation and handling of liquid products such as oil, chemicals, and liquid food products.
The increasing growth in seaborne transport drives the market’s growth coupled with the increasing demand for tank containers to transport all kinds of liquids, gases, and solids.
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Scope of Tank Container Market Report
Report Metric | Information |
Study Period | 2021-2029 |
Base Year | 2021 |
Forecast Period | 2022-2029 |
Market Share Unit | USD Million |
Segments Covered | Product type, Transport Mode, and Application |
Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
Major Players | Danteco industries, Meeberg, Tankformator, THIELMANN, Tankcon, Stolt-Nielsen Limited, Bertschi AG, Bulkhaul Limited, China International Marine Containers (Group) Ltd., Welfit Ody, among otherss |
Segmentation Analysis
Multi-compartment tank segment is expected to be the fastest growing segment in 2021.
The Product Type segment includes a multi-compartment tank, lined tank, reefer tank, cryogenic & gas tanks, and swap body tank. The multi-compartment tank segment is expected to witness the highest growth rate during the forecast period. This is attributed to the multiple advantages of the multi-compartment container to carry out multiple types of freight. In addition, such types of tank containers are also useful for transporting liquids, solids, and gases, fueling the growth of the multi-compartment tank segment.
The road segment is expected to be the fastest-growing segment in 2021.
The Transport Mode segment includes road, rail, and marine. The road segment is expected to witness the highest CAGR during the forecast period. The growth of this segment is mainly driven by the proliferation of an efficient logistical support systems. The significant improvement in road vehicles coupled with improvement in road infrastructure propels the segment’s growth. Furthermore, the gradual removal of regulations restricting road freight carriage supplements the segment’s growth.
The petrochemical segment is expected to be the fastest-growing segment in 2021.
The Application segment includes chemical, petrochemical, food & beverages, pharmaceuticals, and industrial gas. The petrochemical sector segment is expected to witness the highest CAGR during the forecast period. The increasing demand for oil across various countries provides an opportunity for the segment’s growth. The demand for petrochemical is expected to exceed gasoline and diesel by 2030, which supplements the segment’s growth. New process technologies are expected to change the entire chemical landscape providing growth opportunities for the segment. All of the factors mentioned above contribute to the growth of this segment.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for Tank Container include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
Asia Pacific region witnessed a major share. The demand for Tank containers has been growing due to the swift economic and industrial development. China in the region is one of the leading producers of shipping containers and has witnessed extensive development of manufacturing abilities. This has created lucrative growth opportunities for the market. North America is expected to witness significant growth during the forecast period owing to the better transportation services in the region.
Country Analysis
Germany
Germany Tank Container market size was valued at USD 53.87 million in 2021 and is expected to reach USD 94.6 million by 2029, at a CAGR of 7.3% from 2022 to 2029.
The availability of better transportation services in the region propels the growth of the market in the region. Furthermore, growing urbanization along with an increase in construction activities are likely to increase the demand for tank containers in the German region.
China
China Tank Container's market size was valued at USD 196.99 million in 2021 and is expected to reach USD 431.56 million by 2029, at a CAGR of 10.3% from 2022 to 2029. This country's increasingly expanding population and economy have mainly driven the growth of the tank container market. In addition, China is one of the biggest producers of shipping containers and has witnessed an extensive development of manufacturing abilities. Moreover, there is also an increase in the economic and trade development of the country. The growth in China’s international trade has also increased the demand for tank containers.
India
India Tank Container's market size was valued at USD 113.48 million in 2021 and is expected to reach USD 213.17 million by 2029, at a CAGR of 8.2% from 2022 to 2029.
India, in recent times, has started manufacturing tank containers on a large scale which has led to a reduction in the sale of Chinese tank containers. India is already paying up to 40% more on the actual price of imported containers due to hefty taxes on both countries' products and higher shipping costs. India is considered to be a budding market for tank containers during the forecast period as several market players are setting up manufacturing units in India as labor charges are very less in the country.
Covid-19 Impact
Covid-19 had a major impact on almost all the industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the food sector have seen increased revenue due to significant changes in consumer preferences toward healthcare services. In addition, the pandemic has led to significant healthcare spending growth across developing and developed countries.
The increasing industrialization and rising urban population are increasing the demand for tank containers as raw materials for several industries are being transported using tank containers via road, rail, and marine transport facilities.
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