Tank trucks are primarily used for bulk liquid transportation. Tank trucks are utilized by oil refineries and oil trading companies to safely deliver oil and petroleum products to the distribution point. Tank trucks have the capacity to carry a wide range of liquids and may act as an interface between two different modes of transport. Thus, it plays a vital role in transporting oil from production areas to rail terminals and pipelines.
Increasing demand for crude oil and the subsequent rise in oil production has triggered the need for reliable transportation. While small oil tank trucks are logistically ideal for short distances, medium and large oil tank trucks are economically viable for long hauls. The majority of oil trade across borders takes place through medium- and large-capacity oil tank trucks. For instance, several oil companies in Canada are using large tank trucks for transporting oil to different states in the U.S. Growth in the overall oil and gas industry worldwide has increased tank truck freight. Until recently, crude oil was transported to coastal refineries via ocean-going tankers and pipelines. However, increasing demand and the rise in crude oil production have provoked the need for transportation capacity expansion. Thus, several oil companies are expanding their oil tank truck fleets, leading to fresh demand for oil tank trucks.
In addition, stringent regulations related to the transportation, loading, and unloading of petroleum and chemical products are expected to fuel the demand for oil tanker trucks that need to comply with mandatory transportation requirements. The US Department of Transportation (DOT) and the American Society of Mechanical Engineers (ASME), for example, have developed codes and mandatory specifications for the transportation of hazardous liquid tank bodies, such as DOT406, DOT407, DOT412, and MC331. Furthermore, as the demand for crude oil is increasing and as more oil reserves are being developed and discovered in the Middle East and Latin America, the need for more oil tank trucks is growing at an incremental rate.
The global oil tank truck market is segmented on the following basis:
- small (less than 3000 gallons)
- Medium (3000–8000 gallons)
- Large (above 8000 gallons)
By Material Type
- aluminum tank truck
- Stainless steel tank truck
- Crude Oil Transportation
- Diesel Transportation
- Gasoline Transportation
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
Key players identified for the oil tank truck market include, but are not limited to:
Amthor International, Paragon Enterprises LLC, Oilmen’s Equipment Corporation, Dongfeng Su, Mann Tek, CSC TRUCK, Foton Motor Inc., FAW Group Corporation, Sinotruk Limited, ISUZU Motors Limited, and JSGS Company Ltd.