Crude Transportation Market: Market Introduction
Market consolidation has changed the container shipment industry, over the past two years. This change is due to acquisitions and merges between the container lines, expansion of shipping companies into port operations and reshuffling of shipping alliances. The market consolidation has affected the cargo transportation, ISO tank transportation and crude transportation also. Also, there is potential for more consolidation, which may affect crude transportation market concentration in near future. But, since 2016, container shipping industry, (handling about 60%of seaborne merchandise) trade witnessed a successions of developments owing to market consolidation (in terms of Value). The global crude transportation market is expected to witness a significant growth during the forecast period owing to the increasing use of crude transportation due to intensified need of crude oil and ores by industries. The buyers of tanks used for crude transportation are mainly the leasing Companies such as, EXSIF, Eurotainer, Seaco Global, logistics companies and others. The crude transportation is handled by logistics and transportation companies. The increasing world trade and increasing industries awareness towards the tank safety is driving the global ISO tank transportation market. Moreover, increasing trend of 3PL, 4 PL and stringent government laws in the developing countries pertaining to the transportation of goods and liquids is expected to witness a significant growth of the crude transportation market during the forecast period.
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Crude Transportation Market: Drivers and challenges
Driver of the crude transportation market:
Rapid industrialization is creating an intensified need of the crude transportation globally. Moreover, growing world trade has increased the workload on the manufacturing as well as transportation industries, which is expected to fuel the growth of the crude transportation market. Nowadays, most industries are opting for crude transportation for increasing the safety and reliability of the transportation of their goods. Thus, ISO tank transportation is expected to be adopted by a large number of industries during the coming years.
Opportunities for the crude transportation market:
Increasing trade relations between different countries is propelling the crude transportation market. Moreover, establishment on new industries across the world registers new growth opportunities for the crude transportation market.
Trends of the crude transportation market:
Majority of the manufacturers of standard fleet tanks are concentrated in China and South Africa, which provides manufactures economies of scale and access to export crude oil and ores. In addition, regional plants exist worldwide, primarily for the manufacture of specialist tanks to meet the local requirements.
Restraints of the crude transportation market:
The World Shipping Council has estimated that, on an average, 546 containers are lost at sea each year under normal operating conditions, and this figure increases to 1679 containers in case of events such as ship collision and sinking. This is expected to hamper the growth of the global crude transportation market.
Crude Transportation: Segmentation
Crude Transportation market can be segmented as follows:
Segmentation of the Crude Transportation market on the basis of crude type:
The crude oil can have its type as, very light oils, Light oils, Medium oils, and Heavy fuel oils. The ores can be categorized as iron ore, zinc ore, tin ore, diamond containing ore, and other metal ores. The crude transportation charges vary for different type of the oil and ores.
The oil sub-segment is expected to hold a significant market value share in the global crude transportation market.
Segmentation of Crude Transportation market on the basis of end-use industry:
- Oil and gas industry
- Mining industry
- Manufacturing Industry
- Energy and Utility
- Food and beverages
Oil and gas industry is estimated to hold a significant market value share in the crude transportation market
On the basis of mode of transportation:
- Road Freight
- Ocean Freight
Generally oil freight is used for crude transportation from one continent to another or from one country to another. Road freight can be categorized as rail shipping and trucking. Crude oil transportation through pipeline is one of the economic mode of transportation among others.
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Crude Transportation Market: Key Players
Some of the key players of the Crude Transportation market are DHL, DB Schenker, FedEX, UPS, AP Moller-Maersk, DSV, Kuehne+ Nagel, Yusen logistics, NGL Energy Partners LP, Genesis Energy, LP, Holly Energy Partners, Magellan Midstream Partners Pipeline, Blueknight Energy Partners, and Plainsman Mfg. Inc.
Crude Transportation Market: Regional Overview
The Crude Transportation market in Europe is expected to witness substantial growth due to the presence of a large number of logistics companies in the region. Russia as a source of crude oil is positively influencing the crude transportation market in Europe. The increasing adoption of the latest technologies and advanced systems pertaining to safety of crude transportation is already providing significant growth opportunities to the ISO tank transportation market in this region. Moreover, this region has a significant growth for the regional players due presence of crude oil source in Canada. Asia Pacific is expected to have a high CAGR for crude transportation market. According to international Tank Container Organization a significant growth in the use of tank container in China, for purpose of domestic transport of bulk liquid is seen in previous decade. As a the largest source of crude, Middle East and Africa region is expected to witness a significant market value share of the crude transportation market.
The report on crude transportation market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.