According to the research report, global tube trailer market in 2019 was approximately USD 502.9 Million. The market is expected to grow at a CAGR of 3.61 % and is anticipated to reach around USD 602.8 Million by 2026.
Tube trailers are generally used to transport gases. The most common gas is hydrogen that is compressed at high pressure into cylinders or tubes. A trailer that is attached to a truck trailer with one or more than one transportable pressure vessel for the carriage of compressed gases is referred to as a tube trailer. There are various types of trailers including jumbo tube trailer, standard tube trailer, and super jumbo tube trailer. These tube trailers are semi-trailers consisting of high-pressure 10 to 36 cluster tanks with a length from 20 feet to 38 feet on jumbo tubular trailers for small tubes. The tube trailers are essentially classified into modular tube trailers ranging from 8 to 54 pipe, jumbo tube trailer with 10 tubes, and a 44-foot chassis, with pressure exceeding 3,200 psi and intermediate tubes, installed on 5 tubes in 19 and 38 ft long and deliver stationary or mobile storage. U.S. Department of Transportation (DOT) regulations has mandated the current limit of tube trailers to 250 bars of pressure. Composite storage vessels have recently been developed to produce 560-720 kg of hydrogen per trailer and to satisfy the DOT requirements for width, height, and weight. These tube trailers are currently used to supply compressed natural gas.
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Increasing utilization of natural gas in end-use industries such as transportation, electricity generation, and industrial operations is triggering the demand for gas storage and transport facilities in recent years. However, high-cost involvement in storing compressed gas is hindering market growth. Furthermore, increasing demand from emerging economies is anticipated to propel market growth in the upcoming years.
The global tube trailer market has been segmented into product types and applications. The product type has been segmented into jumbo tube trailers, standard tube trailers, and super jumbo tube trailers. The jumbo tube trailer holds the major market share among the other tube trailers due to its high loading capacity. The application has been bifurcated into specialty chemical transport and storage, compressed natural gas transport, and gas storage. The market has been led by compressed natural gas transport. It is estimated to grow at a high CAGR, due to the growth in energy requirements by various nations leading to the use of nonconventional fuels.
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On the basis of geography, the market has been analyzed into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2019, Asia Pacific dominated the global tube trailer market owing to rapid industrialization and rising focus on infrastructure developments. Moreover, the growing need for specialty chemicals in various applications including water treatment, paints & coatings, electronics, personal care ingredients & cosmetics, and agriculture, among others is expected to boost the market demand in forthcoming years in this region. The North America region is followed by the Asia Pacific in terms of value and volume. It is due to a rise in the implementation of decarbonization policies by the regulatory bodies in this region. The Middle East and Africa are expected to at a CAGR rate of 2.99% during the forecast timeline owing to a rise in the production of natural gas. Hence certain factors are anticipated to proliferate the market growth in years to come.
Top Market Players
Some of the essential players operating in the global tube trailer market, but not restricted to include FIBA Technologies, Inc., Weldship Corporation, City Machine & Welding, Inc., Western Sales & Testing of Amarillo, Inc., OVID SpA, and Copper Tip Energy Services Inc. among others.
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