The global tank container fleet has effectively doubled over the past ten years.
But, not surprisingly, it is becoming more and more difficult to maintain the impressive growth rates seen in recent times. This is largely down to specific market factors, but the latest Tank Container Fleet Survey published by the International Tank Container Organisation (ITCO) shows that following several years of significant expansion – particularly between 2018 and 2023 – the industry’s growth curve is flattening out.
This year’s ITCO survey calculates that a total of 42,123 tanks were manufactured and 8,500 disposed of. Thus 33,620 tank containers were added to the global fleet in 2024, compared with 46,600 in the previous year.
These figures represent annual growth rates of 3.96 percent in 2024, and 5.81 percent in 2023. By comparison, the global tank fleet grew 8.65 percent in 2022 and 7.3 percent in 2021.
On 1 January 2025, the fleet stood at 882,023 units, against 848,400 tanks 12 months earlier. To draw a picture of how far the sector has come; the total fleet in 2015 was 427,500.
Tank Container Production and World Fleet (2015–2024)
Year Fleet at 1 January (of year shown)
2015 427,500
2016 458,200
2017 508,000
2018 552,500
2019 604,700
2020 652,350
2021 686,650
2022 737,935
2023 801,800
2024 848,400
2025 882,023
The huge demand for new tanks in 2021 and 2022 was mostly attributable to the disruptions caused by the Covid-19 pandemic, as operators and leasing companies ordered new containers to take up the slack caused by problems in repositioning equipment.
However, as supply chains returned to relative normality post-Covid in 2023, the tank industry has been impacted by issues in the chemical industry over the past two years.
Europe’s chemical industry faced significant challenges in 2024, continuing a downward trend from previous years. High energy and feedstock costs, coupled with increased regulatory expenses and weak demand, led to a contraction in production.
Reports indicated a 6.6% decline in European chemical production in 2023, with only a modest growth of 1.9% in 2024. Several major chemical producers have announced plant closures and downsizing to try and stem financial losses.
By contrast, the North American chemical industry, particularly in the United States, demonstrated resilience and growth in 2024. After a 0.6 percent contraction in 2023 due to high inflation and restrictive monetary policies, the sector rebounded with growth of 3 percent in 2024, and a similar figure estimated in 2025.
Asia remains a pivotal player in the global chemical market, with China and India at the forefront. However, the Asia market has faced its own challenges related to overcapacity, particularly in China, leading to intensified competition and consolidation efforts among producers. The global oversupply of petrochemicals prompted companies to shut down older plants, sell assets, and explore cheaper raw materials to maintain profitability.
Despite the slowdown, supply chain disruption and chemical industry challenges, the past four years have demonstrated that the tank container plays a critical role in the ‘just-in-time’ business philosophy of the major end users – the shippers.
The industry continues to be dominated on a global level by a relatively small number of major tank container operators and leasing companies. The top 10 operators accounted for more than 301,750 tanks, representing just under 50 percent of the operators’ fleet (619,741 tanks), while the 10 biggest lessors accounted for 322,733 tanks, about 84 percent of the total leasing fleet (381,781 tanks).
Estimates of the number of tanks owed by “others” are included in the Survey. At 1 January 2025, this stood at 213,514, up from 196,477.
However, it is a challenge to assess the fleet of tanks owned by shippers (beneficial cargo owners [BCOs], producers or consignors) and other owners/operators, because of the vast number of such entities worldwide.
On top of this, it is especially difficult to compile a list of shipper-owned tank containers, because tank ownership is a relatively small part of their core business and – as a result – fleet figures are not freely available. This also applies to other tank users – such as shipping lines, military authorities, railways, oil companies, mining industry players and domestic Chinese companies.
A feature of the latest report is the impact of an ageing fleet, ITCO says. There is evidence of a trend towards increased disposal of fully depreciated tanks which have reached the end of their useful life, and where the cost of refurbishment is no longer attractive.
There are various problems of ‘old age’; for example, a too heavy tare weight, too low capacity and higher repair costs. Whatever the reason, especially in times of relatively low utilisation, the trend towards increased disposals is expected to continue.
Most of the 2024 growth has come from operators, whereas leasing companies have consolidated their positions, or in some cases actually reduced their fleet size.
“Nevertheless, considering all of the challenges of the marketplace, geopolitical tensions, weak investment and productivity growth, and ageing populations, it is encouraging to see the tank container fleet continuing to grow ahead of global GDP growth,” the report states.
“It is clear that the industry growth curve is flattening out after 10 years of significant year-on-year sustained growth. It should be noted that over this same time period, we have witnessed increased adoption of technology. Digital transformation in the market continues, and MRI is supporting tank depots, operators and lessors with software connectivity and data-driven decision-making tools which are absolutely key to driving operational efficiencies. We will continue to innovate in order to provide technology solutions and expertise to secure this continued digital transformation”,