(MENAFN - iCrowdNewsWire) Expansion of Chemical Industry to Lead Growth of Storage Tank Market | Industry Analysis, Key Player profile, Size, Share, Growth, Trends, and Regional Outlook by 2025
iCrowdNewswire Jan 4, 2021 4:14 PM ET
Storage tanks are containers used for holding liquid or semisolid substances. It has found application across different industry domains which are likely to prompt its rising demand over the next couple of years. The latest report offered by Market Research Future (MRFR) highlights an attractive future trajectory of the global storage tank market. It asserts that the global market is observed to expand at a steady CAGR of 4.8% during the projection period 2018 to 2025.
The product is extensively used in the oil & gas industry. The growth of the industry is anticipated to reflect favorably on the expansion of the storage tank market in the years to come. On a similar note, the flourishing chemical industry is poised to fuel demand for the product in the foreseeable future. Increasing investments in the expansion of chemical facilities are projected to boost revenue creation for the players operating in the storage tank market over the evaluation period. Apart from these, the product is also useful in food & beverage and water treatment industries. It is anticipated to catapult thee storage tank market on upward trajectory.
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Key players are prognosticated to invest in research & development for the innovation of materials. The initiatives directed towards product development are poised to lead the expansion of the storage tank market over the next few years. However, on the other side, the high installation cost of these tanks is forecasted to restrict the growth rate of the storage tank market across the assessment period.
On the basis of installation type, the global storage tank market has been bifurcated into aboveground storage tanks (AST) and underground storage tanks (UST).
On the basis of product, the storage tank market has been divided into hazardous and non-hazardous.
Based on material, the global storage tank market has been segmented into steel, polyethylene, concrete, and others.
Based on industry vertical, the storage tank market has been segmented into oil & gas, water, food & beverage, chemical, and others.
The geographical analysis of the global storage tank market is covered in this study on regional and country-level basis. The regional segments identified in this MRFR report are - North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). Asia Pacific is estimated to account for the most prominent share of the global market reflecting the highest CAGR across the evaluation period. The region is expected to hold the leading position in the global market place over the next couple of years. Increasing investments in the expansion of end-user industries in the region are poised to drive the growth of the storage tank market in the years to come. Rapid industrialization being observed in the fast-developing nations such as China and India is anticipated to unleash developmental opportunities for the market leaders in the foreseeable future.
CST Industries (US), PermianLide (US), McDermott (US), Highland Tank & Manufacturing Company, Inc. (US), T.F. Warren Group (Canada), Fox Tank Company (US), Superior Tank Co., Inc. (US), Ishii Iron Works Co., Ltd (Japan), Pfaudler (US), TOYO KANETSU K.K. (Japan), and MEKRO Sp. Z o.o. (Poland) are few prominent players of the global storage tank market. A detailed share analysis of the market is included in this MRFR report for offering an informative insight.
In September 2019, hurricane Dorian has swept off the tops of five crude storage tanks on the Grand Bahama islands leaving oil seeping on ground.
In September 2019, Qatar Petroleum has issued tenders for liquid product storage as a part of the North Field Expansion Project.
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Key Questions Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this market?
- What are the strategies adopted by key players?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.2 RESEARCH OBJECTIVE
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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Contact Person: Abhishek Sawant
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