(MENAFN- GlobeNewsWire - Nasdaq) Major players in the tank liner industry have focused on business expansion and product launch strategies to gain the maximum share in the market. This further results in consolidation of the tank liner market.Wilmington, Delaware, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Allied market Research published a report, titled, " Tank Liner Market by Type (PVC Liner and PE Liner), and Application (Water Tanks and Oil Tanks): Global Opportunity Analysis and Industry Forecast, 2024-2032" . According to the report, the tank liner market was valued at $476.0 million in 2023, and is estimated to reach $777.1 million by 2032, growing at a CAGR of 5.4% from 2024 to 2032.
Prime determinants of growth
The primary driver of the tank liner market is the need to protect tanks from corrosion. Liners prevent the direct contact of the tank material with corrosive substances, thereby extending the life of the tanks and reducing maintenance costs. Tanks used to store aggressive chemicals and hazardous materials require liners that can resist chemical reactions. The demand for liners that can withstand a wide range of chemical interactions is a significant market driver, especially in industries like chemicals, oil & gas, and pharmaceuticals.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $476.0 million |
| Market Size in 2032 | $777.1 million |
| CAGR | 5.4% |
| No. of Pages in Report | 213 |
| Segments covered | Type, Application and Regions. |
| Drivers | Rapid industrialization and infrastructure development
Growth in food and beverage industry
|
| Opportunities | Technological Advancements in chemicals and hazardous materials manufacturing |
| Restraints | Volatile price of raw materials |
Covid-19 Scenario
The outbreak of the COVID-19 pandemic had a negative impact on the tank liner market, owing to the temporary closure of manufacturing firms during the lockdown.
Not only the production but also the sale of tank liner was hampered due to the closure of manufacturing factories across the world, especially in the initial period of the pandemic.
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The PVC Liner segment is projected to dominate the global tank liner market share, in terms of revenue
Based on product, the market is divided into PVC Liner, and PE Liner. Stringent regulations regarding the storage and handling of hazardous substances mandate the use of protective liners to prevent leaks and environmental contamination. Compliance with these regulations is a critical factor pushing industries to invest in high-quality tank liners. Such factors will drive the growth for PVC liner segment in the global market.
The water tanks segment dominates the market
Based on application, the market is segregated into water tanks and oil tanks. Growing environmental awareness and the need to prevent soil and groundwater contamination drive the adoption of tank liners which fuel the water tanks demand. Industries are increasingly focusing on sustainable practices, which include the use of liners to prevent leaks and spills which propels the growth of the water tanks segment in the global market
The Asia-Pacific dominates the market share in terms of revenue
The tank liner market is analyzed across North America, Europe, Asia-Pacific, Latin America, and MEA. In 2023, Asia-Pacific accounted for more than one-third of the market share, and is expected to grow at a significant CAGR throughout the forecast period. China holds the maximum share in the tank liner industry in the Asia-Pacific region. The water and wastewater treatment industry is a significant consumer of tank liners. Liners are essential to protect tanks used in these processes from corrosion and chemical damage, ensuring the longevity and safety of the infrastructure. In the food & beverage industry, hygiene and contamination prevention are paramount. Tank liners ensure that stored products do not come into contact with the tank material, thus maintaining the purity and safety of food and beverages.
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Leading Market Players: -
Fab-Seal Industrial Liners
The report provides a detailed analysis of these key players in the tank liner market. These players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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