According to a new market report published by Lucintel, the future of the global chemical storage tank market looks promising with opportunities in the petrochemical, food and beverage, pharmaceutical, and pulp and paper industries for various tank applications. The global chemical storage tank market is expected to reach an estimated $5 billion by 2023 with a CAGR of 4.1% from 2018 to 2023. The major drivers for this market are increasing refineries, growing industrialization, and replacement of aging chemical storage tanks.
Browse 85 market data tables and 148 figures spread through 211 pages and in-depth TOC on “Global Chemical Storage Tank Market”
In this market, different types of chemical storage tank such as industrial chemicals, fuel, and others are used as application. On the basis of comprehensive research, Lucintel forecasts that the industrial chemical storage tank will remain the largest segment and it is also expected to witness the highest growth over the forecast period due to growing establishment of new chemical plants and rising concern towards recycling of industrial chemical.
Within the global chemical storage tank market, FRP tank is expected to witness the highest growth during the forecast period due to its various properties, such as corrosion resistance, light weight, easier installation, longer life span, lower maintenance, and more durability.
APAC will remain the largest region and it is expected to witness the highest growth over the forecast period due to rising urbanization, industrialization, and higher economic growth.
Emerging trends which have a direct impact on the dynamics of the chemical storage tank industry include increasing use of double wall chemical storage tanks for protection against hazardous chemical spills and adoption of hydrostatic monitoring system for continuous leak-detection in underground fuel tanks. CIMC, ZCL Composites, CST Industries, Worthington, Snyder Industrial, Synalloy, Containment Solutions, Highland Tank, Enduro Composites, Sintex Industries and others are among the major chemical storage tank manufacturers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed the global chemical storage tank market by application, material, installation type, end use industry, size, pressure, and region and has come up with a comprehensive research report entitled “Growth Opportunities in the Global Chemical Storage Tank Market 2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global chemical storage tank market by application, material, installation type, end use industry, size, pressure, and region as follows:
By Application Type [Value ($ Million) from 2012 to 2023]:
• Industrial Chemicals
• Fuel
• Others
By Material Type [Value ($ Million) from 2012 to 2023]:
• Plastic Tanks
• Metal Tanks
• FRP Tanks
• Others
By Installation Type [Value ($ Million) from 2012 to 2023]:
• Above Ground Tanks
• Under Ground Tanks
By End Use Industry [Value ($ Million) from 2012 to 2023]:
• Petrochemical
• Paper and Pulp
• Food and Beverage
• Pharmaceutical
• Other Industries
By Size [Value ($ Million) from 2012 to 2023]:
• Less then 5,000 Gallons
• 5,001 to 50,000 Gallons
• Above 50,000 Gallons
By Pressure Rating [Value ($ Million) from 2012 to 2023]:
• High Pressure Tanks
• Low and No Pressure Tanks
By Region [Value ($ Million) from 2012 to 2023]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
This 211-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/chemical-storage-tank-market.aspx or helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers following 11 key questions:
Q.1 What are some of the most promising, high-growth opportunities for the global chemical storage tank market by application (industrial chemicals, fuel, and others), material (FRP (fiberglass reinforced plastic) tanks, metal tanks, plastic tanks and others), insulation type (above ground tanks and underground tanks), end use industry (petrochemical, food and beverage, pharmaceutical, paper and pulp, and other industries), size (less than 5,000 gallons, 5,001 to 50,000 gallons, above 50,000 gallons), pressure (high pressure tanks and low and no pressure tanks),and by region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via product substitution?
Q.11 What M&A activity has occurred in the last 5 years?
