Global Chemical Storage Tank Market Growth Is Projected To Increase Owing To High Demand From Oil & Gas Manufacturers For Fuel & Oil Transaction
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Chemical storage tanks are made of specific active materials that are resistant to the chemical mixtures. There are various chemical storage tanks available such as stainless steel tanks, fiberglass tanks, and polyethylene tanks for various application. Stainless steel tanks are more preferable as compared to other materials and have distinctive properties such as they are more durable and are more effective. However, stainless steel has limitations such as it is incompatible with many acids and has high cost as compared to other storage tanks. Fiberglass storage tanks are one of the feasible options for many manufacturers, but it has various limitations such as it constrains various chemical layers/joints that can result in leakage, it requires more maintenance, and is vulnerable to certain chemicals like hydrofluorosilicic acid.
The factors that are expected to increase demand for chemical storage tanks are rapid industrialization in developed and developing counters, increasing oil & gas exploration activities across the globe, and demand from various end-use industries for chemical storage tanks with an advanced coating that aid in safe transportation of required chemical. In addition, flourishing food & beverage sector, developing pharmaceutical sector, coupled with high demand for high-pressure tanks is expected to support the market growth.
In order to cater the ongoing demand for oil & gas by emerging economies is resulting in high focus of manufacturers towards adoption of storage tanks that have long life and are safe and reliable for transportation and is another factor expected to positively impact the market growth.
Increasing spending by the developing countries on wastewater treatment is resulting in high demand for storage tanks that are able to deal with sludge-producing chemicals and reduce the threat of leaks and environmental problems, which is expected to support market growth. In addition, availability of technologically advanced materials that offer high safety and superior storage property is resulting in high adoption of chemical storage tanks from pulp and paper industry.
- By Type
- By Region
- By Application
High cost of chemical storage tanks is resulting in low adoption of chemical storage tanks from small and medium-sized enterprises. In addition, availability of various substitutes and lack of regulatory standards pertaining to use of re-used chemical tanks are some other drawbacks that challenge the growth of chemical storage tanks market.
Application is segmented into ordinary chemical, fuel and oil, and wastewater. Demand from oil & gas manufacturers continues to be high this can be attributed to use of chemical storage tanks for transportation of fuel & oil across the globe.
Asia Pacific accounts for largest revenue share in the global chemical storage tank market currently due to increasing demand from oil & gas manufacturers, presence of large number of chemical manufacturers, and presence of major players operating in emerging economies in this region. In addition, increasing demand from waste water carriers is another factor driving market growth. North America market is expected to witness significant growth in the near future due to increasing demand form food & beverage manufacturers operating in countries in this region. In addition, demand from chemical manufactures that produce insecticides, herbicides, disinfectants, animal and bird repellents, etc. is expected to support growth.
Some of the major players operating in the global chemical storage tank market are CST Brands, Inc., ZCL Composites Inc., Snyder Industries, Inc., Belco, Inc., Poly Processing Company, Containment Solutions, Inc., Synalloy Corporation, Highland Tank & Manufacturing Company, Inc., L. F. Manufacturing, Inc., Red Ewald Inc., T.F. Warren Group, Inc., and Holvrieka N.V.
He has been helping in business of varied scales, with key strategic decisions. He is a specialist in healthcare, medical devices, and life-science, and has accurately predicted the trends in the market. Anurag is a fervent traveller, and is passionate in exploring untouched places and locations. In his free time, he loves to introspect and plan ahead.
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