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 connector market is expected to decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $5.3 billion by 2025 with a CAGR of 2% to 4% from 2020 to 2025. 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”
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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 2020-2025: 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 2014 to 2025]:
- Industrial Chemicals
- Fuel
- Others
By Material Type [Value ($ Million) from 2014 to 2025]:
- Plastic Tanks
- Metal Tanks
- FRP Tanks
- Others
By Installation Type [Value ($ Million) from 2014 to 2025]:
- Above Ground Tanks
- Under Ground Tanks
By End Use Industry [Value ($ Million) from 2014 to 2025]:
- Petrochemical
- Paper and Pulp
- Food and Beverage
- Pharmaceutical
- Other Industries
By Size [Value ($ Million) from 2014 to 2025]:
- Less then 5,000 Gallons
- 5,001 to 50,000 Gallons
- Above 50,000 Gallons
By Pressure Rating [Value ($ Million) from 2014 to 2025]:
- High Pressure Tanks
- Low and No Pressure Tanks
By Region [Value ($ Million) from 2014 to 2025]:
- 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.
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