26 October 2021
Visiongain has published a new report entitled the Industrial Storage Tank Market Report 2021-2031: Forecasts by Installation Method (Above Ground Tanks (AGT), Underground Tanks (UGT)), by Material (Steel, Carbon Steel, Fiberglass Reinforced Plastic), by Industrial Liquids (Mining Fluids, Food Processes, Process Fluids, Process Water, Fire Protection), by Application (Water/Wastewater, Oil & Gas, Industrial Liquids, Bulk Materials, Agriculture, BioEnergy), by Design (Open Top Tank, Fixed Roof Tank, Floating Roof Tank, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
The global industrial storage tank market was valued at US$xx million in 2020 and is projected to grow at a CAGR of xx% during the forecast period 2021-2031.
A Wide Range Of Flammable Liquids Can Be Stored In An Industrial Fuel Storage Tank
The self-bunded storage tank, which has double steel walls, prevents spillage of the substance contained within it. The storage capacity of self-bunded tanks and above-ground tanks is typically between 1,000 and 150,000 litres. If the storage requirements are minimal, the minor storage wraptank may be selected. The storage capacity of this type of fuel storage tank ranges between 1,000 and 1,450 litres. Minor storage wraptanks, like self-bunded tanks, do not require any complex bunding and provide maximum versatility and effectiveness. An industrial fuel storage tank can hold a wide range of flammable liquids. If the storage needs are very specific, inform the manufacturer because they may customise or adjust tank specifications and models to meet your specific needs. Furthermore, industrial fuel storage tanks are simple to install. Some of the models are also portable, allowing for easy relocation when necessary.
How has COVID-19 had a significant negative impact on the Industrial Storage Tank Market?
The world began to lock its economies that caused the collapse of demand at historic low oil and gas prices. That made investments in LNG plants for production and export less appealing. U.S. producers began to rethink their time limits for investment for new LNG export projects with freefall demand. Final investment choices on seven U.S. LNG projects have been delayed, with a potential capacity of roughly 14 billion cubic feet per day. However, the market fundamentals of LNG did not change despite the negative effects of COVID-19. In particular, demand from Asia is predicted to continue to expand, with a growth of 3.4 percent per year in the average LNG trading demand expected to reach 2040.
In the short term, in comparison to those prior to the pandemic, buyers in any region have lowered their forecasts of LNG demand. Most markets have seen a decrease in short-term industrial and, in some cases, gas-in-power demand due to COVID-19 shutdowns. In many key markets, the fundamental principles for LNG growth – such as falling domestic supply and increased need for energy – remain intact. In the meanwhile, cheap prices allow for extra penetration of LNG. For example, a majority of purchasers across Asia have been growing their forecasts of demand, with the strongest optimism among Chinese and South Asian customers. The future of LNG remains robust despite current market oversupply and uncertainties. Indeed many purchasers are still positive with LNG demand months after the onset of COVID-19, with some even raising forecasts. In the meanwhilst, several tendencies – such as predicted on-site and short-term market dependence and increasing preference for contract pricing based on LNG – seem to have accelerated.
How this Report Will Benefit you?
Visiongain’s 440+ page report provides 287 tables and 286 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global industrial storage tank market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Industrial Storage Tank. Get the financial analysis of the overall market and different segments including installation method, industrial liquids, design, material, application and capture higher market share. We believe that high opportunity remains in this fast-growing industrial storage tank market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
Steel Is The Best Choice For The Liquid Storage
Steel Tank's are preferred material due to its numerous benefits, and it should be everyone's as well. Steel is a strong, affordable, dependable, and environmentally friendly building material. Steel's one-of-a-kind combination of properties and characteristics allows it to achieve the performance levels required in today's storage tanks. Steel is the best choice for the liquid storage needs because of its product compatibility, including motor fuels, biofuels, heating oils, aviation fuels, lube oils, and chemicals. In the United States, steel has the highest recycling rate of any durable material. Recycled steel storage tanks, unlike concrete or plastic storage tanks, or even those reinforced with fibreglass, keep a valuable commodity out of the country's landfills. Furthermore, modern recycling processes reduce industrial emissions to the air and water by more than 70%, resulting in a 30% reduction in the energy required to produce new steel.
The Progress Made In Technical Improvements
Environmental concerns, public reaction to pollution problems, and the enormous economic penalties to the tank owner of cleanup costs and lost business have all fuelled technological advancements over the last 15 years. Steel tanks underwent very few designs or structural changes from the turn of the century to around 1970, but since then, many major changes have been made in an attempt to address the environmental issue. From well before World War, I to around 1970, the unprotected carbon steel tank met most liquid storage needs. It was installed underground primarily for safety and fire protection, as well as to make the most efficient use of limited land area, such as in gasoline service stations. The few regulations that did exist were generally enforced by fire officials. Where no rules were in place, responsible tank owners followed the National Fire Protection Association Flammable and Combustible Liquids Code
Where are the market opportunities?
Infrastructure Development In Industrial Storage
Industrial storage has expanded dramatically in the last five years, from its origins in Norway to northwest Europe. It has also become much more flexible and less connected to specialised small supply chains as a result of the increased deployment of bunkering vessels, which can serve a maritime area rather than a single port and bunker much larger ships than in the past. The capacity of LNG bunkering vessels based in the Netherlands had nearly equaled that of Norway by the middle of 2020. These bunker ships are mostly used in the Amsterdam-Rotterdam-Antwerp shipping corridor, which is the busiest in Northern Europe. They are significantly larger than their forefathers. For example, the Gas Agility, the world's largest bunkering vessel, can deliver enough fuel for a 23,000-teu containership to make a round trip from Europe to Asia.
There Are Several Major Benefits Towards Using Industrial Fuel Storage Tanks
If the company requires the safe storage of fuel and other flammable liquids, an industrial fuel storage tank is essential. Chemical, solvent, oil, petrol, diesel, and other hazardous and flammable liquids are safely stored in industrial fuel storage tanks, which are standard-certified containers. Fuel storage tanks limit evaporative emissions while also preventing any leakage of the substance contained within them. These storage tanks are manufactured and designed to meet industry standards, making them an efficient and dependable option for storing hazardous substances.
The major players operating in the industrial storage tank market are McDermott, Caldwell Tanks, Inc, CROM Corporation, Tank Connection, DN Tanks, Fiber Technology Corporation, Superior Tanks, CST Industries, Inc, Snyder Industries, Inc, Steel Core Tank, Hendic BV, Buwatec, SBS Tanks, Dura-Cast, Promax, Florida Aquastore, Schumann Tanks.
These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Notes for Editors
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In many key markets, the fundamental principles for LNG growth – such as falling domestic supply and increased need for energy – remain intact. In the meanwhile, cheap prices allow for extra penetration of LNG.