Exactitude Consultancy Press Release 2021: Global Storage Tanks Market
After Covid-19 pandemic, storage tanks market is expected to grow again in developing countries worldwide.
Be it automotive, Oil & gas or food processing, every industry received a long-lasting negative impact on its growth. The impact was not only on the industry from demand perspective but also from the supply side. There were so many restrictions and sanctions on movement of people and goods. This interrupted the supply chain. However, with recovery, vaccination and understanding the virus better is going to help the growth in many industries.
Because of technological advancements, Storage tanks market has changed dramatically.
Industries where storage tanks are manufactured or used need people on the ground working on the site location. However, design and planning can be done remotely. Processing industry except pharmaceuticals have seen all-time lows during pandemic and hence in the recovery phase the these hardest-hit sectors are expected to recover fast and reach pre-Covid levels quickly. Hence it is expected that the Storage Tank market will grow in coming 4-5 years.
Increasing investments in processing industry in emerging economies is expected to drive the growth of storage tanks market.
In many industries the infrastructure has grown old. The aging is also accelerated due to climate change, pollution. In last one year this infrastructure was unused and hence lying unattended with issues like corrosion, leakage and so on. This is expected to drive the growing need for replacing this infrastructure in the processing industry. This is going to be a huge cost in itself however, to run these companies with optimum efficiency it is required to be replaced.
According to decentralization of manufacturing strategies many companies in North America and Europe shifted their bases in China a decade ago. Chinese government also supported it and Made-in-China strategy actually worked. Now after the pandemic and China being at the centre of all the pandemic disputes, many countries are encouraging their companies to shift their existing bases out of China. Japan started and supported this move. These companies are finding base in India and South-East Asia.
For Storage tank market it is going to an excellent opportunity and driver. No matter where these companies shift, they will need to build infrastructure and storage tanks will be in demand in coming years.
Explore 126 market data Tables spread through nearly 92 Pages and in-depth analysis on “Global Storage Tanks Market by type (aboveground storage tanks, underground storage tanks), application (petroleum products, chemicals, food processing) and by Region, Global Trends and Forecast from 2018 to 2025″ for Table of Content – https://gwsdigital.com/exactitudeconsultancy/reports/852/storage-tanks-market/
This is also expected to be driven by the growth in India and South-East Asian Countries and going to present an excellent opportunity for tank manufacturers.
Except pharmaceuticals, medical devices and other healthcare related manufacturing all other manufacturing was impacted due to restriction on movement of people and goods. Long term lockdowns have not only shrunk the demand but also impacted manufacturing process. There is a possibility that this impact will further delay the implementation of IoT in manufacturing. The impact is going to be evident in the bottom lines of companies and hence the possibility of cuts in electronics or upgradation spend is possible.
Emerging economies of China, India and South-East Asia have responded and effectively controlled the COVID spread in the country. Asia Pacific is the most prominent region who is witnessing growth in this market.
The Global Storage Tanks Market is expected to grow at more than 5.7% CAGR from 2018 to 2025. It is expected to reach above USD 20 billion by 2025 from a little above USD 15 billion in 2018.
Key players are increasing their share in the market by anticipating future demand and innovating. They are adopting the strategy of mergers and acquisition to enter the arena which was not touched before.
Few of the important market players in Global Storage Tanks Market include Cstindustries, Inc, McDermott, Fox Tank Company, Highland Tank & Manufacturing Company, Inc., Permianlide, Superior Tank Co., Inc., T.F Warren Group, Toyo Kanetsu K.K., Pfaudler, Ishii Iron Works Co. Ltd., etc.
Key Market Segments: Storage Tanks Market
Storage Tanks Market By Type, 2018-2025, (IN USD MILLION)
Storage Tanks Market By Application, 2018-2025, (IN USD MILLION)
Storage Tanks Market By Regions, 2018-2025, (IN USD MILLION)
Important countries in all regions are covered (Total country profiles 25)