According to the recent study the chemical storage tank market is projected to reach an estimated $6 billion by 2028 from $5 billion in 2022, at a CAGR of 4.1% from 2023 to 2028. Growth in this market is primarily driven by increasing refineries, growing industrialization, and replacement of aging chemical storage tanks.
Browse 129 figures/charts
and 102 tables in this 211-page report to understand trends, opportunities and
forecast in 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 region (North America, Europe, Asia Pacific, and
the Rest of the World).
“Industrial chemical storage tanks market is expected to remain
the largest segment during the forecast period.”
Based on application
type, the chemical storage tank market is segmented into industrial chemicals,
fuel, and others. Lucintel forecasts that the industrial chemical storage tanks
market is expected to remain the largest segment due to growing establishment
of new chemical plants and rising concern towards recycling of industrial
chemical.
“Within the chemical storage tank market, the FRP tanks segment is
expected to remain the largest material type.”
Based on material type
the FRP tanks segment is expected to witness the highest growth over the
forecast period due to its various properties, such as corrosion resistance,
light weight, easier installation, longer life span, lower maintenance, and
more durability.
“Asia pacific will dominate the chemical storage tank market in
near future.”
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.
Major players of
chemical storage tank market are adopting various growth strategies like new
product launches, expansions, merger and acquisitions, partnerships,
agreements, and collaborations to expand their presence in this market. CIMC,
CST Industries, Worthington, Snyder Industries, Synalloy, Containment
Solutions, Highland Tank, Enduro Composites, and Sintex Industries are among
the major chemical storage tank providers.
This unique 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 write us at helpdesk@lucintel.com.
About Lucintel
At Lucintel, we offer solutions for
you growth through game changer ideas and robust market &
unmet needs analysis. We are based in
Dallas, TX and have been a trusted advisor for 1,000+ clients for over 20
years. We are quoted in several publications like the Wall Street Journal,
ZACKS, and the Financial Times.
Contact:
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: roy.almaguer@lucintel.com
Tel. 972.636.5056
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