Opportunities for the global chemical storage tank market to reach $5 billion by 2023

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 chemical storage tank market is expected to reach an estimated $5 billion by 2023 with a CAGR of 4.1% from 2018 to 2023. The major drivers for this market are increasing refineries, growing industrialization, and replacement of aging chemical storage tanks.
In this market, chemical tanks are used for storage of industrial chemical and fuel. 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 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 are among the major suppliers of chemical storage tanks.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global chemical storage tank market by application, material, installation type, end use industry, size, pressure, and region, and has compiled a comprehensive research report entitled “Growth Opportunities in the Global Chemical Storage Tank Market 2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy by providing 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 2012 to 2023]:
• Industrial Chemicals
• Fuel
• Others
By Material Type [Value ($ Million) from 2012 to 2023]:
• Plastic Tanks
• Metal Tanks
• FRP Tanks
• Others
By Installation Type [Value ($ Million) from 2012 to 2023]:
• Above Ground Tanks
• Under Ground Tanks
By End Use Industry [Value ($ Million) from 2012 to 2023]:
• Petrochemical
• Paper and Pulp
• Food and Beverage
• Pharmaceutical
• Other Industries
By Size [Value ($ Million) from 2012 to 2023]:
• Less then 5,000 Gallons
• 5,001 to 50,000 Gallons
• Above 50,000 Gallons
By Pressure Rating [Value ($ Million) from 2012 to 2023]:
• High Pressure Tanks
• Low and No Pressure Tanks
By Region [Value ($ Million) from 2012 to 2023]:
• North America
• Europe
• APAC
• ROW
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 helpdesk@lucintel.com. Lucintel offerings include Construction Market Report, Construction Reports, Market Research Report, Capital Investment Feasibility and SWOT Analysis.

This report addresses the following key questions:
Q. 1. What are some of the most promising, high-growth opportunities for global 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 under ground 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)?
Q. 2. Which products segments will grow at a faster pace and why?
Q. 3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the drivers, challenges, and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market and which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are being taken by key companies for business growth?
Q. 10. What M&A activity has occurred in the last 5 years?

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

Lucintel LLC
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marketing@lucintel.com
+1-972-636-5056

This release was published on openPR.