Thursday, 07 October 2021 15:21

Stainless Steel Storage Tanks Market Analysis

B&P Engineering team. B&P Engineering team.

According to a research report by Market Research Future, containing a forecast on the storage tank fabrication until 2028, the market is forecasted to grow, reaching a value of USD 17.72 billion by 2028. In 2021, the market is valued at USD 13.12 billion.

 

 The storage tanks market is dominated by key players, with McDermott (US), CST Industries (US), PermianLide (US) overshadowing other potential competitors. Yet, it remains competitive: notable manufacturers, who predominate the market race, employ cost-effective manufacturing techniques to improve their production abilities. Upon mastering their production lines, the majority focuses on investigating opportunities for new developments.

Regional Market Analysis: Tanks Manufacturers in the Asia Pacific Region

The global storage tank market is dominated by the Asia Pacific region, standing as one of the largest world producers and consumers. Exponentially growing manufacturing sectors and rapidly increasing population answer for the storage tank market growth within the region. 

China and India operate considerable storage tank market shares, owing to the enormous developments of transport infrastructures and growing investment by tank manufacturers. The innovations within the food & beverage industry and rising demand for plastic water tanks for water storage constitute a reason for the storage tank market size in the region.

The COVID-19: Effect on the Industrial Tanks Fabrication

Against all appearances, the COVID-19 did not impact the storage tank industry in any sense. The pandemic has been standing behind a rise in the global energy demand, especially from the industrial sectors. Besides, the increase in the renewable energy market allowed the storage tank industry to grow steadily throughout 2020. 

As the COVID-19 impact was not able to amount to continually growing energy demand, rapid industrialization and urbanization, and quickly developing industries, the market outlook appears promising. With that in mind, many are curious about how to make use of the rapidly growing market. If it is the case for you, do not hesitate to reach out to B&P Engineering team. The company offers a wide range of customized, special industrial tanks, while their innovative technology for stainless steel fabrication ensures the high quality of products. 

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