DALLAS, May 8, 2019 /PRNewswire/ -- 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.
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In this market, different types of chemical storage tanks such as industrial chemicals, fuel, and others are used as applications. 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 chemicals.
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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.
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Emerging trends which have a direct impact on the dynamics of the chemical storage tank industry include increasing use of double wall chemical storage tanks for protection against hazardous chemical spills and adoption of hydrostatic monitoring systems for continuous leak-detection in underground fuel tanks. CIMC, ZCL Composites, CST Industries, Containment Solutions, Highland Tank, Enduro Composites, Sintex Industries and others are among the major chemical storage tank manufacturers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed and forecasted for the global chemical storage tank market by application, material, installation type, end use industry, size, pressure, and region and has come up with a comprehensive research report entitled, "Growth Opportunities in the Global Chemical Storage Tank Market 2018-2023: Trends, Forecast, and Opportunity Analysis."
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