Bulk Fuel Tanks Market: Introduction
- A bulk fuel tank is a large capacity safe container used to store different types of fuel such as flammable gas, engine oils, chemicals, and several other hydraulic fluids. It may be fixed on site, or on the ground, or on different sources of mobility such as marine vessels, railways, airways, and roadways.
- Bulk fuel tanks are made of different types of materials - metallic, polyethylene, concrete, thermoplastic, and fiberglass. Increasing dependence of industrials sectors on different sources of fuel is likely to generate demand for bulk fuel tanks.
Rapid Growth in Industrial Sector: A Key Driver
- In recent years, rapid growth in numerous industrial sectors across the globe has led to demand for bulk fuel tanks. Fuel plays a vital role in improving the global economy. Increasing dependence of the industrial sector on fuel to perform overall operations may generate demand for bulk fuel tanks. It helps prevent the risk associated with external conditions, enhances or maintains shelf life of fuel, and is a suitable option for mobility of fuel from place to place. This drives the growth of the bulk fuel tanks market.
Economic Slowdown: A Key Restraint
- Several countries imposing lockdown due to impact of the COVID-19 pandemic has drastically affected the oil & gas industry. This may hinder the growth of the bulk fuel tanks market across the globe. This factor is expected to slow down the market growth. Worldwide slowdown in crude oil production and mobility due to stringent restrictions imposed on the oil & gas sector in order to enhance employee safety and maintain social distancing has restricted the growth of the bulk fuel tanks market. In addition, lack of resources for maintenance, production, and fabrication of tanks has also resulted in major challenges in the growth of the bulk fuel tanks market during the pandemic situation.
Asia Pacific a Potential Market for Bulk Fuel Tanks
- The global bulk fuel tanks market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the bulk fuel tanks market in Europe includes the U.K., Germany, France, and Rest of Europe. Similarly, the market in Asia Pacific comprises India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes GCC, South Africa, and Rest of Middle East & Africa. The bulk fuel tanks market in South America has been segmented into Brazil and Rest of South America.
- Asia Pacific is expected to remain a potential market for the growth of bulk fuel tanks during the forecast period due to continuous growth of fuel supply in emerging and developed countries across the region.
Key Players Operating in the Global Bulk Fuel Tanks Market
The global bulk fuel tanks market is consolidated in nature, due to presence of limited players across the globe. Key players adopt new product development, acquisitions, mergers, and agreements as their key development strategy to remain competitive and enhance their customer base in the market.
A few of the key players operating in the global bulk fuel tanks market are as follows:
- Ag Growth International
- Buckeye Partners, L.P.
- Jake’s Inc.
- Koninklijke Vopak NV
- McDermott International, Ltd.
- Oiltanking GmbH
- Shawcor Ltd.
- Southern Tank & Manufacturing, Inc.
- Steel Tank and Fabricating Corp.
- TrueNorth Steel
- Vitol Tank Terminals International BV (VTTI)
- Western Global
- Westmor Industries
Global Bulk Fuel Tanks Market: Research Scope
Global Bulk Fuel Tanks Market, by Type
Global Bulk Fuel Tanks Market, by Installation
- Aboveground Tanks
- Underground Tanks
Global Bulk Fuel Tanks Market, by Mobility
Global Bulk Fuel Tanks Market, by Capacity
- Below 5000g
- 5000-15,000g
- 15,000-25,000g
- 25,000-35,000g
- 35,000-45,000g
- Above 45,000g
Global Bulk Fuel Tanks Market, by Application
- Gasoline
- Kerosene
- Diesel
- BioDiesel
- Alcohol
- Others (Waste Oil,Ethanol, etc.)
The report on the global bulk fuel tanks market is a compilation of first-hand information, qualitative and quantitative assessment by market analysts, and inputs from market experts and market participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness of each segment. The report also maps the qualitative impact of various factors on regional and other segments of the market.
Regional Analysis of the Global Bulk Fuel Tanks Market:
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
