Insulated Storage Vessel: Introduction
- Insulated storage vessel refers to containers used to store liquid and gases for short or long periods. Insulated vessels help prevent heat transfer between the inner shell, which holds the liquid, and surrounding atmosphere.
- Insulated storage vessels are employed in several industries such as chemicals, health care, oil & gas, wastewater, and pharmaceutical
Key Drivers & Restraints of Insulated Storage Vessel Market
- Increase in demand for storage vessels for chemicals, liquids, and materials at specified temperature & pressure in the industrial sector is expected to drive the global insulated storage vessel market during the forecast period. Insulated storage vessel preserves heat and cold for a long time. For instance, insulated storage vessels such as bottles are used to store water and maintain temperature for a long time.
- Rise in investment in the retail industry, particularly in developing countries such as India and China, is anticipated to boost the global insulated storage vessel market in the near future
- Technological advancements in vessel design with respect to design specifications and other developments are also projected to propel the adoption of insulated storage vessels across the globe in the next few years
- Increase in LNG trade activities to meet the rising demand for cleaner fuel in the power plant industry is anticipated to augment the global insulated storage vessel market during the forecast period. Global LNG trade increased from 334 billion cubic meters in 2014 to 485 billion cubic meter in 2019. Growth of the LNG trade can be ascribed to the increase in demand for natural gas in end-user industries such as power generation and steel plant.
COVID-19 Impact Analysis
- Governments of various countries have enforced nationwide lockdowns as part of precautionary measures to limit the spread of the Covid-19 pandemic. As a result, export and manufacturing activities have been hampered. Many outbound sailings were cancelled and ports faced bottlenecks due to the shortage of manpower. This adversely affected the demand for insulated storage vessels, as these vessels are used to transport several products such as liquids, gases, and chemicals. Thus, the COVID-19 pandemic has adversely impacted the insulated storage vessel market.
Oil & Gas and Chemicals End-user Segment to Hold Major Share of Global Market
- The global insulated storage vessel market can be segmented based on end-user and region
- In terms of end-user, the global insulated storage vessel market can be divided into food & beverages, oil & gas, chemicals, pharmaceuticals, and others. Insulated storage vessels are increasingly used in oil & gas and chemicals industries to safely store and transport various products such as oxygen, argon, nitrogen, helium, and natural gas. Thus, the segment is estimated to account for significant share of the global market during the forecast period.
North America to Account for Significant Share of Global Insulated Storage Vessel Market
- In terms of region, the global insulated storage vessel market can be classified into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- The insulated storage vessel market in Asia Pacific is expected to expand at a significant pace during the forecast period. Rise in demand for liquefied natural gas, primarily in Japan, Oman, and China is anticipated to fuel the insulated storage vessel in the region during the forecast period. Furthermore, large scale development in LNG infrastructure, especially in Indonesia, India, and Japan, is also estimated to propel the insulated storage vessel market in Asia Pacific in the near future.
- North America held major share of the global insulated storage vessel market in 2019. Growth of the market in the region can be ascribed to the increase in demand for clean fuel in the power industry. Introduction of stringent regulations to minimize carbon emissions is also a key factor propelling the demand for natural gas as feedstock across the region.
- The insulated storage vessel market in Middle East & Africa is projected to expand at a moderate pace during the forecast period. Growth of the market can be ascribed to the rise in investment in production of natural gas in the region.
Key Players Operating in Global Market
Leading companies operating in the global insulated storage vessel market include:
- Prentex Alloy Fabricators, Inc.
- BUCKEYE FABRICATING COMPANY
- Saint Gobain
Global Insulated Storage Vessel Market: Research Scope
Global Insulated Storage Vessel Market, by End-user
- Food & Beverages
- Oil & Gas
Global Insulated Storage Vessel Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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