ISO Tanks Market: Overview
ISO tank is a tank container built with the International Organization for Standardization (ISO) standard. These tanks are primarily designed to carry hazardous and non-hazardous liquids and gases in bulk. Made of stainless steel, these tanks are surrounded by various types of protective layers. ISO tanks vary in sizes and types, and can carry around 40,000 liters of liquid.
The International Tank Container Organisation (ITCO) has published Annual Tank Container Fleet Survey report in 2018. According to the survey, the global tank container fleet stood at 552,000 units worldwide on January 1, 2018 compared to 508,000 on January 1, 2017. A total of 48,500 units were manufactured in 2017 compared to 44,500 in 2016, an increase of 4000 units.
Seaborne trade continues to expand globally, as shipping is the lifeblood of the global economy. International trade, bulk transport of chemical and petrochemicals, and import and export of food and manufactured goods are essential to any economy. The international shipping industry carries out around 90% of the world trade. Thus, expansion in seaborne trade has widened the scope of ISO containers across the globe. ISO tanks can transport up to 60% to 70% more liquid cargo than drums on dry box containers. Furthermore, loading & discharge is safer, faster, and often cheaper than drums and flexibags. Tanks are manufactured from stainless steel, which offers high corrosion resistance and can withstand extreme forces vis-à-vis drums or flexibags. These factors are driving the ISO tanks market.
ISO Tanks Market: Segmentation
The global ISO tanks market can be segmented based on transport mode, capacity, application, and region. In terms of transport mode, the ISO tanks market can be divided into road, rail, and marine. Delivery of goods between cities, towns, and small villages is made possible through road transport. Road transport enables door-to-door delivery of goods and can provide a cost-effective means of loading and unloading. These are major advantages of road transport.
In terms of capacity, the global ISO tanks market can be segregated into up to 15000 liters, 15000 liters to 25000 liters, and above 25000 liters. Based on application, the ISO tanks market can be classified into LNG, industrial gases, chemicals & petrochemicals, and others. Global trade movement of LNG increased to 393 billion cubic meters in 2017 compared to 356 billion cubic meters in 2016.
ISO Tanks Market: Regional Outlook
In terms of region, the global ISO tanks market can be split into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific is anticipated to dominate the global ISO tanks market during the forecast period. The ISO tanks market in the region is estimated to expand at a significant pace primarily due to the rise in demand for commodities and dependence on seaborne trade in countries such as China, India, and Indonesia. Availability of large coastal line and presence of majority of global ISO container manufacturers in Asia Pacific are boosting the ISO tanks market in Asia Pacific. North America and Europe account for key share of the global ISO tanks market.
ISO Tanks Market: Key Players
Major companies operating in the global ISO tanks market include CXIC GROUP, Suretank, NewPort Tank Containers, Danteco Industries B.V., KINGTANK, VTG AKTIENGESELLSCHAFT, TWS GmbH, Stolt-Nielsen, BNH Gas Tanks, Hoover Ferguson Group, Inc., and Singamas Container Holdings Limited.
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