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Storage tanks are containers that hold cold or hot liquids and compressed gases. They are used for long- or short-term storage. Several environment-related regulations have been imposed on the operation and design of storage tanks, usually depending on the nature of the fluid contained. Storage tanks are used for storage of fluids at different stages of the refining process. Frequently, products are stored for a short time before being transported for further processing. Industrial storage tanks have walls made of two or more layers, with a large vacuum maintained between these layers, which provides thermal insulation between the exterior and interior of the tank. The technique of transferring liquid from a storage tank depends on its design. Simple tanks can be tilted to pour liquid from the neck. Self-pressurizing designs use the gas or liquid pressure at the top of the tank to transfer the liquid upward through a pipe (spear) leading to the neck (known as dispensing).

The global storage tanks market is driven by increase in the use of storage tanks in residential and industrial applications. Rapid population growth has led to increased demand for drinking water in rural and urban areas as well as in utilities and enterprises. Stringent government regulations have resulted in several new advancements in wastewater and water treatment plants used in industries, which is anticipated to drive the demand for industrial water storage tanks in the near future. Additionally, rise in usage of liquid nitrogen and carbon dioxide for transportation of fruit juices and frozen foods over long distances is anticipated to fuel the global market for storage tanks during the forecast period. Moreover, the Environmental Health and Safety Authority has formulated safety measures for safe handling of gases and liquids during industrial processes. Growth of metal manufacturing and chemical industries in both developing and mature economies is providing lucrative opportunity to the global storage tanks market.

Furthermore, increasing demand for storage tanks in different applications, such as health care, food & beverages, electronics, automotive, construction, and pharmaceutical, is expected to propel the global storage tanks market in the next few years. However, high operating costs, in terms of fabrication of storage tanks, and increase in raw material costs are anticipated to restrain the market in the next few years. Furthermore, rise in the natural gas consumption in developing economies is projected to create lucrative opportunities for the market during the forecast period.

The global storage tanks market can be segmented based on type, application, end-use, and region. In terms of type, the market can be classified into stainless steel tanks, polyethylene tanks, fiberglass (FRP) tanks, and others. Based on end-use, the global storage tanks market can be categorized into water storage tanks, fuel and oil storage tanks, chemical storage tanks, and others. In terms of application, the storage tanks market can be segregated into residential, commercial, and industrial. The industrial segment can sub-divided into health care, oil & gas, food & beverages, automotive, construction, pharmaceutical, and others. In terms of region, the global storage tanks market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is projected to dominate the global storage tanks market during the forecast period, followed by Asia Pacific.

Key players operating in the global storage tanks market are ZCL Composites, Caldwell Tanks, Poly Processing, Crom Corporation, L.F. Manufacturing, Enduro, Tank Connection, DN Tanks, Synalloy Corporation, Fiber Technology Corporation Inc., Assmann, McDermott International, Inc., Sintex Industries Limited, Cotterill Civils Ltd., Superior Tank Co. Inc., CST Industries, and Snyder Industries Inc. These players are focused on the development and introduction of innovative storage tanks.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Storage Tanks Market

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