Lined Tank Market

Increased Emphasis on Hygiene, Sanitization Ensuring Market Revival amid Coronavirus Crisis

The COVID-19 outbreak has brought increased emphasis on hygiene and sanitization in cities. This involves proper maintenance of septic tanks and fully lined tanks whose outlets are connected to sewerage networks. As a result, sanitization of public areas, shelter homes for migrants, and sanitization of tunnels in government offices & hospitals becomes imperative. Such applications are anticipated to fuel the demand for new tanks and contribute to the growth of the U.S. lined tank market.

Stakeholders from essential industries such as pharmaceuticals, food & beverages, and water storage are anticipated to trigger the demand for lined tanks. Tank manufacturers are ensuring stable supply chains to ensure business continuity. Manufacturers in the U.S. lined tank market are paying attention to mission-critical projects in essential industries to ensure continuous revenue flow. As such, the chemicals industry is creating stable revenue streams for tank manufacturers.

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Manufacturers Diversify Production in Linings for Steel Vessels to Avoid Costly Spills

The U.S. lined tank market is predicted to expand at a modest CAGR of 4.2% throughout the assessment period. However, costly spills and damage to the environment, especially in off-shore applications are creating challenges for stakeholders in the oil & gas industry. Hence, manufacturers are diversifying their production in lining for steel vessels. Poly Processing - a leader in polyethylene storage tanks, is publicizing PolyGard™ for lining steel vessels for increased performance and better chemical storage solutions. Thus, companies in the U.S. lined tank market are taking cues from such innovations to develop linings for steel vessels.

ISO tank linings, on the other hand, are gaining prominence in shipping liquid chemicals and solids. However, sulfuric acid and hydrochloric acid can be potentially damaging to ISO tanks. Thus, initial investment for lining in ISO tanks is expensive, but it provides protective coating for shipping aggressive chemicals.

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New Lining Technologies for Oil & Gas Applications Creating Revenue Opportunities

The oil & gas industry is creating stable revenue streams for companies in the U.S. lined tank market. The Novolac technology from Sherwin-Williams Company - a Cleveland, Ohio–based company in the paint and coating manufacturing industry, is gaining popularity for enhancing corrosion and abrasion resistance in oil & gas applications.

Tank linings are the workhorses of asset protection in the oil & gas industry. There is a high demand for tank linings in oil & gas applications, since they provide critical barrier between a stored product and the tank in which it is contained. Such demands are translating into revenue opportunities for manufacturers in the U.S. lined tank market.

Preference for Use of Glass-Fused-to-Steel Technology in Water Storage Applications

Glass lined tanks are emerging as an alternative to conventional fixed storage tanks, ISO containers, and truck trailers. Companies in the U.S. lined tank market are diversifying their production capabilities in the glass-fused-to-steel technology for water storage tanks. CST Industries, Inc. - a complete storage system provider for engineering and manufacturing professionals, is creating awareness about AQUASTORE® liquid storage tanks that are built with the glass-fused-to-steel technology for water storage. Manufacturers in the U.S. lined tank market are gaining awareness about such technologies to innovate in water storage applications.

Manufacturers are developing glass lined tanks that are eliminating the need for painting. They are increasing the availability of tanks that provide optimum glass encapsulation. Glass lined steel tanks are found to provide greater lifetime value as compared to other tank designs. These tanks are offering time efficiency, since they can be assembled without cranes or special equipment. Moreover, low life cycle costs as compared to other available tank designs are fueling the demand for glass lined steel tanks. High quality and recognized standards are being preferred in glass lined steel tanks. These tanks are being deployed for long-lasting municipal and industrial service water storage.

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Analysts’ Viewpoint

The increased emphasis on hygiene and sanitization due to the coronavirus outbreak is anticipated to create revenue opportunities for lined tank manufacturers in essential industries such as pharmaceuticals, chemicals, and food & beverage. The U.S. lined tank market is expected to cross the valuation of US$ 1.9 Bn by 2023. However, costly spills and damage to the environment in off-shore applications are concerning stakeholders in the oil & gas industry. Hence, manufacturers should increase their R&D in lining for steel vessels to offer increased performance and better chemical storage in oil & gas applications. Manufacturers are innovating in glass lined steel tanks to tap incremental opportunities in water storage applications.

U.S. Lined Tank Market: Overview

• International transportation plays an important role in modern world, as most of the food and chemical companies employ ISO tanks and vessels for storage and transportation purposes
• Lined tank is a container designed and built as per the International Organization for Standardization (ISO) norms. It provides a sturdy, safe, and user-friendly mode of loading, carriage, transportation, shipping, and discharge of different-grade chemicals adhering to the international norms and regulations of safety.
• Lined tanks are specifically designed to transport liquid bulk hazardous and non-hazardous chemicals, acids, industrial and edible oils, juice concentrates, wines, and raw materials
• According to Transparency Market Research’s latest research report on the lined tank market for the forecast period of 2019 to 2023, rise in usage of lined tanks in agriculture is a key factor that is expected to boost the lined tank market in the U.S. market during the forecast period
• In terms of revenue, the lined tank market in the U.S. is estimated to cross US$ 1.9 Bn by 2023, expanding at a CAGR of 4.2% during the forecast period

Significant Demand for Lined Tanks in Oil & Gas Industry: Key Driver of U.S. Lined Tank Market

• The U.S. is one of the major producers of oil and gas. Thus, vast space is required for storage of oil and gas. The U.S. Government mandates producers and refineries to carry a larger storage. The U.S. Government stores oil reserves instead of a commercial company. Emergency crude oil is stored in the United States Strategic Petroleum Reserve (SPR), the world's largest supplier of emergency crude oil. Additionally, investments in the oil & gas sector to encourage the production of oil and gas have increased significantly. This, in turn, has led to a rise in the need for oil storage tanks.
• Storage of oil and natural gas helps smoothen supply and demand discrepancies. Companies store more when the prices are lower, and withdraw when prices are high. Above ground tanks to store crude and refined oil, finished oil products, and natural gas.
• The U.S. was one of the major exporters of oil and gas and its related products in 2020. The U.S. exported about 8.51 MMb/d and imported about 7.86 MMb/d of petroleum in 2020, making it a net annual petroleum exporter. Modes of transportation used were oil tankers, LNG tankers, and railroad. This has been driving the lined tank market in the U.S.
• Storage of oil and natural gas is required to meet the domestic demand in the U.S. Demand for petroleum stood at 19.8 million barrels per day in the U.S. in April 2019 and increased by 1% till May 2019. Demand for lined tanks such as truck trailers and ISO containers has been increasing in North America, owing to the rise in demand for petroleum in the region. Thus, significant demand for lined tanks in the oil & gas industry is driving the market.

Fixed Storage Tanks Dominate U.S. Lined Tank Market

• Based on tank type vs. lining material, the fixed storage tanks segment dominated the lined tank market in the U.S. in 2020. This can be primarily ascribed to the increase in the demand for production of oil & gas, petroleum products, and chemicals.
• The truck trailers segment is likely to expand at a steady pace during the forecast period
• The ISO containers segment is anticipated to expand significantly during the forecast period, as these are used in various applications, including industries such as pharmaceuticals, chemicals, and food & beverages

Rise in Application of Lined Tanks in Oil & Gas Industry

• In terms of value, the oil & gas segment is estimated to dominate the lined tank market in the U.S. during the forecast period. The segment is projected to maintain its dominance during the forecast period.
• Oil & gas is likely to be a highly attractive end use segment of the lined tank market in the U.S. during the forecast period. Increase in demand for storage is anticipated to drive the segment in the near future.
• The pharmaceuticals segment offers lucrative growth opportunities to the lined tank market in the U.S.

U.S. Lined Tank Market: Competition Landscape

• Detailed profiles of providers of lined tanks have been included in the report to evaluate their financials, key product offerings, recent developments, and strategies
• Key players operating in the lined tank market in the U.S. are
  • Praxair S.T. Technology, Inc.
  • Electro Chemical Engineering & Manufacturing Co.
  • FISHER COMPANY
  • Pfaudler Group
  • CG Thermal
  • ASTON FLUOROTECH CORP
  • Chemours Company FC
  • US Coatings
  • Moon Fabricating Corporation
  • TMI Coatings Inc.
  • AmTech Tank Lining & Tank Repair
  • Flexi-Liner Corporation
  • G.C. Zarnas, Inc.

U.S. Lined Tank Market: Major Players

• Major providers of lined tanks, such as Chemours Company FC, US Coatings, and AmTech Tank Lining & Tank Repair are focusing on research & development, merger, joint venture, collaboration, and product innovation strategies
• In the lined tank market in the U.S. report, we have discussed individual strategies, followed by company profiles of providers of lined tanks. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the lined tank market in the U.S.

U.S. Lined Tank Market – Segmentation

TMR’s research study assesses the lined tank market in the U.S. in terms of tank type vs. lining material and end use. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects of the lined tank market in the U.S.