Fuel Storage Container Market to Receive Impetus from COVID-19, on Back of High Demand for Storage
Countries producing fuel are seen as potential growth markets for fuel storage containers even during pandemics such as COVID-19. Furthermore, industries across the world are shutting down their operations due to unavailability of labor. Thus, these companies are storing their fuel in containers.
Aforementioned, factors are seen to have positive impact on fuel storage container market in first two quarters of 2020, followed by growth in coming years as normalcy returns. With high availability and customization of product according to industrial and commercial requirement, the market for fuel storage container is poised to grow at a modest CAGR of 4.5% over forecast period (2020-2030).
Crude Oil Storage Management to Surge Demand for Fuel Storage Containers
With nation-wide lockdowns, global consumption for oil has plummeted, as a result of nCoV-19. Crude oil producing countries such as Russia, U.S. and Saudi Arabia are facing storage problems. This has resulted in ascending demand for fuel storage containers in these countries. However, there has also been significant decrease in production of fuel storage containers as a result of country and state-wise lockdown, which could result in increased pricing for fuel storage containers.
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5 Gallon Fuel Storage Drum to Account for Significant Market Share, 275 Gallon Intermediate Bulk Containers Follow Close Behind
With their economic advantage and high availability, segment of 5 gallon fuel storage drum is expected to grow at a CAGR of 3.4% through 2030. Furthermore, 275 gal. IBC (Intermediate Bulk Container) tank is most suitable for storage at large scale and is preferred by fuel production companies across the globe. With increasing fuel extraction to meet the growing demand for industrial and commercial purposes, 275 gal. IBC market is expected to create an absolute $ opportunity of US$ 1.6 Bn by 2030.
North America to Account for One-Third of Total Market Share by 2030
From regional perspective, North America currently holds more than one-fourth of global fuel storage container market share. U.S. is one among world’s leading fuel producers across the globe. Furthermore, Middle East & Africa are expected to be the most attractive regions growing at the fastest CAGR, with presence of numerous fuel extraction stations.
However, some of the most prominent countries in Southern Africa are going through a period of economic deficiency including South Africa, Nigeria, and Angola which have been at the forefront of growth in Africa. This could result in declining fuel production activity and to create growth opportunity for fuel storage containers.
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Capacity Expansions to Remain Key Strategy to Gain Access over Global and Regional Markets
The global market for fuel storage containers is fragmented with large number of contract based manufacturers. The prominent players in fuel storage containers market such as Greif, Inc. SCHÜTZ GmbH & Co. KGaA, Mauser Packaging Solutions, accounted for about 30-40% market share in the global market.
Key players are now trying to expand their capacity either by enhancing their current plant capacity or by establishing new production units. For instance, Time Technoplast Ltd. has expanded its IBC production capacity to 960,000 units by expanding its production capacity in Malaysia, Sharjah & Vietnam.
COVID-19 Impact Insights
Covid-19 has affected trade of crude oil and other essential commodities owing to its spread. Global oil and fuel prices have decreased in recent weeks, driven lower by a drop in demand due to nation-wide lockdowns for containing spread of nCoV-19. World’s second largest economy China which is also the largest consumer of fuel for industrial and commercial purpose has been epicenter of this virus and is experiencing drastic change in demand for fuel.
As large quantities of fuel remain utilized, the need to store fuel arises. This is projected to give an uptick to demand for fuel storage containers. With prices of oil remaining low in the near term, demand for containers will remain steady.
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Fuel Storage Container Market Segmentation
Fact.MR has studied the fuel storage container market with detailed segmentation on the basis of product type and key regions.
- Portable Fuel Containers
- 5 Gal. Portable Fuel Containers
- 5 Gal. Safety Portable Fuel Containers
- 275 Gal. IBC
- 55 Gal. Fuel Storage Drums
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Exc. Japan
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than the addressee(s) is unauthorized and prohibited.”
Fuel Storage Container Market- Scope Of The Report
The recent study by Fact.MR on fuel storage container market offers a 10-year forecast between 2020 and 2030. The study analyzes crucial trends that are currently determining the growth of fuel storage container market. This report explicates on vital dynamics such as the drivers, restraints and opportunities for key market players along with key stakeholders as well as emerging players associated with the manufacturing of fuel storage container. The study also provides dynamics that are responsible for influencing the future status of the fuel storage container market over the forecast period.
A detailed assessment of fuel storage container market value chain analysis, business execution, and supply chain analysis across the regional markets has been covered in the report. A list of prominent companies operating in the fuel storage container market along with their product portfolio enhances the reliability of this comprehensive research study.
Fuel Storage Container Market: Report Summary
The study offers a comprehensive analysis on diverse features including production capacities, demand, product developments, revenue generation and sales in fuel storage container market across the globe.
A comprehensive estimate on fuel storage container market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of fuel storage container during the forecast period. Price point comparison by region with global average price is also considered in the study.
Fuel Storage Container Market: Analysis on Market Size Evaluation
Fuel storage container market has been analyzed for each market segment, in terms of value (US$ Mn).
Market estimates at global and regional levels for fuel storage container is available in terms of “US$ Mn” for value and in “Units” for volume. A Y-o-Y growth contrast on prominent fuel storage container market segments, along with market attractiveness evaluation has been incorporated in the report. Furthermore, the absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a service provider can look to achieve along with identifying potential resources, considering distribution perspective in the global fuel storage container market.
Fuel Storage Container Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the fuel storage container report, which have helped to deliver projection on the regional markets. These chapters include the regional macros (political economic, and business environment outlook), which are expected to have a momentous influence on the growth of fuel storage container market during the forecast period.
Country-specific valuation on demand for fuel storage container has been offered for each regional market, along with the market scope estimate and forecast, price index, and impact analysis of dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
Fuel Storage Container Market: In-Depth Analysis on Competitive Landscape
The report sheds light on the leading manufacturers of fuel storage container along with their detailed profiles. Essential and up-to-date data information related to the market performers, who are principally engaged in the production of the fuel storage container, has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits the report readers to take preemptive steps in advancing their businesses.
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