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Fuel Storage Containers Market

Fuel Storage Containers Market

Fuel Storage Container Market By Product Type (Portable Fuel Containers, 5 Gal. Portable Fuel Containers, 5 Gal. Safety Portable Fuel Containers, 275 Gal. IBC, 55 Gal. Fuel Storage Drums), By Region - Global Insights 2020-2030

Fuel Storage Containers Market
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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.

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.

Fuel storage container market forecast by Fact.MR

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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.

Fuel storage container market forecast by Fact.MR

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.

  • By Product Type :

    • Portable Fuel Containers
    • 5 Gal. Portable Fuel Containers
    • 5 Gal. Safety Portable Fuel Containers
    • 275 Gal. IBC
    • 55 Gal. Fuel Storage Drums
  • By Region :

    • North America
    • Latin America
    • Western Europe
    • Eastern Europe
    • MEA
    • Asia Pacific Exc. Japan
    • 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.”

- FAQs -

North America, Western Europ, Asia-Pacific , Japan are the dominant countries in the global Fuel Storage Containers Market
Fuel Storage Container Market Is Anticipated To Grow At Cagr Of 4.5 % During The Forecast Period By 2030

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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

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