Fuel Storage Containers Market
Fuel Storage Containers Market Analysis 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) and by Region - 2022 to 2032
Fuel Storage Containers Market Snapshot (2022-2032)
The global fuel storage containers market was valued at US$ 25 Billion in 2021, and is projected to register a Y-o-Y increase of 4% in 2022 to be valued at US$ 26.13 Billion. During the 2022-2032 period of assessment, demand is expected to rise at a 4.5% value CAGR, likely to reach US$ 40.57 Billion by the end of the said forecast period.
Anticipated Base Year Value (2021)
US$ 25 Billion
Expected Market Value (2022)
US$ 26.13 Billion
Projected Forecast Value (2032)
US$ 40.57 Billion
Global Growth Rate (2022-2032)
Market Share of the U.S (2022-2032)
Key fuel storage containers Players
Overall, sales of fuel storage containers for fuel storage containers will continue to flourish, with an impressive CAGR exhibited from 2015-2021. Moreover, with high availability and customization of products according to industrial and commercial requirements, the market for fuel storage container is poised to grow over the forecast period 2022 to 2032. North America will remain at the forefront, generating good opportunities and acquiring nearly 1/3rd market share during the forecast period.
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Fuel Storage Containers Revenue Analysis 2015-2021 vs. Future Outlook 2022-2032
According to market research and competitive intelligence provider Fact.MR, the fuel storage containers industry grew at a CAGR of 4.7% from 2015 to 2021. Increasing sales of automotive commercial vehicles (both HCVs and LCVs) will likely generate a higher level of revenue in the coming years. In addition, 275 gallons. IBC (Intermediate Bulk Container) tank is most suitable for storage at large scale and is preferred by fuel production companies across the globe. market value during the projected period.
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 a positive impact on fuel storage container market in first two quarters of 2020, followed by growth in coming years as normalcy returns. However, in the forthcoming months, this disequilibrium dissipated, allowing for the demand-supply gap to be filled. Several types of vehicles generated exponential demand on the market.
The fuel storage container market is set to gain a substantial boost over the next few years with the introduction of different fuel tanks in the market. As mentioned earlier, with high availability and customization of products according to industrial and commercial requirements, the market for fuel storage container is poised to grow at a modest CAGR of 4.5% over the forecast period (2022-2032).
What are the Prominent Fuel Storage Containers Market Growth Drivers?
Recent R&D Activities and Technological Advancements to Bode Well for Market Growth
With the rising demand for vehicle production, the need to produce more efficient and durable automotive fuel storage containers has become one of the major parts of research. Throughout the years, researchers have been doing research on how to increase the stability of fuel storage containers.
Currently, researchers are working on the development of metal fuel storage containers in order to fulfil the growing demand and satisfy the discerning customer requirements. Furthermore, plastic fuel storage containers have many inherent advantages over metal fuel tanks, which is augmenting their popularity in the fuel storage container market.
In recent years, global automotive sales have remained favorable, with the United States and China leading the charts in terms of both sales and production. As the economy progressively recovers, the automotive sector accelerates, resulting notably in the increased demand for fuel storage containers.
How Opportunistic will the Market for Fuel Storage Containers be across the U.S?
According to Fact.MR’s study, from a regional perspective, North America currently holds more than 1/3rd of global fuel storage container market share. The U.S. is one among world’s leading fuel producers across the globe. With keeping in mind the safety of the environment and climate, the growth of fuel storage containers in the U.S. can be regarded as growing steadily.
The production of containers has also helped to follow the rules and regulations of the U.S government in regards to emission control and safety, which has also become one of the major driving factors behind the growth of fuel storage containers in the market of this region.
Why is China Considered an Opportunistic Market for Fuel Storage Containers?
A Flourishing Automotive Industry to Impel Sales of Fuel Storage Containers
The contemporary global fuel storage containers market can be regarded as in the growing phase and the growth has been steady. However, the Asia-Pacific region can be regarded as one of the fastest-growing parts of the world in regards to the growing market demand.
China has become one of the largest manufacturers of fuel storage containers with the support of major companies. These companies have indulged themselves in the production of metal and plastic fuel storage containers as well as zero-emission fuel tanks, which has helped the growing demand.
An Adaptive Approach to Modern-day Research Needs
Which Type of Fuel Storage Container is expected to Show Highest Growth?
According to Fact.MR, with their economic advantage and high availability, the segment of 5 gallon fuel storage drum is expected to grow at a CAGR of 3.4% through 2032. Furthermore, 275 gal. IBC 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 Billion opportunity by 2032.
Prominent manufacturers of fuel storage containers are eyeing technological innovations in order to provide the most accurate and precise storage arrangements to their customers.
- In January 2021, TI Fluid Systems announced its decision to provide a new generation of plastic fuel tank design capable of meeting the stringent pressure demands within a hybrid electric vehicle (HEV). Recently, this plastic fuel tank launched in volume production with Volkswagen China on the Passat and Magotan plug-in hybrid electric vehicle (PHEV) models, with a planned adoption across a wider range of global platforms.
- In March 2022, Toyota Motor Corporation (Toyota) announced that it has developed a hydrogen storage module that integrates multiple resin high-pressure hydrogen tanks at 70 MPa for automobiles?already proven in the "Mirai" fuel cell vehicle (FCEV) ?and safety devices such as a hydrogen detector and an automatic shut-off switch. Toyota will be exhibiting a conceptual model of this module at the FC Expo (International Hydrogen & Fuel Cell Expo) held at Tokyo Big Sight (Koto-ku, Tokyo) from March 16 to 18.
Key Segments Covered in the Fuel Storage Containers Market Study
Fuel Storage Containers 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
Fuel Storage Containers by Region
- North America fuel storage containers Market
- Western Europe fuel storage containers Market
- Eastern Europe Fuel Storage Containers Market
- Asia Pacific excluding Japan Fuel Storage Containers Market
- Japan Fuel Storage Containers Market
- Latin America Fuel Storage Containers Market
- Middle East & Africa Fuel Storage Containers Market
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