Owing to its modest growth in the past and ascending fuel requirement, fuel storage container market is anticipated to grow 1.5X through 2030. Furthermore, emerging economies are witnessing meteoric growth in trade volume. Governments of economic powerhouses such as China and India have various ongoing projects that aim to essentially double the volume of current trade in the next five years, which in turn is expected to bolster the growth of the regional Intermediate Bulk Container (IBC) segment
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Increased demand for portable fuel containers are pushing manufacturers across the globe to develop advanced technologies which can improve the design and efficiency of portable fuel containers. By investing in their R& D, many leading players in the portable fuel containers market have achieved implementation of advanced flame mitigation device and other technologies to eliminate existing disadvantages and drawbacks of the fuel containers.
There are various areas like size reduction, weight, and cost, which can be focused on by the researchers to develop better products and capture more opportunities in the market. When the reliability of the portable fuel containers is improved, increased demand for portable fuel containers is likely to be witnessed in the foreseeable future.
Key Takeaways of Fuel Storage Container Market
- Global fuel storage container market is expected to create a value opportunity of around US$ 3,180 Bn during the forecast period, adding 1.5X more value in 2030 as compared to 2020.
- 55 Gallon fuel storage container segment will continue to dominate demand for Fuel Storage Container market accounting for more than half of the global share, as a result of economic advantage and high availability.
- U.S. and GCC countries will continue to maintain their supremacy in fuel storage container market with fuel production plants and extrusion of crude oils from plant. Fuel storage container market in Middle East & Africa is poised to grow at a healthy CAGR of 3.6% through 2030.
- North America is estimated to be the most lucrative market in terms of revenue generation, currently valued at US$ 1,830 Mn and is expected to show prolific expansion over the forecast period
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Fuel Storage Container Market to witness a Seismic Shift with Covid-19 Outbreak
The coronavirus outbreak has begun to have a domino effect, toppling economies one after the other. A sharp decrease in demand for fuel is being witnessed after large fuel consuming countries such as China reduced their sea operations. As of March 2020, the number of clear sailings declared by major fuel consuming countries has experienced deficiency of unloaded fuel, which is around 1.7 million TEU (Twenty-foot equivalent unit). These carriers will send out freight back to Asia somewhere in the range of three to 10 weeks in the near term. This declining demand for unrefined petroleum over the globe is an aftereffect of halted freight which will spur demand for fuel storage containers.
More Valuable Insights on Fuel Storage Container Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global fuel storage container market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the fuel storage container market on the basis of product type (Portable Fuel Containers, 275 Gal. IBC and 55 Gal. Fuel Storage Drums) across seven major regions.
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