Water Tank Market By Material Type (Concrete Tank, Metal Tank, Plastic Tank, And Fiber Glass Tank), By End-Use (Commercial, Residential, Municipal, Industrial, And Others), And By Region/ Country - Global Forecast To 2029
26th September 2019
- find_in_page Our Research Methodology is based on the following main points:
- Data Collections and Interpretation
- Data Validation
- Final Projections and Conclusion
The global water tank market is expected to expand at a CAGR of 4.1% and is projected to reach a value of over US$ 18 Bn in 2029. The global water tank market report has been segmented on the basis of material type, end-use, and region/ country.
A water tank is a container for storage of water for domestic and industrial uses. Water tanks are available in many shapes and sizes. They can be vertical, horizontal, underground and potable, and others. Materials used to manufacture water tanks include plastic, steel, fiberglass, stone and concrete. Water tank leakage, corrosion, and bacterial growth are some of the major factors related to why water tanks are not widely adopted. Water tank systems weaken or become damaged if corrosion is not controlled in a proper manner. Uncontrolled corrosion can result in holes or possible structural failure of a tank depending on what material is used to create it.
Tanks are used to store water, petroleum, petroleum products, and other liquids. Most tanks are designed as crack-free structures to eliminate chances of leakage. Water tank are used as back-up containers for water storage, well water storage systems, livestock watering end-uses, irrigation systems, and agricultural watering. Tanks offer a wide range of benefits and can be produced for superior strength, high quality, assembly options, color options, and others. Scarcity of water in various regions has led to an increase in the usage of water tanks across municipal and residential sectors.
Water storage is an essential requirement for daily domestic, commercial, municipal and industrial purposes. Water storage tanks have evolved as a best alternative for storing water. Most companies’ designs and offerings cover both indoor and outdoor end-uses, as well as above-ground and below-ground water tanks.
Dynamics: Global Water Tank Market
Rapidly increasing population is fueling demand for water tanks across industrial and commercial sectors, and is a major factor expected to drive growth of global water tank market.
Increasing construction and industrialization activities is projected to boost growth of the global water tank market, and is projected to increase demand for water tanks over the forecast period.
Growing concerns regarding water reservoirs and depleting reserves of fresh drinking water in many areas is boosting growth of the market for water tanks.
Rising demand for freshwater with depleting groundwater levels is also driving demand for water and wastewater treatment systems in countries such as India, China, South Africa, and South Korea. This is a key factor projected to drive growth of global water tank market.
Growing use of water in industrial sectors such as food, paper, chemicals, petroleum refining, and others is expected to support revenue growth of the global market during the forecast period.
Advancements in technologies such as manufacturing of water tank using advanced blow molding technology, and such advancements are expected to continue.
Fluctuating raw material prices used for water tanks such as plastics, concrete, metal, and others is among some of the major factors expected to restrain growth of the global water tank market to a significant extent.
Companies manufacture different types of water storage tanks, including composite, multi-column, pedosphere, fluted column, and ground storage tanks. Further research to determine more advanced designs and materials to manufacture or construct water tanks is expected to create a lucrative opportunity for major players as well as new entrants operating in the global water tank market.
Among some of the robust and growing trends observed in the global water tank market is that major manufacturers are focusing on launching new products, and offering products for specific consumer bases or target audiences. In addition, companies are focusing on acquisitions to expand consumer base and market footprint, and also to expand existing production capacity.
Segment Analysis: Global Water Tank Market
Analysis, by Material Type:
The concrete tank segment is estimated to be the most lucrative segment in the global water tank market, with an attractiveness index of 4.6, and an expected CAGR of over 3.4%.
Analysis, by End-use:
The municipal segment is estimated to be the most lucrative end-use segment in the global water tank market, with an attractiveness index of 4, and expected CAGR of over 3.3%.
Regional Analysis: Global Water Tank Market
The market in the Rest of the World is projected to account for largest revenue share in the global water tank market, followed by Europe, China, and US markets respectively. The market is China is projected to register highest CAGR of 4.3% over the 10-year forecast period.
Recent Developments in the Market:
Shawcor (ZCL Composites) (Year 2019)
- Acquisitions/Mergers/Takeovers; In January, ShawCor announced plans to acquire ZCL Composites.
- Contracts/Agreements; In May, Shawcor's pipe coating division secured a conditional contract to Sumitomo Corporation Europe to provide anti-corrosion and concrete weight coating services for the Greater BP Tortue Ahmeyim Phase 1A Project development, located offshore Senegal and Mauritania, West Africa.
Shawcor (ZCL Composites) (Year 2018)
- Contracts/Agreements; In February, the company secured a contract worth C$50 million from EEW Group for concrete weight and anti-corrosion coatings for an offshore pipeline in Qatar.
- Contracts/Agreements; In May, ShawCor and a local pipe installation company signed an agreement to form a joint venture to establish a manufacturing facility in the Middle East.
- Contracts/Agreements; In October, ShawCor secured a contract from Saipem for pipe coating services for the offshore Guyana deepwater projects.
Global Water Tank Market Segmentation:
Segmentation by Material Type:
- Concrete Tank
- Metal Tank
- Plastic Tank
- Fiber Glass Tank
Segmentation by End-use:
Segmentation by Region/ Country:
- South East Asia
- Rest of the World
- Shawcor (ZCL Composites)
- Tank Connection, L.L.C.
- United Industries Group Inc.
- American Tank Company, Inc.
- McDermott International, Inc.
- Maguire Iron, Inc.
- Norwesco, Inc.
- Containment Solutions, Inc.
- CST Industries
- Schumann Tanks
- DN Tanks Inc.
- The Crom Corporation
- Caldwell Tanks, Inc.
- Tank Holding Corp. (Snyder Industries)
- Promax Plastics Limited
- Chapter 1 Global Water Tank Market Insights
- 1.1 Introduction
- 1.2 Segmentation for global water tank market, based on Material Type, End-Use and Region
- 1.3 Drivers for Global Water Tank Market
- 1.4 Restraints for Global Water Tank Market
- 1.5 Opportunities for Global Water Tank Market
- 1.6 Trends for Global Water Tank Market
- 1.7 Macro-economic Factors
- 1.8 Global Concrete Water Tank Pricing Analysis (US$/Liter) by Region, 2019
- 1.9 Global Metal Water Tank Pricing Analysis (US$/Liter) by Region, 2019
- 1.10 Global Plastic Water Tank Pricing Analysis (US$/Liter) by Region, 2019
- 1.11 Global Fiberglass Water Tank Pricing Analysis (US$/Liter) by Region, 2019
- 1.12 Opportunity Map Analysis
- 1.12.1 Optimistic Scenario
- Chapter 1 Global Water Tank Market Insights
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