Floating Roof Tank Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Type (External Floating Roof Tank, and Internal Floating Roof Tank), By Material Type (Steel, Aluminum, and Composite), By Application (Oil & Gas, Chemical, Pharmaceuticals, Food & Beverages, Petrochemicals, and Others), and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

Floating Roof Tank Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Type (External Floating Roof Tank, and Internal Floating Roof Tank), By Material Type (Steel, Aluminum, and Composite), By Application (Oil & Gas, Chemical, Pharmaceuticals, Food & Beverages, Petrochemicals, and Others), and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)
Region: Global
Published: March 2024
Report Code: CGNHEG521
Pages: 192

The Global Floating Roof Tank Market was valued at USD 186.8 Million in 2022 and is anticipated to reach a value of USD 255.3 Million by 2030 expanding at a CAGR of 4.1% between 2023 and 2030.

Floating roof tank is a type of storage tank with a flat roof that floats on the surface of the oil. It is commonly used in the oil and gas industry to store liquids such as crude oil, gasoline, diesel, chemicals, and other petroleum products. The main purpose of the floating roof is to reduce the vapor space above the liquid, minimizing the risk of explosions and emissions. It is designed to adjusts its height by moving up and down depending on the level of the product inside the tank. Floating roof tanks provide safe and efficient method of storing large quantities of liquids, also reducing the potential for fire hazards, and emissions. Floating roof tanks offer several advantages including, minimizes evaporation loss, control the emission, protects the stored liquid from weather, improved safety, and environmental compliance. The market is classified into external floating roof tank, and internal floating roof tank depending on types. The market is influenced by factors such stringent environmental regulations, growth of the oil & gas industry, growing demand for chemical industry, and safety and efficiency. Floating roof tanks are most commonly used in oil and gas, chemical, pharmaceuticals, food and beverages, petrochemicals, and other industries. 

Floating Roof Tank Market Major Driving Forces

Stringent Environmental Regulations: The growing concerns regarding emissions and stringent environmental regulations are driving the demand for floating roof tanks.  Floating roof tanks effectively minimize emissions and reduce risk of explosions, making them a preferred choice to comply with these stringent regulations.  

Growth of the Oil & Gas Industry: The rapidly growing oil and gas industry is driving the growth of the global floating roof tank market. With the increasing oil and gas exploration and production activities, there is increase in need for adequate storage facilities.  Floating roof tanks provide an ideal solution for storing large quantity of crude oil, and other hydrocarbons.

Growing Demand for Chemical Industry: The increasing demand from chemical industry is the major driver of the global floating roof tank industry growth. Floating roof tanks are a popular choice for storage tanks as they offer several advantages, including higher safety, reducing the risk of vapor emissions, and maintain product quality.

Safety and Efficiency: The growing focus on safety and operational efficiency is driving the demand for floating roof tanks. Floating roof tanks provide a higher safety and more efficient storage solutions, and reducing the risk of spills and emissions.

Floating Roof Tank Market Key Opportunities

Technological Advancements: The ongoing advancement in technology is expected to offer lucrative opportunities for market growth. Advancements in tank design and materials can enhance the performance and durability of floating roof tanks. Moreover, integrating remote monitoring, sensor technology, and automation can enhance the performance, operational efficiency, and safety.

Expansion into Emerging Markets: Expansion of the market in emerging countries is anticipated to provide opportunities for market growth. Rapid infrastructure development coupled with industrialization, and urbanization in developing economies are expected to fuel the demand for floating roof tanks. Manufacturers can tap into these emerging regions to expand their business.  

Sustainability: Growing emphasis on environmental regulations and sustainability are expected to create significant opportunities for market. Floating roof tanks help to reduce product evaporation and emissions, catering to stringent environmental regulations. Manufacturers can utilize recycled materials in the manufacturing process of floating roof tanks to minimize environmental impact and promote sustainability.  

Floating Roof Tank Market Key Trends

·         Increasing adoption of advanced materials in construction of floating roof tanks is a major trend in the industry

·         Growing integration of IoT, digital monitoring, and automation is gaining traction in the floating roof tank industry

·         Growing focus on emission reduction due to increasing environmental concerns and regulatory requirements are driving demand for floating roof tanks

·         Technological advancements in tank design and materials for enhancing the performance and durability of floating roof tanks

·         Growing focus on sustainability are pushing the development of floating roof tanks with recycled materials, and minimal emissions  

·         The rising demand in emerging economies driven by rapid urbanization, industrialization and infrastructure development

·         Growing demand for customized solutions is becoming a trend, allowing consumers to match their specific requirements

Region-wise Market Insights

North America accounted for the largest market share at 33.3% in 2022 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 4.8% between 2023 and 2030.

North America dominates the global floating roof tanks market with the significant share, driven by factors such as established oil and gas industry, robust chemical industry, stringent environmental regulations, and advanced technologies in the region. In Europe, the growth is attributed to the factors including, increasing demand for efficient storage solutions across various end-use industries, sustainability initiatives, and investments in infrastructure development in the region. The Asia Pacific region is experiencing growth in the demand for floating roof tanks due to industrial expansion. In Asia-Pacific, the market is characterized by economic growth, rapid industrialization, growing population, and increasing government investments in infrastructure development, which has created an increasing demand for floating roof tanks. The Middle East and Africa has been witnessing a growing demand for floating roof tanks, in South America, the market is influenced by economic factors. Latin America is showing moderate growth rate with growing focus on infrastructure development, and growth of oil and gas industry.

Market Competition Landscape

The global floating roof tank market is characterized by high degree of competition with several number of key players offering a wide range of products, driving innovations and quality differentiation. Key players in the floating roof tank market adopting various business strategies aimed at gaining a competitive edge. These strategies include product innovation, design differentiation, collaborations, partnerships, and the incorporation of sustainable and eco-friendly practices to meet evolving consumer preferences. Established brands leverage their reputation for quality and reliability to maintain market share, while newer entrants focus on disruptive innovations and unique selling propositions.

Key players in the global floating roof tank market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

·         T BAILEY, INC.

·         GSC Tanks

·         CST Industries

·         Allentech

·         Tank Tech, Inc.

·         Ergil

·         BAKER TANK COMPANY / ALTECH

·         Becht

·         Ultraflote, LLC.

·         McDermott

·         Matrix Service.

·         PETREX, Inc.

·         Motherwell Tank Protection

·         Fox Tank Company

Report Attribute/Metric

Details

Market Revenue in 2022

USD 186.8 Million

Market Revenue in 2030

USD 255.3 Million

CAGR (2023 – 2030)

4.1%

Base Year

2022

Forecast Period

2023 – 2030

Historical Data

2018 to 2022

Forecast Unit

Value (US$ Mn)

Key Report Deliverable

Revenue Forecast, Growth Trends, Market Dynamics, Segmental Overview, Regional and Country-wise Analysis, Competition Landscape

Segments Covered

·   By Type (External Floating Roof Tank, and Internal Floating Roof Tank)

·   By Material Type (Steel, Aluminum, and Composite)

·   By Application (Oil & Gas, Chemical, Pharmaceuticals, Food & Beverages, Petrochemicals, and Others)

Geographies Covered

North America: U.S., Canada and Mexico

Europe: Germany, France, U.K., Italy, Spain, and Rest of Europe

Asia Pacific: China, India, Japan, South Korea, Southeast Asia, and Rest of Asia Pacific

South America: Brazil, Argentina, and Rest of Latin America

Middle East & Africa:  GCC Countries, South Africa, and Rest of Middle East & Africa

Key Players Analyzed

T BAILEY, INC.,GSC Tanks,CST Industries,Allentech,Tank Tech, Inc.,Ergil,BAKER TANK COMPANY / ALTECH,Becht,Ultraflote, LLC.,McDermott,Matrix Service.,PETREX, Inc.,Motherwell Tank Protection, and Fox Tank Company

Customization & Pricing

Available on Request (10% Customization is Free)

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