Crude Oil Storage Management to Surge Demand for Fuel Storage Containers, reaching US$ 40.57 Billion in 2032
“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.,” remarks an analyst at Fact.MR.
United States, Rockville, MD, June 14, 2022 (GLOBE NEWSWIRE) — 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.
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 containers 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.
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.
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Key Takeaways from the Market Study
- Global fuel storage containers market to rise at a 4.5% value CAGR through 2032
- U.S to emerge as the dominant fuel storage containers market, acquiring nearly 1/3rd market share by 2032
- China to be the fastest growing market in the Asia Pacific Region, accumulating 35% market revenue
- 5 gallon fuel storage drum is expected to grow at a CAGR of 3.4% through 2030
Competitive Landscape
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.
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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
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global fuel storage containers market, presenting historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (Portable Fuel Containers, 5 Gal. Portable Fuel Containers, 5 Gal. Safety Portable Fuel Containers, 275 Gal. IBC, 55 Gal. Fuel Storage Drums) across seven major regions (North America, Latin America, Asia Pacific excluding Japan, Western Europe, Eastern Europe, Japan and Middle East & Africa).
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About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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