Lucintel’s latest market report analyzed that chemical storage tank provides attractive opportunities in the petrochemical, food and beverage, pharmaceutical, and pulp and paper industries for various tank applications. The chemical storage tank market is expected to reach $6.1 billion by 2028 with a CAGR of 3.5%. In this market, industrial chemical storage tank is the largest segment by application type, whereas FRP tank is largest by material type. Increasing use of double wall chemical storage tanks for protection against hazardous chemical spills and adoption of hydrostatic monitoring system for continuous leak-detection in underground fuel tanks provides strategic growth path in this market.
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Based on application type, the chemical storage tank market is segmented into industrial chemicals, fuel, and others. The industrial chemical storage tanks segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to growing establishment of new chemical plants and rising concern towards recycling of industrial chemical.
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The Chemical Storage Tank Market is marked by the presence of several big and small players. Some of the prominent players offering chemical storage tank include CIMC, CST Industries, Worthington, Snyder Industries, Synalloy, Containment Solutions, Highland Tank, Enduro Composites, and Sintex Industries.
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