Waning reliance on hydrocarbons to achieve carbon sequestration to increase dependence on naturally sourced fuels
NEW YORK, NY / ACCESSWIRE / March 9, 2021 / Decelerated primary energy consumption in 2019 amid growth in carbon emissions limited uptake of fuel storage containers for conventional fossil fuels, projects a new edition of consulting firm Fact.MR's report on the market. Although oil & gas output remained sluggish throughout 2020, demand for fuel storage containers remained high as inventory pile up prompted companies to invest in storage infrastructure.
According to Fact.MR, the market is poised to expand at over 4% CAGR through 2031, experiencing 1.5x growth. While reliance on fossil fuels will continue, demand for low-carbon hydrogen is expected to further uplift growth prospects. As per the International Energy Agency, production of low-carbon hydrogen is poised to increase to 0.55 million tons per year by 2021-end, compared to 0.46 million tons per year in 2020.
Realizing its potential, prominent manufacturers have designed highly sophisticated fuel storage containers. For instance, INOXCVA, a leading Indian industrial gases specialist, offers a broad spectrum of bulk storage tanks for hydrogen storage, ranging from 4,000-10,000 liters equipped with perlite imbued vacuum or multi-layer super insulation.
"Increasing foray towards sustainable energy alternatives is prompting manufacturers to design fuel storage containers to store more environmentally friendly sourced alternatives, providing a wide platform for market expansion," says the Fact.MR analyst.
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Key Takeaways from Fact.MR's Fuel Storage Containers Study
- By product type, 5 gallon portable fuel containers to experience higher adoption
- Demand for 55 gallon fuel storage containers is not likely to wane, accounting for over half of the revenue share
- High fuel production volumes to keep the US market at the forefront in North America
- UK to emerge a lucrative market, attributed to growing fossil fuel consumption for electricity generation
- Germany and France to experience deceleration amid growing tilt towards unconventional energy sources
- Reduction on import reliance catapulting domestic fuel production across India and China, uplifting growth prospects
Fuel Storage Containers Market- Prominent Drivers
- Surging demand for conventional fossil fuels to power automobiles and electricity generation plants stimulating demand for robust fuel storage infrastructure
- Manufacturers are emphasizing on incorporating sustainable and lightweight construction material, generating credible opportunities
- Hydrogen storage is acquiring widespread attention, given its increasing applications across key end-use industries
Fuel Storage Containers Market- Key Restraints
- Reliance on renewable energy sources such as wind and solar power to limit storage containers adoption for conventional fuel sources
- Degradation of fuel quality while storing for prolonged periods in certain containers may pose challenges due to restricted adoption
Discover more about the fuel storage containers market with 68 figures and 61 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/3729/fuel-storage-containers-market
Competitive Landscape
Prominent fuel storage container manufacturers profiled by Fact.MR's report include SCHUETZ GmbH & Co. KGaA, ATOM Alloys LLC, Mauser Packaging Solutions, Scepter Canada Inc., Hoover Ferguson Group, Time Technoplast Inc., Greif Inc. and WERIT Kunststoffwerke among others. Besides these, numerous contract based manufacturers dominate the global landscape.
A primary growth strategy implemented by majority of the aforementioned players is capacity expansion. For instance, in January 2020, Mauser Packaging Solutions announced the expansion of its Erkelenz facility in Germany. The expansion project has enabled the company to better integrate its vertical integration of manufacturing capabilities. In addition, this has also provided it with an opportunity to accelerate its intermediate bulk containers production capabilities.
Some players are also emphasizing on new product launches to retain their market footprint. For instance, in October 2020, Greif LATAM, the company's Latin American division, unveiled a modified version of its existing drum molds, incorporating lightweight materials with a unique geometric design offering identical performance and mechanical properties of a standard drum.
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 (2016-2020) and forecast statistics for the period of 2021-2031. 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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SOURCE: FactMR