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Aboveground storage fuel tanks are large containers designed to hold gases or liquid fuels and are generally placed on top of the ground. Aboveground fuel storage tanks are widely used in the petroleum or oil & gas industry due to their excellent properties such as reliability, leak detections, easy relocations, and others. The aboveground fuel storage market is expected to grow at a faster pace due to increasing commercial and business uses of petroleum products and the extensive cost associated with the maintenance and cleanup of tanks.
Based on the type, the market is segmented into metal fuel tanks, high-density polyethylene plastic tanks (HPDE), bladder tanks, and others. The plastic high-density polyethylene fuel tanks in anticipated to dominates the market segment due to their wide usage in modern automotive applications. Other than that, they have good fuel capacity compared to metal tanks and are highly flexible.
Based on the fuel type, the market is segmented into gasoline or petroleum fuel, hazardous fuels, and others. The hazardous fuels which include CNG, LPG, LNG types of fuel are expected to dominate the market segment due to the rising demand for petroleum fuel.
Based on the applications, the market is segmented into oil & gas, chemicals, and others. The oil & gas segment is anticipated to dominate the market due to rising infrastructure for CNG, LPG, and industrial activities across the various regional and growing refineries worldwide.
One of the major drivers for the above-ground fuel storage tank market is the growing industrialization and replacement of the aging storage tanks. Furthermore, the increasing commercial use of fuel has led to the rapid construction of CNGs, LNG terminals, gas pipelines.
Aboveground fuel storage tanks are not susceptible to natural calamities like a thunderstorm, explosion of elements, and other factors that act as a market restraint for aboveground storage fuel tanks.
Key Market Driver -
The Rise in Investments for CNG Infrastructure and Increasing Refineries Acts as Market Drivers
Key Market Restraint -
Environmental Concerns and Maintenance of Tanks Are Major Restraints of Aboveground Fuel Tank Markets
Some of the major companies that are present in the global aboveground fuel storage tank market are ISHI Iron Works, MEKRO, Toyo Kanetsu, Shijiazhuang Enric Gas Equipment Co Ltd, PermianLide, Mother well Bridge, Fox Tank, Polymaster, and Highland Tanks.
The aboveground fuel storage tank market has been studied across North America, Europe, Asia Pacific, Latin America, the Middle East & Africa. The Asia Pacific is expected to dominate the market in terms of demand for fuel tanks due to the rising infrastructure of LNG terminals and CNGs terminals and rapid installation in countries like India, China, and others, leading to increasing manufacturing of aboveground fuel tanks, also the replacement of power infrastructure are expected to be significant drivers for the aboveground fuel tanks market.
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