floating roof AST market Report Overview
-
Request a Free Sample to learn more about this report
The global floating roof AST market size was valued at USD 1385.1 million in 2022. As per our research, the market is projected to achieve a valuation of USD 1615.7 million by 2028, demonstrating a CAGR of 2.6% during the forecast period from 2022 to 2028. The COVID-19 pandemic has been unprecedented and staggering, with the floating roof AST market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Floating roof ASTs are specialized storage solutions designed to store various types of materials safely. These tanks are widely used in industries such as oil and gas, chemical manufacturing, wastewater treatment, and more. The unique design of floating roofs helps to minimize vapor space in the tank, reducing the risk of explosion and evaporation. This technology finds applications across hazardous and non-hazardous materials storage, providing a crucial solution for industries dealing with flammable liquids and other substances.
The market's growth finds its roots in the intertwined dynamics of regulatory compliance and industry expansion. Stringent safety regulations, designed to mitigate accidents and environmental hazards, have emerged as a formidable driving force. These regulations necessitate secure storage solutions, positioning floating roof ASTs at the forefront of safety-conscious industries. Additionally, the surge in demand for oil and gas, driven by global consumption patterns, has further fueled the market.
COVID-19 Impact: Demand Declined Due to Reduced Investments in Storage Solutions
The onset of the COVID-19 pandemic cast a shadow of uncertainty across industries worldwide, causing a substantial decline in the demand in this market. As businesses grappled with economic unpredictability, investments in new projects dwindled. The hesitation to commit significant capital expenditures in an environment of ambiguity directly impacted the demand for floating roof ASTs, often sought after for integration into new projects seeking efficient storage solutions. This reduction in investment reverberated through the market, contributing to the overall contraction in demand.
Amid the pandemic's disruption, a broader slowdown in production emerged as factories and industries adapted to altered operational landscapes. Closures and capacity restrictions resulted in a tangible reduction in the pace of production. This slowdown extended its influence to this market, where the manufacturing of these tanks, traditionally carried out in factory settings, encountered delays and challenges. The consequence was a further dampening of demand, as industries navigated operational limitations and cautiously revised their growth trajectories.
Latest Trends
"Integration of Self-Sealing and Vapor Recovery Systems to Reduce Downtime and Operational Risks"
The landscape of this market has undergone a transformative shift driven by dynamic trends that reflect an industry committed to safety enhancement and operational optimization. These trends have been instrumental in reshaping the course of the market, with their effects rippling across various aspects of storage solutions.
The ascent of self-sealing floating roofs has epitomized the industry's dedication to safety advancement. By seamlessly addressing leaks through mechanisms like inflatable bladders and quick-setting foams, these roofs have redefined operational reliability. This innovation not only curtails emissions but also introduces a robust safety net, effectively minimizing risks associated with potential leaks.
A parallel endeavor toward sustainability is evident in the integration of vapor recovery systems (VRS) within floating roofs. This integration, driven by the need to curtail emissions and improve air quality, holds a twofold effect. Passive VRS leverages the inherent buoyancy of floating roofs to initiate vapor recovery, while active systems amplify this process through mechanical assistance. The symbiotic relationship between these integrated systems and environmental responsibility underscores the industry's commitment to reducing its ecological footprint.
floating roof AST market Segmentation
-
Request a Free Sample to learn more about this report
- By Type Analysis
The market can be segmented into three main types: hazardous for flammable liquids, non-hazardous content, and hazardous for other materials. Among these, the segment catering to hazardous flammable liquids dominates the market, owing to its high adoption in industries dealing with petroleum products and chemicals.
- By Application Analysis
In terms of applications, the market is segmented into oil and gas, chemical industry, water and wastewater, and others. The oil and gas sector holds the largest market share due to the extensive use of these roof ASTs for storing crude oil and refined products
Driving Factors
"Surge in Stringent Safety Regulations Implementation to Safeguard Against Environmental Hazards"
The implementation of stringent safety regulations across industries to prevent accidents and environmental hazards is a key driving factor for the market. These tanks play a pivotal role in ensuring the safe storage of volatile substances, thereby complying with regulatory standards. Furthermore, the expansion of industries such as petrochemicals, and chemicals is creating a substantial demand for advanced storage solutions, contributing to market growth.
"Growing Demand for Oil and Gas Propels Market Growth"
The escalating global appetite for oil and gas is primed to emerge as a pivotal driving factor in steering this market's trajectory. Projections indicate a sustained growth in demand for oil and gas in the foreseeable future, effectively fueling the necessity for storage solutions. In this symbiotic relationship, the demand for floating roof ASTs, tailored for the storage of oil and gas, is set to surge in tandem with the increasing consumption of these vital resources.
Restraining Factors
"Complex Maintenance Requirements Pose Challenges in Operational Cost Optimization"
The intricate maintenance demands associated with these storage tanks present a noteworthy restraining factor in the market. Unlike their conventional fixed-roof counterparts, floating roof ASTs necessitate more complex and labor-intensive maintenance routines. This heightened maintenance complexity directly contributes to increased operational costs for businesses, acting as a deterrent to their widespread adoption
floating roof AST market Regional Insights
-
Request a Free Sample to learn more about this report
"North America Leads Due to Its Robust Oil and Gas Industry and Well-Established Energy Sector"
North America currently holds the largest share of the global market, mainly driven by its robust oil and gas industry. The well-established energy sector, coupled with advanced infrastructure, has solidified the region's market dominance. North America's stringent safety regulations have also spurred the adoption of storage solutions that align with environmental and safety standards, further enhancing its position.
In contrast, the Asia-Pacific region is rapidly emerging as a formidable player in the market. The region's swift industrialization, notably in countries like China, India, and Southeast Asian nations has generated a substantial demand for petrochemicals, chemicals, and energy resources. This industrial surge has propelled the need for secure and efficient storage solutions, with the region's role as a manufacturing hub amplifying the demand for versatile floating roof ASTs.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- CST Industries (U.S.)
- McDermott (U.S.)
- CIMC (China)
- Toyo Kanetsu (Japan)
- ISHII IRON WORKS (Japan)
- PermianLide (U.S.)
- Altair (France)
- Fox Tank (U.S.)
- Polymaster (U.S.)
- Highland Tank (U.S.)
- General Industries (U.S.)
- Pfaudler (Switzerland)
- MEKRO (Germany)
- Tank Connection (U.S.)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 1385.1 Million in 2022 |
Market Size Value By |
US$ 1615.7 Million by 2028 |
Growth Rate |
CAGR of 2.6% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2022 |
Historical Data Available |
Yes |
Segments Covered |
Type and Application |
Regional Scope |
Global |
Frequently Asked Questions
-
What is the projected value of the global floating roof AST market by 2028?
The global floating roof AST market is projected to reach USD 1615.7 million by 2028.
-
What CAGR is the floating roof AST market expected to achieve by 2028?
The floating roof AST market is expected to achieve a CAGR of 2.6% by 2028.
-
What are the driving factors of the floating roof AST market?
The driving factors of the floating roof AST market include stringent safety regulations and growing demand for oil and gas.
-
Which are the dominant companies operating in the floating roof AST market?
The dominant companies in the floating roof AST market include CST Industries, McDermott, CIMC, Toyo Kanetsu, ISHII IRON WORKS, PermianLide, and Altard.
