Fuel Storage Containers Market Forecast Stresses on Growth during 2018 - 2028
Global sales of fuel storage containers exceeded revenues worth US$ 5,300 Mn in 2018. Low operational costs in the emerging countries have been persuading industry players to follow the ‘expend to expand’ mantra, which has bumped up the trade activities and caused an upsurge in the demand for fuel storage containers.
[UKPRwire, Wed Sep 11 2019] Fuel Storage Containers Market in Numbers:
- Global sales of fuel storage containers exceeded revenues worth US$ 5,300 Mn in 2018. Low operational costs in the emerging countries have been persuading industry players to follow the ‘expend to expand’ mantra, which has bumped up the trade activities and caused an upsurge in the demand for fuel storage containers.
- Fuel storage containers market is estimated to grow at nearly 4.0% CAGR through 2028.
- North America, an attractive market for packaging, is likely to remain the leading market for fuel storage containers, underpinned by the paradigm shifts in the digital shopping behavior of consumers, which have resulted in a marked rise in the transportation activities.
- The 55 gallon fuel storage drums are likely to remain the preferred category among end-users, with sales accounting for bulk shares of the market.
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What are the Key Growth Drivers of the Fuel Storage Containers Market?
- Key trends, such as the use of intermediate bulk containers (IBC) equipped with RFID tags for better tracking and traceability of assets, have been in line with the stakeholders of transportation industries. As ecommerce continues to gain popularity as the mainstream sales channel for a wider array of industrial goods, transportation activities will only intensify in the future, thereby complementing prospects of the fuel storage containers industry.
- A transition from use of metal to plastic material for the development of light-weight fuel storage containers is being witnessed among manufacturers, as end-users seek competent containers to resist environmental impacts and blows. Additionally, plastic-based fuel storage containers are carving an end-use niche through their rust prone applications in laboratories.
- Growing infrastructure activities to assure channelized supply of resources for meeting requirements of the energy, and telecommunication industries, are likely to create lucrative opportunities for the transportation industry, in turn favoring growth of the fuel storage containers market.
- Manufacturers are targeting the specific demands of consumers and offering customization as per the end-use application, thereby safeguarding their position in the fuel storage containers market.
- Ongoing commercial and infrastructure projects of developing economies such as China and India, are expected to enhance overseas trade activities in the upcoming years, thereby auguring well for sales of fuel storage containers.
What are the Key Challenges Faced by Players in Fuel Storage Containers Market?
- The inability of manufacturers to adapt to the frequently altering government regulations regarding the quality of the fuel storage containers is likely to impact their production agility.
- Availability of fuel storage containers on rental basis and relatively lower rate of new equipment sales remains a key concern for the manufacturers of fuel storage containers.
- As fuel storage containers can be reconditioned and rebottled, consumers increasingly follow the recycling trends to save large investments in purchasing new containers.
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Fuel Storage Containers Market – Competitive Landscape
The fuel storage containers market remains fragmented with numerous companies vying to gain larger shares. The fuel storage containers market leaders such as Mauser Packaging Solutions, Greif, Inc., and SCHÜTZ GmbH & Co. KgaA, collectively account for nearly 40% shares. Expansion of the production capacity, along with establishing a dedicated distribution network across various regions, remain the core strategy of this batch of players.
Leading players leverage customization as the key winning imperative to target the industry-oriented applications. For example, Greif, Inc. expanded its product line, with a novel range of specialty steel and stainless steel drum for storing fuel. Additionally, the company inaugurated a steel drum production plant in Vorsino Industrial Park, in Russia, to accommodate additional production of fuel storage containers. However, the strategies employed by players of another batch of the fuel storage containers market is in contrast with leading players.
Emerging players such as Scepter Canada Inc., Time Technoplast Inc., Hoover Ferguson Group, Inc., and WERIT Kunststoffwerke acquire a share of nearly 8-13% of the fuel storage containers market. These players hold the key of product diversification to unlock novel opportunities in the fuel storage containers market. For instance, WERIT Kunststoffwerke introduced UN and FDA approved intermediate bulk containers for the transportation of high-quality edible oils.
End-Users Continue to Prefer 55 Gallon Fuel Storage Drums
According to Fact.MR study, demand for 55 gallon fuel storage drums are expected to remain preferred among end-users, favored by their multifaceted applications in protecting, storing, and transporting of liquid fuels. Manufacturers have been directing their efforts toward the development of drums using materials such as fiber, plastic, and steel, to target the specific demands of customers, such as fuel storage for lawn movers. With colossal demand for fuel to ensure the seamless operations, the fuel storage containers have been witnessing high demand across a wide range of industry sectors, including chemicals and fertilizers, petroleum and lubricants, food and beverages, pharmaceuticals, building and construction, and paint.
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