Plastic water storage tanks are used to store water. These water-storage tanks are required for various purposes like to store drinking water, in irrigation, fire suppression, agriculture, waste treatment, pharmaceutical industries, chemical manufacturing, food preparation, and so on. The material used to make these tanks are polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), or polyvinylidene fluoride (PVDF). Polyethylene (PE) is the most used material because of its strength and structural variability. These tanks are available in various sizes ranging from 500 litres to 150,000 litres and in various shapes and colours. These water tanks are commonly available in shapes like cylindrical, rectangular, square, hexagonal, and octagonal. The shape of heads and bottoms of water tank also differs depending upon their functions. Plastic tanks are preferred over steel tanks because they are corrosion resistant, lightweight, can be positioned easily, and are available in various colors.
COVID-19 Impact Analysis
- COVID-19 pandemic has shut down the production of plastic water storage tanks attributed to the lockdown in countries worldwide; this has hampered the growth of plastic water storage tanks market from the last few months and is likely to reverse the decline trend and grow in 2021
- COVID-19 has already affected the sales of the plastic water storage tanks in the second and third quarter of 2020 and is anticipated to grow in 2021.
- The major demand for plastic water storage tanks was previously noticed from countries including the U.S., Germany, Italy, UK, and China which are negatively affected by the spread of the coronavirus thereby declining the demand for plastic water storage tanks.
- Further potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves.
- Plastic water storage tanks manufacturers are expected to focus on protecting their workforce operations and supply chains to respond to ward off immediate crisis and find new ways of working after COVID-19 for instance provision of sanitizers maintaining social distancing as well as ensuring the vaccination of every employee in the company can assist in promoting the health and safety of the workforce.
Top Impacting Factors
There is an increase in the demand for plastic water tanks because of the rise in number of houses & buildings, surge in population, and due to high utility of light-weight and cost-effective water storage product.
Rise in population leads to the need for constructing more apartments which in turn increases the demand for plastic water storage tanks. Also, these tanks occupy less space as compared to concrete or cement tanks, which is another factor that significantly boosts the growth of the market.
In regions like rural areas or across municipal and residential sectors, scarcity of potable water might arise and in emergency situations like these, storing water in a durable and light-weight plastic water tank is required hence increasing its usage. Moreover, the necessity of treated, recycled, and fresh water in sectors like industrial, commercial, refineries is increasing the demand for plastic water storage tanks.
An increase in construction and industrialization across world and concerns for water conservation are forecasted to boost the plastic water storage tank market. The spacious size of these storage tanks increases the cost of their transportation and this is expected to restrain the market. Also, extreme climatic conditions in the Asia-Pacific region are one of the key factors hindering the growth of the plastic water storage tanks market.
- The Asia-Pacific region offers scope for the growth of the plastic water storage tanks market. A country like India faces water shortage situation and hence the demand for plastic water storage tank is high in this country.
- Oil & gas production is high in the Asia-Pacific region and these activities need storage tanks to store fresh and reused water. Thus, this increases the demand for plastic water storage tanks in the market.
Key Benefits of the Report
- This study presents the analytical depiction of the plastic water storage tank along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the plastic water storage tank market share.
- The current market is quantitatively analyzed to highlight the plastic water storage tank growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed plastic water storage tank market analysis based on competitive intensity and how the competition will take shape in coming years.
Plastic Water Storage Tank Market Report Highlights
Key Market Players
American Tank, Karplas Composite Plastic Fiberglass, Carbery Plastics, GHP Manufacturing, Plastic Proget, Cotterill Civils, Sintex Industries, Emiliana Serbatoi, Niplast Storage Tanks, Protank