According to a new report published by Allied Market Research, titled, “Water Tank Market By Type, Application and Location: Opportunity Analysis and Industry Forecast, 2021–2027,” The global water tank market size was valued at $3,686.1 million in 2019, and is projected to reach $4,736.5 million by 2027, registering a CAGR of 3.2% from 2021 to 2027. The plastic segment is expected to retain its dominant position, in terms of revenue generation, throughout the forecast period. Asia-Pacific held a leading position in the global market in 2019, and is expected to maintain its dominance in the future.
The growth of the water tank market can be attributed to the rise in need for potable water all around the world due to the surge in population. Water tank is a necessary item in households and in institutional application to keep the supply of water constant throughout the day. Application of water tanks in areas such as construction, agriculture, and aquaculture has led to consistent sale of water tanks all around the world and hence has made way for the growth of water tanks industry. However, issue of water safety in plastic water tanks remains the major restraint for the water tank market as most plastic tanks are known to alter the properties of water it stores. On the contrary, growing use of water tanks for underground water storage for conservation and growing demand for portable water tanks is expected to provide opportunities for the water tank market growth.
The water tank market is segmented into type, application, location, and region. The type segment includes steel, plastic and fiberglass. On the basis of application, the market is divided into household and institutional. By location, the water tank market is classified into underground, outdoor and indoor. Region wise, it is analyzed across North America (U.S., Mexico, and Canada), Europe (Germany, UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Indonesia, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa and Rest of LAMEA).
Based on the water tank market analysis by type, the plastic segment was the highest revenue-generating segment, accounting for a major share in 2019. The growth in this segment can be attributed to features such as easily available, affordability and having quick installation time. The steel segment is expected to witness modest growth rate of 2.7% during the forecast period. However, the fiberglass segment is expected to garner the fastest growth rate throughout the forecast period.
Based on the water tank market forecast by application, the institutional segment generated maximum revenue in 2019. The dominance of this segment can be attributed to growth in the number of offices and public institutions all around the world. The household segment is expected to grow at a steady growth rate of 2.9% through the forecast period.
By location, the outdoor segment generated maximum revenue in 2019. The dominance of this segment can be attributed to water tanks being traditionally being installed outside or at the top of the building. The underground segment is expected to grow at a steady growth rate of 3.2% through the forecast period.
Region wise, Asia-Pacific was the largest market, in terms of revenue generation, with almost one-third share in 2019. This region is further expected to expand at a CAGR of 4.4% during the forecast period. The growth in this region can be attributed to high number of households and rise in the construction of new buildings and public places. The North America region is expected to grow at a steady growth of 2.4 through the forecast period.
Key Findings Of The Study
- On the basis of type, the fiberglass segment is projected to witness the highest CAGR of 3.9%, in revenue terms, during the forecast period.
- On the basis of application, the institutional segment is expected to dominate the market from 2021 to 2027.
- The outdoor segment is expected to grow at a significant CAGR during the forecast period.
- U.S. was the largest country, in terms of revenue generation for water tank in 2019.
- Asia-Pacific is anticipated to witness highest growth rate, registering a CAGR of 4.4% from 2021 to 2027.
Key players in the water tank market have relied on strategies such as product launch and business expansion, to expand their market share and to stay relevant in the global water tank market share. The key players in the water tank industry profiled in the report are Beltenco Corporation, Sintex, Pipeco Tanks, Design Tank, Fiber Technology Corporation, Crom Corporation, Plastic Proget European Srl, Synalloy Corporation, ZCL Composites, and DN Tanks, Inc.