Industrial Tank Cleaning Market to Experience High Growth Owing to Stringent Regulations Regarding Workplace and Product Safety
Industrial tank cleaning involves removing built-up sludge, scale, and residue from large tanks, vessels, and other industrial equipment using various methods such as mechanical cleaning, CIP cleaning, and dry ice blasting. Tanks are commonly used across numerous industries such as oil and gas, food and beverage, chemical, and pharmaceutical for storing products, by-products, and raw materials. Proper cleaning of these tanks is crucial to prevent contamination of stored materials as well as ensure workplace safety and health.
The global industrial tank cleaning market is estimated to be valued at US$ 1.32 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Stringent regulations regarding workplace safety and hygiene across industries mandating regular cleaning of industrial tanks and vessels is a key driver augmenting demand in the Global Industrial Tank Cleaning Market Size. Growing concerns over proper disposal of hazardous waste and contamination prevention is also fueling adoption of industrial tank cleaning services. Further, increasing industrial manufacturing and production activities worldwide necessitatingstorage of large volumes of materials and chemicals in industrial tanks is expected to significantly support market growth over the forecast period. However, availability of alternative in-house tank cleaning methods may restrainthe market to a certain extent.
SWOT Analysis
Strength: Industrial tank cleaning market's strength lies in regular cleaning requirements of industrial tanks used across different industries such as chemicals, oil & gas, food & beverages etc. to maintain product quality and safety. Strict regulations regarding worker safety and hygiene also drives demand for professional tank cleaning services. Furthermore, tank cleaning helps in extending life and performance of industrial tanks.
Weakness: High initial investment and maintenance costs of tank cleaning equipment can be a challenge for small cleaning service providers. Dependence on skilled workforce and their safety during cleaning also remains an area of concern.
Opportunity: Growing process industries worldwide generating vast volumes of waste is opening new opportunities for tank cleaning market. Also, demand for specialized cleaning solutions for different tank materials and product residues offer scope for service differentiation.
Threats: Introduction of alternative processing and storage methods replacing conventional tank systems can impede market growth. stringent environmental regulations around waste disposal may add to operation costs. Trade wars and global economic uncertainties also impact investment decisions in end-use industries.
Key Takeaways
The global industrial tank cleaning market is expected to witness high growth over the forecast period owing to strict regulations regarding hygiene, safety and waste management in process industries. The global industrial tank cleaning market is estimated to be valued at US$ 1.32 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030.
The market in Asia Pacific region especially China, India is expected to dominate owing to presence of large number of manufacturing facilities and growing investments in chemical and allied industries in the region. Majority of world's largest chemicals producers are based in the region attracting huge investments. For instance, Reliance Industries of India is constructing largest oil refinery complex in Saudi Arabia raising demand for specialized tank cleaning services in the region.
Key players:
Key players operating in the industrial tank cleaning market are Yeswin Machinery Co. Ltd., Asahi Sunac Corporation, Yeswin Cleaning Services Ltd., and Clean Tank. Yeswin Machinery Co. Ltd. specializes in design and manufacturing of tank cleaning machines catering to oil, chemical and food industries. Asahi Sunac Corporation offers comprehensive tank cleaning and waste disposal solutions using proprietary techniques.
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