Industrial Tank Cleaning Market Propelled by the rising demand for cleaning industrial storage tanks
Industrial tank cleaning includes cleaning of various industrial storage tanks used for storage of water, chemicals, petroleum products, food products and other hazardous and non-hazardous materials. Regular cleaning of industrial tanks helps remove sludge, residue and impurities, thus ensuring optimal performance and life of tanks. It also helps meet stringent industrial safety and hygiene standards. The global Industrial Tank Cleaning Market is estimated to be valued at US$ 1.53 billion in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for cleaning industrial storage tanks is one of the major trends fueling the growth of the industrial tank cleaning market. Industries such as oil and gas, chemicals, power generation, food and beverages among others widely use industrial storage tanks to store raw materials, products and waste materials. With increased industrialization and growing awareness about industrial and environmental safety standards, cleaning and maintenance of these tanks has become imperative. Regular tank cleaning helps remove any residue, sludge or contaminants accumulated over time, thus ensuring optimal performance, extended lifetime and compliance with safety norms. It minimizes risk of explosions and spillages. The market is thus expected to witness steady demand over the forecast period.
SWOT Analysis
Strength: The industrial tank cleaning market has strong demand from end-use industries like food and beverages, chemicals, pharmaceuticals, oil and gas, and others.
Weakness: High initial costs associated with industrial tank cleaning equipment can hinder the market growth.
Opportunity: Rising need for cleaning tanks and vessels used in the storage and transportation of hazardous chemicals and materials offers lucrative opportunities.
Threats: Stringent regulations pertaining to industrial waste disposal during tank cleaning poses challenges.
Key Takeaways
The Global Industrial Tank Cleaning Market Share is expected to witness high growth. The market size is projected to reach US$ 2.2 Bn by 2030, expanding at a CAGR of 4.5% during the forecast period.
Regional analysis - Asia Pacific region dominates the industrial tank cleaning market currently with over 35% share of the global market in 2024. China, India, and Japan are major markets in the region. Growing manufacturing industries and stringent hygiene and safety norms are driving the demand.
Key players - Key players operating in the industrial tank cleaning market are Yeswin Machinery Co. Ltd., Asahi Sunac Corporation, Chun Zu Machinery Industry Co. Ltd., Tanisaka Iron Works Co. Ltd., Gfm Gmbh Steyr, Sijin Intelligent Forming Machinery Co. Ltd., Hatebur Umformmaschinen Ag, Samrat Machine Tools, Hubei Tri-Ring Metalforming Equipment Co. Ltd (Ysd), Sakamura Machine Co. Ltd., Industrial Machinery Corporation, Sacma Limbiate Spa, Komatsu Industries Corp., Nedschroef Machinery, Lan Dee Woen Factory Co. Ltd., National Machinery Llc, And Nakashimada Engineering Works Ltd. These players are focusing on new product development and geographical expansion to gain higher market share.
For more details on the report, Read- https://www.trendingwebwire.com/industrial-tank-cleaning-market-demand-share-analysis/
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