A bulk fuel tank is a large capacity safe container used to store different types of fuel such as flammable gas, engine oils, chemicals, and several other hydraulic fluids. It may be fixed on site, or on the ground, or on different sources of mobility such as marine vessels, railways, airways, and roadways.
Bulk fuel tanks are made of different types of materials - metallic, polyethylene, concrete, thermoplastic, and fiberglass. Increasing dependence of industrials sectors on different sources of fuel is likely to generate demand for bulk fuel tanks.
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Rapid Growth in Industrial Sector: A Key Driver
In recent years, rapid growth in numerous industrial sectors across the globe has led to demand for bulk fuel tanks. Fuel plays a vital role in improving the global economy. Increasing dependence of the industrial sector on fuel to perform overall operations may generate demand for bulk fuel tanks. It helps prevent the risk associated with external conditions, enhances or maintains shelf life of fuel, and is a suitable option for mobility of fuel from place to place. This drives the growth of the bulk fuel tanks market.
Economic Slowdown: A Key Restraint
Several countries imposing lockdown due to impact of the COVID-19 pandemic has drastically affected the oil gas industry. This may hinder the growth of the bulk fuel tanks market across the globe. This factor is expected to slow down the market growth. Worldwide slowdown in crude oil production and mobility due to stringent restrictions imposed on the oil gas sector in order to enhance employee safety and maintain social distancing has restricted the growth of the bulk fuel tanks market. In addition, lack of resources for maintenance, production, and fabrication of tanks has also resulted in major challenges in the growth of the bulk fuel tanks market during the pandemic situation.
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Asia Pacific a Potential Market for Bulk Fuel Tanks
The global bulk fuel tanks market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East Africa (MEA), and South America (SA)
North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the bulk fuel tanks market in Europe includes the U.K., Germany, France, and Rest of Europe. Similarly, the market in Asia Pacific comprises India, China, Japan, and Rest of Asia Pacific. Middle East Africa includes GCC, South Africa, and Rest of Middle East Africa. The bulk fuel tanks market in South America has been segmented into Brazil and Rest of South America.
Asia Pacific is expected to remain a potential market for the growth of bulk fuel tanks during the forecast period due to continuous growth of fuel supply in emerging and developed countries across the region.
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