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U.S. Metal Tank (Heavy Gauge) Market. Analysis And Forecast to 2025
Update: COVID-19 Impact

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Article Publishing Date: Dec 28, 2020

The Pandemic to Undermine the Growth of the American Metal Tank Market

IndexBox has just published a new report: 'U.S. Metal Tank (Heavy Gauge) Market. Analysis And Forecast to 2025'. Here is a summary of the report's key findings.

In 2019, the U.S. metal tank market increased by 2.3% to $7.7B, rising for the third year in a row after two years of decline. The pace of growth appeared the most rapid in 2014 when the market value increased by 5.2% against the previous year. As a result, consumption attained a peak level of $9.6B. From 2015 to 2019, the growth of the market remained at a lower figure, hampered by both an economic slowdown and lower metal prices which plummeted amid a sharp drop of global oil and commodity prices.

Metal tanks, as an element of engineering infrastructure, are widely used in various industries, particularly, in oil and gas extraction and processing, as well as in the chemical industry, and transport facilities. Therefore, the key factor determining the development of the market is the dynamics of the industrial sector, which, in a broader context, reflects the overall GDP growth. Another particular fundamental is the state of the global oil market which determines capital investment in the oil and gas sector.

According to the World Bank outlook from January 2020, the U.S. economy was expected to slow down to +1.7% per year in the medium term, hampered by increasing global uncertainty, trade war, and slower global growth. In early 2020, however, the global economy entered a period of crisis caused by the COVID-19 epidemic, due to which most countries in the world put on halt production and transport activity. The result will be a drop in GDP relative to previous years and an unprecedented decline in oil prices. 

The U.S. is struggling with a drastic short-term recession, with the expected contraction of GDP of approx. -6.1% in 2020, as the hit of the pandemic was harder than expected, and unemployment soared due to the shutdown and social isolation. 

The industrial sector has proven vulnerable to the pandemic as due to quarantine measures, industrial facilities were paused, and the drop in incomes of the population makes the growth of end markets unfeasible. The oil and gas sector also challenges a drastic drop in drilling activity and oil extraction which is due to much lower demand for oil amid the pandemic and the related dramatic drop in oil prices.

Tight financial conditions and uncertainty regarding the length of the pandemic and the possible bottom of the related economic drop, as well as high volatility of financial markets, and political tensions between the U.S. and China, disrupt capital investments in the immediate term, which is to put a drag on the metal tank market.

In the medium term, should the pandemic outbreak end in the second half of 2020, the economy is to start recovering in 2021 and then return to the gradual growth, driven by the fundamentals that existed before 2020.

Taking into account the above, it is expected that in 2020, the consumption of metal tanks will drop by approx. 6%. In the medium term, as the economy recovers from the effects of the pandemic, the market is expected to grow gradually, with an anticipated CAGR of +0.5% for the period from 2019 to 2030, which is projected to bring the market volume to $8.2B (in fixed 2019 prices) by the end of 2030.

The U.S. Metal Tank Market Remains to a Large Extent Dependent on Imports

In value terms, metal tank production amounted to $7.7B in 2019. Over the period under review, production continues to indicate a perceptible downturn. The U.S. metal tank market remains dependent on imports: over the period under review, the share of imports in terms of total metal tank consumption in the U.S. increased from 12% in 2007 to 17% in 2019 (based on value terms). It means that the U.S. metal tank market remains an attractive destination for foreign manufacturers.  

Metal tank imports declined dramatically to $1.3B (IndexBox estimates) in 2019. The total import value increased at an average annual rate of +3.4% from 2013 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. 

In value terms, China ($492M) constituted the largest supplier of metal tanks to the U.S., comprising 37% of total imports. The second position in the ranking was occupied by Canada ($181M), with a 14% share of total imports. It was followed by Mexico, with an 11% share.

From 2013 to 2019, the average annual rate of growth in terms of value from China stood at +9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+0.2% per year) and Mexico (+9.8% per year).

Companies Mentioned in the Report

Enerfab, Inc., Paul Mueller Company, Caldwell Tanks, Inc., Modern Welding Company, Inc., Flexcon Industries, Inc., Imperial Industries, Inc., Walker Engineered Products, Taylor-Wharton International LLC, CST Industries, Inc., Permian Tank & Manufacturing, Nooter Construction, Inc., Polar Tank Trailer, Mid-State Tank Co., Fort Worth F and D Head Company, James Machine Works LLC, Rocky Mountain Fabrication, Phoenix Fabricators & Erectors, HMT LLC (Pasadena Tank Corporation), Washington Metal Fabricators (WMF), Truenorth Steel,  Arrow Tank and Engineering Co, Helgesen Industries, Mississippi Tank and Manufacturing Company, Alonso & Carus Iron Works, Cimarron Energy, Tankcraft Corporation, Highland Tank & Manufacturing Company, Inc.

Source: IndexBox Platform

Product coverage:
• NAICS 332420 - Metal tank (heavy gauge) manufacturing

This report provides an in-depth analysis of the metal tank market in the U.S.. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2025.


Companies mentioned:
• Enerfab, Paul Mueller Company
• Caldwell Tanks
• Modern Welding Company
• Flexcon Industries
• Imperial Industries
• Walker Stainless Equipment Company
• Taylor-Wharton International
• CST Industries
• Permian Tank & Manufacturing
• Nooter Corporation
• Polar Corporation
• Mid-State Tank Co.
• Fort Worth F and D Head Company
• James Machine Works
• Challenger Process Systems Co.
• Rocky Mountain Fabrication
• Phoenix Fabricators & Erectors
• Pasadena Tank Corporation
• Wmf
• Truenorth Steel
• Arrow Tank and Engineering Co
• Helgesen Industries
• Mississippi Tank and Manufacturing Company
• Alonso & Carus Iron Works
• Cimarron Energy
• Conner Steel Products
• TW Tank
• Caldwell Group
• Tankcraft Corporation
• Polar Tank Trailers
• Bigbee Steel and Tank Company

Country coverage:
• USA

Data coverage:
• Market volume and value
• Per Capita consumption
• Forecast of the market dynamics in the medium term
• Trade (exports and imports) in the U.S.
• Export and import prices
• Market trends, drivers and restraints
• Key market players and their profiles

Reasons to buy this report:
• Take advantage of the latest data
• Find deeper insights into current market developments
• Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:
1. How to diversify your business and benefit from new market opportunities
2. How to load your idle production capacity
3. How to boost your sales on overseas markets
4. How to increase your profit margins
5. How to make your supply chain more sustainable
6. How to reduce your production and supply chain costs
7. How to outsource production to other countries
8. How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business

1.1
REPORT DESCRIPTION
1.2
RESEARCH METHODOLOGY AND AI PLATFORM
1.3
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
1.4
GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance

2.1
KEY FINDINGS
2.2
MARKET TRENDS
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects

3.1
MARKET SIZE
3.2
MARKET STRUCTURE
3.3
TRADE BALANCE
3.4
PER CAPITA CONSUMPTION
3.5
MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCTS

Finding New Products to Diversify Your Business

4.1
TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
4.2
BEST-SELLING PRODUCTS
4.3
MOST CONSUMED PRODUCT
4.4
MOST TRADED PRODUCT
4.5
MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain

5.1
TOP COUNTRIES TO SOURCE YOUR PRODUCT
5.2
TOP PRODUCING COUNTRIES
5.3
TOP EXPORTING COUNTRIES
5.4
LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports

6.1
TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
6.2
TOP CONSUMING MARKETS
6.3
UNSATURATED MARKETS
6.4
TOP IMPORTING MARKETS
6.5
MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry

7.1
PRODUCTION VOLUME AND VALUE
8. IMPORTS

The Largest Import Supplying Countries

8.1
IMPORTS FROM 2013–2020
8.2
IMPORTS BY COUNTRY
8.3
IMPORT PRICES BY COUNTRY
9. EXPORTS

The Largest Destinations for Exports

9.1
EXPORTS FROM 2013–2020
9.2
EXPORTS BY COUNTRY
9.3
EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles

LIST OF TABLES
Table 1:
Key Findings In 2020
Table 2:
Market Volume, In Physical Terms, 2013–2020
Table 3:
Market Value, 2013–2020
Table 4:
Per Capita Consumption In 2013-2020
Table 5:
Imports, In Physical Terms, By Country, 2013–2020
Table 6:
Imports, In Value Terms, By Country, 2013–2020
Table 7:
Import Prices, By Country Of Origin, 2013–2020
Table 8:
Exports, In Physical Terms, By Country, 2013–2020
Table 9:
Exports, In Value Terms, By Country, 2013–2020
Table 10:
Export Prices, By Country Of Destination, 2013–2020
LIST OF FIGURES
Figure 1:
Market Volume, In Physical Terms, 2013–2020
Figure 2:
Market Value, 2013–2020
Figure 3:
Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2013-2020
Figure 4:
Market Structure – Domestic Supply vs. Imports, In Value Terms, 2013-2020
Figure 5:
Trade Balance, In Physical Terms, 2013-2020
Figure 6:
Trade Balance, In Value Terms, 2013-2020
Figure 7:
Per Capita Consumption, 2013-2020
Figure 8:
Market Forecast To 2025
Figure 9:
Products: Market Size And Growth, By Type
Figure 10:
Products: Average Per Capita Consumption, By Type
Figure 11:
Products: Exports And Growth, By Type
Figure 12:
Products: Export Prices And Growth, By Type
Figure 13:
Production Volume And Growth
Figure 14:
Exports And Growth
Figure 15:
Export Prices And Growth
Figure 16:
Market Size And Growth
Figure 17:
Per Capita Consumption
Figure 18:
Imports And Growth
Figure 19:
Import Prices
Figure 20:
Production, In Physical Terms, 2013–2020
Figure 21:
Production, In Value Terms, 2013–2020
Figure 22:
Imports, In Physical Terms, 2013–2020
Figure 23:
Imports, In Value Terms, 2013–2020
Figure 24:
Imports, In Physical Terms, By Country, 2020
Figure 25:
Imports, In Physical Terms, By Country, 2013–2020
Figure 26:
Imports, In Value Terms, By Country, 2013–2020
Figure 27:
Import Prices, By Country Of Origin, 2013–2020
Figure 28:
Exports, In Physical Terms, 2013–2020
Figure 29:
Exports, In Value Terms, 2013–2020
Figure 30:
Exports, In Physical Terms, By Country, 2020
Figure 31:
Exports, In Physical Terms, By Country, 2013–2020
Figure 32:
Exports, In Value Terms, By Country, 2013–2020
Figure 33:
Export Prices, By Country Of Destination, 2013–2020

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