Webinar: Global Metal Tank Market - Statistics, Trends, and Outlook
Join our live webinar to get insights into the global metal tank market.
We are hosting a 40-minute live webinar on the global metal tank market.
Join us to get the main macroeconomic statistics around the production and trade, and talk over the challenges of coronavirus and the nearest future of the market.
We invite speakers from the industry to share their thoughts on how they are going through this difficult time.
Listen to stories from entrepreneurs from around the world and share yours!
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 the 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.
Head Of Steel Section
Dar Al-Handasah (Shair and Partners) is a leading international multidisciplinary consulting organisation in engineering, architecture, planning, environment, project management, and economics. Founded in 1956, the firm’s activities expanded rapidly within the Middle East and worldwide. During the 1970s, operations were expanded into Africa and subsequently in Asia and Europe.
President at Profound Engineering
Profound Engineering is an engineering consulting company based in Winnipeg, Manitoba serving the Industrial and commercial sectors. We are committed to present our clients with premium quality service, operating on high ethical standards and simply push the limit of creativity to outperform our competitors. Our goal is to leave a profound impression on our community.
Rotary Engineering is Southeast Asia's largest Engineering, Procurement, and Construction partner to the oil and gas, petrochemical, petroleum and pharmaceutical industries.
Market Analyst, Editor
For over 10 years now, IndexBox has been conducting market research, completing consulting work, and selling reports.