Glass Fused Bolted Steel Tank Market CAGR, size, share, ...

According to Stratistics MRC, the Global Glass Fused Bolted Steel Tank Market is growing at a CAGR of 5.68% during the forecast period. A glass-fused-to-steel (GFS) bolted steel tank is a type of storage tank that combines the structural strength of steel with the chemical and corrosion resistance of glass. These tanks are constructed by fusing a layer of glass to the steel substrate in a controlled factory environment. The process involves coating both the interior and exterior surfaces of steel sheets with a specially formulated glass enamel. The coated sheets are then fired at high temperatures to bond the glass to the steel, creating a durable and corrosion-resistant finish.

Market Dynamics:

Driver:

Corrosion Resistance

Steel tanks with glass bonded to them exhibit exceptional corrosion resistance. These tanks can store water, wastewater, and other chemicals due to the glass coating that serves as a barrier, preventing corrosive substances from permeating. The glass coating’s non-porous and smooth surface minimizes the likelihood of corrosion initiation. Corrosive agents find it harder to adhere to the tank’s surface, which further reduces the risk of corrosion. These attributes are significant factors driving market growth.

Restraint:

Limited Size Range

A primary limitation of glass-fused bolted steel tanks is their restricted size range, which affects storage capacity. This limitation may lead to insufficient capacity or excessive unused space when the specific volume requirements of a project do not align with the available tank sizes. For projects with specific demands or high storage requirements, finding the right tank can be challenging. These factors hinder the expansion of the market.

Opportunity:

Low Maintenance Requirements

Glass-fused steel tanks typically require minimal maintenance due to the glass coating that facilitates easier cleaning and resists scaling. Routine maintenance is necessary to preserve optimal performance and corrosion resistance over time. The reduced upkeep demands translate to lower material and energy costs associated with maintenance activities. These factors are contributing to market expansion.

Threat:

High Installation Cost

The initial costs for these tanks tend to be higher than those made from other materials, such as concrete. This consideration is particularly important for projects with limited budgets. While the bolted construction allows for easier installation compared to welded tanks, skilled labor is required for correct assembly to avoid compromising the tank's functionality. Mistakes made during installation can hinder market growth.

Covid-19 Impact:

The pandemic has created global supply chain disruptions, affecting the availability of components and raw materials for manufacturing. Supply chain challenges can result in decreased output or increased costs. Lockdowns and economic uncertainty have likely resulted in reduced activity within sectors that typically utilize glass-fused bolted steel tanks, such as infrastructure projects or commercial construction. This decline may negatively impact the storage solutions market.

Segment Insights:

The liquid fertilizer storage tanks segment is expected to be the largest

The liquid fertilizer storage tanks segment is projected to dominate during the forecast period. These tanks are designed to safely store various liquid fertilizers, which often contain corrosive compounds, without compromising their structural integrity. They can withstand a wide range of temperatures, crucial for managing the fluctuations commonly associated with liquid fertilizers.

The construction segment is expected to have the highest CAGR

The construction segment is anticipated to grow at the highest CAGR during the forecast period. The bolted design and inherent strength of the glass-fused coating provide seismic resistance, important in earthquake-prone regions. Additionally, the bolted design allows quicker and simpler installations than traditional tank construction methods, resulting in cost savings and reduced downtime.

Regional Insights:

Region with the largest share:

North America is expected to hold the largest market share during the forecast period. Numerous companies specialize in the construction and installation of these tanks, which is particularly relevant in regions with diverse climates where corrosion can be aggravated by severe weather and temperature fluctuations.

Region with the highest CAGR:

Asia Pacific is projected to experience the highest CAGR over the forecast period. It is essential to evaluate specific project requirements and local regulations to ensure that the chosen solution meets community or business needs. These versatile tanks can be utilized across various applications, including agriculture and industrial processing, making them valuable in meeting diverse demands in the region.

Key Players:

Some key players in the Glass Fused Bolted Steel Tank market include TF Warren Group, Permastore Limited, Center Enamel Co., Ltd., Balmoral Tanks, Silo Construction & Engineering, CST Industries, Inc., GFS Tanks, Joemillars Aquatek, Tank Connection, Greatario Engineered Storage Systems, Harris Pye Engineering Group, Phillips Tank & Structure, and Hendic B.V.

Key Developments:

In October, Permastore and Tata Steel finalized a deal enabling Permastore to provide options for ZeremisTM Carbon Lite in its glass-fused-to-steel and epoxy-coated storage tanks and silos.

In June, Slipform Engineering and Spencer Group collaborated on a cement silo project, driven by increased demand due to the construction boom. These companies were selected by Damac Group for their successful delivery of a similar facility that expanded operational capabilities.

Types Covered:
- Liquid Fertilizer Storage Tanks
- Potable Water Storage Tanks
- Wastewater Storage Tanks
- Chemical Storage Tanks
- Slurry Storage Tanks
- Other Types

Materials Covered:
- Glass-Fused Steel
- Stainless Steel
- Carbon Steel
- Other Materials

Applications Covered:
- Fire Protection
- Petrochemical
- Power Generation
- Agriculture
- Construction
- Aquaculture
- Other Applications

Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa

What Our Report Offers:
- Market share assessments for regional and country-level segments
- Strategic recommendations for new entrants
- Market data for the years, including past estimates and forecasts
- Insights into market trends (drivers, restraints, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations based on market estimations for key business segments
- Competitive landscape mapping significant common trends
- Company profiles detailing strategies, financials, and recent developments
- Supply chain trend mapping, covering the latest technological advancements

Free Customization Offerings:
All customers purchasing this report are entitled to one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, forecasts, and CAGR for any prominent country of interest (subject to feasibility)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

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