Market Overview
Market Research Future (MRFR) expects the storage tank market 2020 to progress at a rate of 4.8% between 2018 and 2015 (which is the evaluation period). We will provide covid-19 impact analysis with the report, offering an in-depth review following the coronavirus disease outbreak.
Key Boosters and Main Barriers
With the COVID-19 outbreak, various lockdown interventions have been initiated across countries and the global economy has come to a standstill. Lower consumption, lower production, lower trade and lower investments have led to weakened demand, as the pandemic affected the manufacturing sector significantly in the space of a few months. The energy demand across the globe has dropped notably, leading to more oil & gas production that has in turn, resulted in falling storage capacity of prominent fuel consuming countries. Social distancing practice has caused decline in fuel consumption in industrial and personal settings. This trend could be profitable for storage tank manufacturers in the coming years.