Industrial tank cleaning involves the removal of residues, sediments and hazardous contaminants from storage tanks, process vessels and pipelines used in various industries such as oil and gas, chemical, food and beverage, and mining. Regular tank cleaning is important as it helps in the prevention of corrosion, improves product quality, increases storage capacity and maximizes production efficiency.
The global Industrial Tank Cleaning Market is estimated to be valued at US$ 1.32 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
Stringent regulations regarding safe waste disposal have been driving the growth of the industrial tank cleaning market. Many countries and regions have implemented strict norms around the treatment and removal of hazardous residues generated during industrial production and storage processes. Tank cleaning helps companies comply with such regulations and prevent negative environmental impact from industrial waste. Technologies such as CIP systems and abrasive blasting are being increasingly adopted for efficient tank cleaning while ensuring complete removal of contaminants as per regulatory standards. This trend is expected to continue propelling demand in the coming years.
SWOT Analysis
Strength: The Global Industrial Tank Cleaning Market Size has various growth opportunities due to rising demand for cleaning of tanks used in oil and gas, chemical, food and beverage, and pharmaceutical industries.
Weakness: High initial investment cost for tank cleaning equipment and operational challenges associated with tank cleaning activities are some of the weaknesses.
Opportunity: Opportunities lie in rising demand for large storage tanks in Asia Pacific and growing adoption of automated tank cleaning machines.
Threats: Fluctuations in raw material prices and stringent government regulations associated with tank cleaning procedures are threats.
Key Takeaways
The global Industrial Tank Cleaning market is expected to witness high growth. The global Industrial Tank Cleaning Market is estimated to be valued at US$ 1.32 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030.
Regional analysis comprises North America is currently the largest market for industrial tank cleaning services due to presence of major end-use industries in the region. Asia Pacific through partnerships and expansion strategies. Asia Pacific is projected to witness fastest growth in the industrial tank cleaning market during the forecast period owing to rapid industrialization in countries such as China, India, Japan and South Korea. These countries hold huge potential for industrial tank cleaning market due to rapid capacity additions in chemical and oil & gas industries. Stringent regulations regarding hygiene and safety also necessitate frequent tank cleaning services.
Key players operating in the industrial tank cleaning market are Yeswin Machinery Co. Ltd., Asahi Sunac Corporation, Yeswin Cleaning Systems. Key players operating in the industrial tank cleaning market are Yeswin Machinery Co. Ltd., Asahi Sunac Corporation, Key players operating in the industrial tank cleaning market are Yeswin Machinery Co. Ltd., Asahi Sunac Corporation, Yeswin Cleaning Systems.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it