Iron, Steel Or Aluminium Reservoir Market

The global market for iron, steel or aluminium reservoirs, tanks, vats and similar containers is projected to demonstrate steady growth from 2022 to 2030. Consumption, production, imports, and exports of these containers have shown consistent patterns over the years. China, the United States, and India are significant players in the market, with China leading in both consumption and production. The market is driven by increasing demand for these containers and is expected to continue its upward trend in the coming years.

Market Forecast

Driven by increasing demand for iron, steel or aluminium reservoirs, tanks, vats and similar containers worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.7% for the period from 2022 to 2030, which is projected to bring the market volume to 17B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +0.9% for the period from 2022 to 2030, which is projected to bring the market value to $56.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Iron, Steel Or Aluminium Reservoirs, Tanks, Vats And Similar Containers

For the third consecutive year, the global market recorded growth in consumption of iron, steel or aluminium reservoirs, tanks, vats and similar containers, which increased by 0.5% to 16B units in 2022. The total consumption volume increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2018 when the consumption volume increased by 5.9% against the previous year. Global consumption peaked in 2022 and is expected to retain growth in the immediate term.

The value of the market for iron, steel or aluminium reservoirs, tanks, vats and similar containers worldwide amounted to $52.2B in 2022, stabilizing at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when the market value increased by 6.7%. Over the period under review, the global market hit record highs in 2022 and is likely to continue growth in years to come.

Consumption By Country

China (4B units) remains the largest iron, steel or aluminium reservoir consuming country worldwide, comprising approx. 26% of total volume. Moreover, iron, steel or aluminium reservoir consumption in China exceeded the figures recorded by the second-largest consumer, the United States (1.9B units), twofold. India (1.5B units) ranked third in terms of total consumption with a 9.7% share.

From 2012 to 2020, the average annual growth rate of volume in China totaled +3.5%. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+1.2% per year) and India (+4.4% per year).

In value terms, China ($11.9B), the United States ($9.3B) and India ($4.5B) constituted the countries with the highest levels of market value in 2020, together accounting for 50% of the global market. Brazil, Japan, Indonesia, Germany, Mexico, Italy, Russia, South Korea, Turkey and Norway lagged somewhat behind, together accounting for a further 28%.

In terms of the main consuming countries, Indonesia, with a CAGR of +4.6%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2020, the highest levels of iron, steel or aluminium reservoir per capita consumption was registered in Norway (68 units per person), followed by South Korea (7 units per person), Italy (6 units per person) and the United States (5.8 units per person), while the world average per capita consumption of iron, steel or aluminium reservoir was estimated at 2 units per person.

In Norway, iron, steel or aluminium reservoir per capita consumption expanded at an average annual rate of +7.5% over the period from 2012-2020. In the other countries, the average annual rates were as follows: South Korea (+2.3% per year) and Italy (+3.2% per year).

Production

World Production of Iron, Steel Or Aluminium Reservoirs, Tanks, Vats And Similar Containers

For the ninth year in a row, the global market recorded growth in production of iron, steel or aluminium reservoirs, tanks, vats and similar containers, which increased by 2.6% to 16B units in 2020. The total output volume increased at an average annual rate of +2.6% over the period from 2012 to 2020; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2018 when the production volume increased by 6.4% against the previous year. Over the period under review, global production hit record highs in 2020 and is expected to retain growth in the near future.

In value terms, iron, steel or aluminium reservoir production amounted to $50.6B in 2020 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2020; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2018 when the production volume increased by 7.3%. Global production peaked in 2020 and is expected to retain growth in years to come.

Production By Country

China (4.5B units) constituted the country with the largest volume of iron, steel or aluminium reservoir production, comprising approx. 29% of total volume. Moreover, iron, steel or aluminium reservoir production in China exceeded the figures recorded by the second-largest producer, the United States (1.9B units), twofold. India (1.5B units) ranked third in terms of total production with a 9.7% share.

From 2012 to 2020, the average annual growth rate of volume in China stood at +3.8%. In the other countries, the average annual rates were as follows: the United States (+0.7% per year) and India (+4.0% per year).

Imports

World Imports of Iron, Steel Or Aluminium Reservoirs, Tanks, Vats And Similar Containers

For the third consecutive year, the global market recorded decline in supplies from abroad of iron, steel or aluminium reservoirs, tanks, vats and similar containers, which decreased by -9.9% to 1.7B units in 2020. Overall, imports showed a slight reduction. The most prominent rate of growth was recorded in 2017 when imports increased by 3.5% against the previous year. As a result, imports reached the peak of 2B units. From 2018 to 2020, the growth of global imports remained at a somewhat lower figure.

In value terms, iron, steel or aluminium reservoir imports declined to $6.5B in 2020. Over the period under review, imports showed a slight curtailment. The growth pace was the most rapid in 2017 with an increase of 7.1% against the previous year. Global imports peaked at $7.5B in 2014; however, from 2015 to 2020, imports stood at a somewhat lower figure.

Imports By Country

In 2020, the United States (196M units), followed by Germany (99M units) represented the key importers of iron, steel or aluminium reservoirs, tanks, vats and similar containers, together committing 17% of total imports. South Korea (72M units), Canada (57M units), France (52M units), the UK (45M units), Mexico (45M units), the Philippines (42M units), China (42M units), the Netherlands (37M units), Thailand (34M units), Nigeria (31M units) and Italy (30M units) took a little share of total imports.

From 2012 to 2020, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the Philippines (with a CAGR of +30.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest iron, steel or aluminium reservoir importing markets worldwide were the United States ($757M), Germany ($461M) and South Korea ($347M), with a combined 24% share of global imports. China, Canada, France, the UK, the Netherlands, Mexico, Italy, Thailand, Nigeria and the Philippines lagged somewhat behind, together comprising a further 25%.

Among the main importing countries, the Philippines, with a CAGR of +19.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Reservoirs, tanks, vats and similar containers, of iron or steel, capacity exceeding 300l, whether or not lined or heat insulated dominates imports structure, reaching 780M units, which was near 94% of total imports in 2022. It was distantly followed by containers for compressed or liquefied gas, of aluminium (48M units), generating a 5.8% share of total imports.

Imports of reservoirs, tanks, vats and similar containers, of iron or steel, capacity exceeding 300l, whether or not lined or heat insulated decreased at an average annual rate of -1.6% from 2012 to 2022. At the same time, containers for compressed or liquefied gas, of aluminium (+6.1%) displayed positive paces of growth. Moreover, containers for compressed or liquefied gas, of aluminium emerged as the fastest-growing type imported in the world, with a CAGR of +6.1% from 2012-2022. While the share of reservoirs, tanks, vats and similar containers, of iron or steel, capacity exceeding 300l, whether or not lined or heat insulated (+45 p.p.) and containers for compressed or liquefied gas, of aluminium (+4.4 p.p.) increased significantly, the shares of the other products remained relatively stable throughout the analyzed period.

In value terms, reservoirs, tanks, vats and similar containers, of iron or steel, capacity exceeding 300l, whether or not lined or heat insulated ($4.1B) constitutes the largest type of iron, steel or aluminium reservoirs, tanks, vats and similar containers imported worldwide, comprising 83% of global imports. The second position in the ranking was held by containers for compressed or liquefied gas, of aluminium ($652M), with a 13% share of global imports.

From 2012 to 2022, the average annual growth rate of the value of reservoirs, tanks, vats and similar containers, of iron or steel, capacity exceeding 300l, whether or not lined or heat insulated imports was relatively modest. With regard to the other imported products, the following average annual rates of growth were recorded: containers for compressed or liquefied gas, of aluminium (+6.6% per year) and aluminium reservoirs, tanks, vats and similar containers (+0.5% per year).

Import Prices By Type

The average import price for iron, steel or aluminium reservoirs, tanks, vats and similar containers stood at less than $0.1 per unit in 2022, stabilizing at the previous year. Overall, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average import price increased by 4.3% against the previous year. Over the period under review, average import prices reached the peak figure at $4 per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was aluminium reservoirs, tanks, vats and similar containers ($33 per unit), while the price for reservoirs, tanks, vats and similar containers, of iron or steel, capacity exceeding 300l, whether or not lined or heat insulated ($5.2 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by reservoirs, tanks, vats and similar containers, of iron or steel, capacity exceeding 300l, whether or not lined or heat insulated (+1.9%), while the other products experienced mixed trends in the import price figures.

Import Prices By Country

In 2020, the average import price for iron, steel or aluminium reservoirs, tanks, vats and similar containers amounted to $3.8 per unit, flattening at the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 4.3% against the previous year. Global import price peaked at $4 per unit in 2014; however, from 2015 to 2020, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($7.3 per unit), while the Philippines ($1.5 per unit) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by South Korea (+8.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Iron, Steel Or Aluminium Reservoirs, Tanks, Vats And Similar Containers

Global iron, steel or aluminium reservoir exports stood at 2.1B units in 2020, remaining stable against the year before. The total export volume increased at an average annual rate of +1.2% over the period from 2012 to 2020; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 with an increase of 6.3% against the previous year. Over the period under review, the global exports hit record highs in 2020 and are expected to retain growth in years to come.

In value terms, iron, steel or aluminium reservoir exports fell to $7.7B in 2020. In general, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when exports increased by 6.3%. Over the period under review, the global exports hit record highs at $8.5B in 2014; however, from 2015 to 2020, the exports remained at a lower figure.

Exports By Country

China represented the main exporting country with an export of around 529M units, which resulted at 25% of total exports. Poland (138M units) took the second position in the ranking, followed by Thailand (135M units), Turkey (118M units), South Korea (112M units), the United States (109M units) and Italy (108M units). All these countries together took near 34% share of total exports. Germany (85M units), the Czech Republic (84M units), Spain (68M units), Mexico (60M units), the Netherlands (60M units) and the UK (36M units) held a little share of total exports.

From 2012 to 2020, average annual rates of growth with regard to iron, steel or aluminium reservoir exports from China stood at +6.3%. At the same time, the Netherlands (+17.1%), Turkey (+9.1%), Thailand (+8.9%), Poland (+4.3%) and South Korea (+1.2%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +17.1% from 2012-2020. Mexico, Spain, the Czech Republic, Italy and the UK experienced a relatively flat trend pattern. By contrast, Germany (-3.9%) and the United States (-6.5%) illustrated a downward trend over the same period. China (+8.1 p.p.), Thailand (+2.8 p.p.), Turkey (+2.5 p.p.) and the Netherlands (+1.9 p.p.) significantly strengthened its position in terms of the global exports, while Germany and the United States saw its share reduced by -2% and -4.5% from 2012 to 2020, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest iron, steel or aluminium reservoir supplying countries worldwide were China ($1.3B), the United States ($751M) and Italy ($570M), with a combined 34% share of global exports. Germany, South Korea, Poland, the Czech Republic, Turkey, Thailand, the UK, the Netherlands, Spain and Mexico lagged somewhat behind, together comprising a further 41%.

Among the main exporting countries, the Netherlands, with a CAGR of +11.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Reservoirs, tanks, vats and similar containers, of iron or steel, capacity exceeding 300l, whether or not lined or heat insulated dominates exports structure, amounting to 1.1B units, which was approx. 94% of total exports in 2022. It was distantly followed by containers for compressed or liquefied gas, of aluminium (55M units), generating a 4.7% share of total exports.

Reservoirs, tanks, vats and similar containers, of iron or steel, capacity exceeding 300l, whether or not lined or heat insulated experienced a relatively flat trend pattern with regard to volume of exports. At the same time, containers for compressed or liquefied gas, of aluminium (+6.2%) displayed positive paces of growth. Moreover, containers for compressed or liquefied gas, of aluminium emerged as the fastest-growing type exported in the world, with a CAGR of +6.2% from 2012-2022. From 2012 to 2022, the share of reservoirs, tanks, vats and similar containers, of iron or steel, capacity exceeding 300l, whether or not lined or heat insulated and containers for compressed or liquefied gas, of aluminium increased by +43 and +3.3 percentage points, while the shares of the other products remained relatively stable throughout the analyzed period.

In value terms, reservoirs, tanks, vats and similar containers, of iron or steel, capacity exceeding 300l, whether or not lined or heat insulated ($5B) remains the largest type of iron, steel or aluminium reservoirs, tanks, vats and similar containers supplied worldwide, comprising 84% of global exports. The second position in the ranking was held by containers for compressed or liquefied gas, of aluminium ($664M), with an 11% share of global exports.

For reservoirs, tanks, vats and similar containers, of iron or steel, capacity exceeding 300l, whether or not lined or heat insulated, exports expanded at an average annual rate of +1.3% over the period from 2012-2022. For the other products, the average annual rates were as follows: containers for compressed or liquefied gas, of aluminium (+5.9% per year) and aluminium reservoirs, tanks, vats and similar containers (+3.2% per year).

Export Prices By Type

The average export price for iron, steel or aluminium reservoirs, tanks, vats and similar containers stood at less than $0.1 per unit in 2022, flattening at the previous year. In general, the export price recorded a slight descent. The most prominent rate of growth was recorded in 2018 an increase of 4.4% against the previous year. Over the period under review, the average export prices hit record highs at $4.1 per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by the product type; the product with the highest price was aluminium reservoirs, tanks, vats and similar containers ($23 per unit), while the average price for exports of reservoirs, tanks, vats and similar containers, of iron or steel, capacity exceeding 300l, whether or not lined or heat insulated ($4.6 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by reservoirs, tanks, vats and similar containers, of iron or steel, capacity exceeding 300l, whether or not lined or heat insulated (+1.1%), while the other products experienced a decline in the export price figures.

Export Prices By Country

The average export price for iron, steel or aluminium reservoirs, tanks, vats and similar containers stood at $3.6 per unit in 2020, declining by -3.6% against the previous year. Over the period under review, the export price continues to indicate a mild contraction. The most prominent rate of growth was recorded in 2018 an increase of 4.4%. Over the period under review, the average export prices attained the maximum at $4.1 per unit in 2014; however, from 2015 to 2020, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the UK ($7.1 per unit), while Thailand ($1.9 per unit) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by the United States (+4.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform