According to a new market report published by Lucintel, the future of the global plastic water storage tank market looks promising with opportunities in the sectors of residential, commercial, industrial, and municipal. The global plastic water storage tank market is expected to reach an estimated $1.3 billion by 2024 with a CAGR of 3.4% from 2019 to 2024. The major drivers for this market are growing construction activities and increasing concerns about water conservation.
In this market, different types of plastic water storage tank such as polyethylene, and PVC, and others are used as polymer. On the basis of comprehensive research, Lucintel forecasts that polyethylene will remain the largest segment and it is also expected to witness the highest growth because it is exceptionally durable, light weight, and cost effective.
Asia Pacific will remain the largest region. It is also expected to witness the highest growth over the forecast period due to growing population and construction activities in this region.
An emerging trend, which has a direct impact on the dynamics of the plastic water storage tank market, includes increasing demand for four layered water storage tanks for protection from bacteria and fungus. Sintex, Niplast, Plastic Proget European, Enduramaxx, Cotteril Civil, American Tank, Protank, Nova Plastic Industry, GHP Manufacturing, and Protank and others are among the major plastic water storage tank manufacturers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed and forecasted for the global plastic water storage tank market by application, end use, process, polymer, size, type, and region and has come up with a comprehensive research report entitled “Growth Opportunities in the Global Plastic Water Storage Tank Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions.
