Global Plastic Reservoirs, Tanks and Vats Market to Grow at a CAGR of +0.7% from 2023 to 2030

IndexBox has just published a new report: World - Plastic Reservoirs, Tanks And Vats - Market Analysis, Forecast, Size, Trends And Insights.

The global market for plastic reservoirs, tanks, and vats is projected to continue its upward trend over the next seven years. By 2030, the market volume is expected to reach 2.6 million tons, with a market value of $16.1 billion. Despite a forecasted deceleration in market performance, the industry is set to see steady growth in both volume and value terms.

Market Forecast

Driven by increasing demand for plastic reservoirs, tanks and vats worldwide, the market is expected to continue an upward consumption trend over the next seven years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.7% for the period from 2023 to 2030, which is projected to bring the market volume to 2.6M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.7% for the period from 2023 to 2030, which is projected to bring the market value to $16.1B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Plastic Reservoirs, Tanks And Vats

Global plastic reservoir consumption reached 2.5M tons in 2023, surging by 3.7% against 2022. The total consumption volume increased at an average annual rate of +3.1% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak volume of 2.7M tons. From 2022 to 2023, the growth of the global consumption remained at a lower figure.

The global plastic reservoir market value stood at $13.4B in 2023, picking up by 1.8% against 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). In general, the total consumption indicated perceptible growth from 2013 to 2023: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by +60.3% against 2016 indices. Global consumption peaked in 2023 and is expected to retain growth in the near future.

Consumption By Country

China (466K tons) remains the largest plastic reservoir consuming country worldwide, comprising approx. 19% of total volume. Moreover, plastic reservoir consumption in China exceeded the figures recorded by the second-largest consumer, the United States (193K tons), twofold. India (186K tons) ranked third in terms of total consumption with a 7.4% share.

From 2013 to 2023, the average annual rate of growth in terms of volume in China stood at +1.9%. In the other countries, the average annual rates were as follows: the United States (+0.4% per year) and India (+1.7% per year).

In value terms, the United States ($3.5B), China ($1.9B) and India ($844M) constituted the countries with the highest levels of market value in 2023, together accounting for 46% of the global market. Japan, the UK, Indonesia, Spain, Brazil, Mexico, Bangladesh, France, Turkey and Germany lagged somewhat behind, together accounting for a further 26%.

Among the main consuming countries, Turkey, with a CAGR of +24.1%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of plastic reservoir per capita consumption in 2023 were the UK (1,438 kg per 1000 persons), Spain (1,055 kg per 1000 persons) and France (1,018 kg per 1000 persons).

From 2013 to 2023, the biggest increases were recorded for Turkey (with a CAGR of +25.2%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Plastic Reservoirs, Tanks And Vats

Global plastic reservoir production expanded to 2.5M tons in 2023, growing by 2.5% against the year before. The total output volume increased at an average annual rate of +3.0% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when the production volume increased by 22% against the previous year. As a result, production reached the peak volume of 2.7M tons. From 2022 to 2023, global production growth remained at a somewhat lower figure.

In value terms, plastic reservoir production stood at $13.7B in 2023 estimated in export price. Overall, the total production indicated a moderate expansion from 2013 to 2023: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by +63.0% against 2016 indices. The most prominent rate of growth was recorded in 2021 when the production volume increased by 22% against the previous year. Over the period under review, global production hit record highs in 2023 and is expected to retain growth in years to come.

Production By Country

The country with the largest volume of plastic reservoir production was China (489K tons), comprising approx. 19% of total volume. Moreover, plastic reservoir production in China exceeded the figures recorded by the second-largest producer, India (184K tons), threefold. The third position in this ranking was taken by the United States (180K tons), with a 7.1% share.

In China, plastic reservoir production expanded at an average annual rate of +2.2% over the period from 2013-2023. The remaining producing countries recorded the following average annual rates of production growth: India (+1.5% per year) and the United States (-0.8% per year).

Imports

World Imports of Plastic Reservoirs, Tanks And Vats

In 2023, approx. 312K tons of plastic reservoirs, tanks and vats were imported worldwide; growing by 4% compared with the previous year. Overall, total imports indicated a remarkable increase from 2013 to 2023: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by -1.5% against 2021 indices. The most prominent rate of growth was recorded in 2021 with an increase of 21% against the previous year. As a result, imports reached the peak of 317K tons. From 2022 to 2023, the growth of global imports remained at a lower figure.

In value terms, plastic reservoir imports rose rapidly to $1.2B in 2023. In general, total imports indicated prominent growth from 2013 to 2023: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by +78.6% against 2016 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 25%. Over the period under review, global imports attained the peak figure in 2023 and are likely to see gradual growth in the near future.

Imports By Country

In 2023, the Netherlands (40K tons), Belgium (31K tons), Sweden (21K tons), France (20K tons), Germany (16K tons), the United States (15K tons), Canada (12K tons), Switzerland (9.1K tons), the Czech Republic (8.4K tons), the UK (8.3K tons), Spain (7.5K tons) and Austria (7.3K tons) represented the major importer of plastic reservoirs, tanks and vats in the world, committing 63% of total import. Denmark (6.5K tons) followed a long way behind the leaders.

From 2013 to 2023, the biggest increases were recorded for the Netherlands (with a CAGR of +24.1%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest plastic reservoir importing markets worldwide were the Netherlands ($125M), Sweden ($84M) and France ($82M), together comprising 23% of global imports.

Among the main importing countries, the Netherlands, with a CAGR of +21.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average plastic reservoir import price stood at $4,003 per ton in 2023, remaining stable against the previous year. In general, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2022 an increase of 13% against the previous year. Global import price peaked in 2023 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($5,599 per ton), while Belgium ($2,546 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Austria (+2.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Plastic Reservoirs, Tanks And Vats

In 2023, after two years of growth, there was decline in overseas shipments of plastic reservoirs, tanks and vats, when their volume decreased by -4.8% to 328K tons. In general, total exports indicated a measured increase from 2013 to 2023: its volume increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 32% against the previous year. The global exports peaked at 344K tons in 2022, and then contracted in the following year.

In value terms, plastic reservoir exports totaled $1.4B in 2023. Overall, total exports indicated a buoyant expansion from 2013 to 2023: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by +82.2% against 2016 indices. The most prominent rate of growth was recorded in 2021 with an increase of 31%. Over the period under review, the global exports attained the peak figure in 2023 and are expected to retain growth in the immediate term.

Exports By Country

In 2023, Germany (73K tons), distantly followed by the Netherlands (40K tons), China (24K tons), France (21K tons) and Malaysia (16K tons) represented the major exporters of plastic reservoirs, tanks and vats, together achieving 53% of total exports. Italy (13K tons), Norway (13K tons), Poland (13K tons), Canada (9.6K tons), Austria (8.7K tons), Spain (7.7K tons), South Korea (7.3K tons) and Sweden (5.4K tons) followed a long way behind the leaders.

From 2013 to 2023, the biggest increases were recorded for Norway (with a CAGR of +30.3%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($265M), the Netherlands ($134M) and China ($103M) constituted the countries with the highest levels of exports in 2023, with a combined 35% share of global exports.

The Netherlands, with a CAGR of +15.2%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average plastic reservoir export price stood at $4,392 per ton in 2023, picking up by 5.7% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average export price increased by 12% against the previous year. Over the period under review, the average export prices reached the peak figure in 2023 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Spain ($6,823 per ton), while Malaysia ($2,612 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by France (+2.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform