June 18, 2024
Industrial Tank Cleaning Market

The Industrial Tank Cleaning Market is Estimated to Witness Significant Growth Owing to Rising Need for Clean and Sanitized Storage Tanks

Industrial tank cleaning includes cleaning of storage tanks used in various industries like chemicals, oil and gas, food and beverage, pharmaceuticals, etc. These tanks are used for storage of various liquids and need periodic cleaning to remove impurities, residues and ensure hygienic storage. Industrial tank cleaning involves processes like pre-rinsing, washing, disinfection and rinsing which help get rid of microbial contaminants and comply with various food safety and hygiene standards. The global industrial tank cleaning market is estimated to be valued at US$ 1.53 billion in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Rising need for clean and sanitized storage tanks across industries represents a key opportunity for growth of industrial tank cleaning market. Strict regulations around food safety and hygiene have made cleaning and sanitization of tanks used in food and beverage industry indispensable. Any contamination can spread disease and lead to costly product recalls. Similarly, in pharmaceutical industry cleaning tanks is crucial to avoid cross-contamination between different drug products during manufacturing and storage. Growth in process manufacturing across industries will continue augmenting the need for specialized tank cleaning services and equipment. Adoption of advanced cleaning technologies like CIP (clean-in-place) systems is also growing to ensure more effective cleaning while minimizing production downtime. The market players can gain opportunities by offering innovative cleaning solutions catering to specific cleaning requirements of different industries.

Porter’s Analysis
Threat of new entrants: New companies entering the industrial tank cleaning market face high investment costs for specialized industrial cleaning equipment and need to gain customer trust and establish reputation.

Bargaining power of buyers: Large industrial companies that require frequent tank cleaning have significant bargaining power to negotiate prices. However, specialized cleaning needs limit substitutability.

Bargaining power of suppliers: Specialized equipment and chemical suppliers have some bargaining power due to lack of substitutes and differentiated products.

Threat of new substitutes: No significant substitute cleaning methods exist for industrial tanks used in various process industries.

Competitive rivalry: The industrial tank cleaning market has numerous regional and global players using differentiated service strategies to compete.

SWOT Analysis
Strengths: Specialized tools and techniques along with certified safety practices provide effective cleaning solutions tailored to industrial requirements.

Weaknesses: Fluctuating demand from process industries exposes tank cleaning companies to economic cycles. Dependence on seasonal turnover restricts potential growth.

Opportunities: Expanding process industries in developing regions increase needs for industrial cleaning and maintenance outsourcing.

Threats: Stringent environmental and worker safety regulations increase compliance costs for tank cleaning companies. Economic downturns negatively impact activity in major client process industries.

Key Takeaways

The Global Industrial Tank Cleaning Market Share is expected to witness high growth over the forecast period of 2024 to 2030.

The market in Asia Pacific is dominating currently due to growth of manufacturing industries in China, India and other Southeast Asian countries. North America and Europe are other fastest growing regional markets driven by stringent regulations.

Key players operating in the Industrial Tank Cleaning Market include Yeswin Machinery Co. Ltd., Asahi Sunac Corporation, Yeswin Machinery Co. Ltd., Chun Zu Machinery Industry Co. Ltd., Tanisaka Iron Works Co. Ltd., Gfm Gmbh Steyr, Sijin Intelligent Forming Machinery Co. Ltd., Hatebur Umformmaschinen Ag, Samrat Machine Tools, Hubei Tri-Ring Metalforming Equipment Co. Ltd (Ysd), Sakamura Machine Co. Ltd., Industrial Machinery Corporation, Sacma Limbiate Spa, Komatsu Industries Corp., Nedschroef Machinery, Lan Dee Woen Factory Co. Ltd., National Machinery Llc, And Nakashimada Engineering Works Ltd. The industrial cleaning industry is moderately consolidated with leading players expanding globally through investments and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it