6 Factors that Influence Customers in the Fuel Storage Tank Market

Fuel storage tanks have their applications in a vast variety of environments. The industry serves individual needs as well as other businesses. Whether people look for T55 tank, 1FF tank, or any other product, the market trends are dominated by several influential determinants. What are the most prominent factors that define the customers’ inclinations is a fairly broad question. However, we have tried to list out some most dominantly governing factors that are shaping the market trends.


● Requirement specification

As mentioned earlier, applications of fuel storage tanks are widespread, it is essential to clearly define the requirements. Companies often offer free site visits and assessments to identify your needs. Businesses often need to store oil that addresses their yearly needs while for household purposes you may want smaller tanks with lower capacity. The purpose to store the oil and its rate of consumption are the key components of requirement assessment.


● Tank size and shape

The market offers oil storage tanks in a large array of sizes and shapes. This flexible manufacturing is adapted to accommodate all requirements. To meet the rising demands of the customers’ manufacturers are also designing slimline tanks that can store significant volume without consuming wider spaces. However, most in-demand are the vertical tanks that come with a circular footprint. These are preferred for their high value per liter. Also, people are replacing their older 300-gallon tanks with more sleek 1000 to 1500L models.


● Plastic vs steel
The material of the tank is also a big question of debate. While plastic bunded tanks are preferred in domestic settings, steel is the preferred option for the heavy-duty industry. Plastic bunded tanks are given more strength with medium density polyethylene. The inner tank is molded as a single unit with no joint or seam to avoid any chances of leakage. The inspection hatch and level gauge provide additional protection against accidental damage. With all these features plastic tanks get a little edge over steel tanks. Some customers also choose hybrid models.


● Bunded or single skin
Single skin tanks form a smaller market section and fit only when there is already a bund existing. These are also chosen for applications that need cheaper solutions and are not high risk. This makes it clear that bunded tanks cover the majority of the business. These tanks gain this edge over single skin due to the protection they provide against environmental elements. These also protect from condensation with the help of air in the bund.


● Industry standards
A fuel storage tank is a risky business where every product must conform to the standards with zero fault tolerance. Often states demand a declaration of conformity from the manufacturer before they roll out their products. Also, manufacturers must first get to the approved list. Often state rules and industry standards cause significant changes in the market trends.


● Risk assessment
The market sales of fuel storage tanks are also influenced by the assessment facilities provided by the companies. With increasing concerns and demands, many companies are offering risk assessment reports along with installation. It includes the location of the tank, its distance from risk components, etc.


All these factors are forming the way the customers are making their decision regarding fuel storage tanks in the present times. Any fluctuations in these factors can force manufacturers to do the potential to improve their products.


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