During the forecast period 2021 to 2031, the global secondary containment tray market is expected to show an upward moderately trend in sales with CAGR 2% to 4%. Secondary containment tray can be manufactured using plastics such as polyethylene as well as metals such as stainless steel.
These materials provide good chemical resistance and forklift pinches make it easy to move from one place to another. Various features of Secondary containment tray include leak-proof body, heavy-duty construction, easily cleanable with water, and bucket shelf options to cater to various end-use industries.
What is Driving Demand for Secondary Containment Tray?
Transportation of a large quantity of crude oil and bulk petroleum products by these containment trays minimizes the risk of environmental degradation. Low cost and ease of availability of the plastic Secondary tray is another factor that boosting the demand of the market globally.
Besides these factors, the need for proper infrastructure required to cater to the growing needs of the chemical, petrochemical & refining and food & beverage sectors is another factor that is projected to drive demand and new requirements for these trays during the forecast period.
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Chemical and Petrochemical Industry Expected to Drive the Consumption of Secondary Containment Tray
Secondary containment market is primarily driven by the need for a collection of spillage from a leaked international bulk container (IBC). These trays find demand from different end-use industries such as chemical, automobile, pharmaceutical, and others. Based on the end-use, Secondary containment tray market is dominated by industrial chemicals and petrochemicals due to their wide use for secondary spillage containment.
Polyethylene is the most widely used material for the construction of such containment trays as it prevent from UV rays, rust, corrosion, and chemicals and helps in increasing the shelf life of the pallet. On the other hand, containment trays made of stainless steel provide excellent storage safety for highly acidic chemicals, hazardous materials, and flammable liquids. Secondary containment trays can also be used where oil is loaded and unloaded for transportation.
Asia-Pacific of Secondary Containment Tray Market outlook
Asia Pacific region is projected to witness sharp growth in the Secondary containment tray market due to rise in demand from petrochemical, lubricants, agrochemical and other industrial chemicals. Asia pacific market is primarily driven by countries such as China, Japan, South Korea, India and ASEAN Countries.
The prospects are particularly lucrative in high potential markets such as India and ASEAN nations. Based on the end-use, the market in Asia is dominated by industrial chemicals and petrochemicals due to their wide use in the various industries. Increasing demand of petrochemicals and oil in India and China will drive the market for secondary containment in Asia pacific region for the transportation and storage of it.
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North America Secondary Containment Tray Market Outlook
North America is expected to dominate the Secondary containment tray market due to significant growth from the chemical and food and beverage industries. With increasing petrochemical industries in the U.S., along with food and beverage industry, there will be steady growth in the requirement of the Secondary containment trays which will drive the North American market.
Growing paints, inks and varnish industries in the North America region anticipated to raise demand for such containment trays market it the region.
Who are the Key Manufacturers and Suppliers of Secondary Containment Tray
Some of the leading manufacturers and suppliers of Secondary containment trays are
The key manufacturers are focusing on producing HDPE used material for the construction of Secondary containment as it prevent from UV rays, rust, corrosion, and chemicals and helps in increasing the shelf life of the pallet.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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