Demand for Railcar Spill Containment in Petrochemical Industry to Grow at 5.6% CAGR through 2031: Fact MR Study

NEW YORK, July 30, 2021 /PRNewswire/ -- As per Fact.MR, the global railcar spill containment market value reached US$ 21.5 million in 2020. Owing to the rise in demand for railcar spill containment systems from the petrochemical and oil & gas industries, the market is projected to exhibit a CAGR of 5% over the forecast period, surpassing a valuation of US$ 22 million by 2021.

The outbreak of the novel coronavirus has negatively impacted the sales of railcar spill containment systems across the globe. The closure of manufacturing facilities due to repeated lockdown imposed by the government is restricting the market growth. Because of this, a drop of -5.7% was observed in year-on-year demand during the pandemic.

Nevertheless, increasing awareness regarding environmental hazards and environmental regulations imposed to curb carbon emission from industries are expected to spur market growth. For instance, the United States Environmental Protection Agency has imposed Spill Prevention, Control, and Countermeasure (SPCC) regulation, making the usage of railcar spill containment systems mandatory across the country. This is expected to create lucrative sales opportunities in the market.

Petrochemical industry is dominating as the leading end user. In response to high chemical spillage and imposition of these environmental regulations, the industry is anticipated to project growth at a CAGR of 5.6% during the forecast period.

"The market players are investing in research and development (R&D) to develop new strategies such as providing custom-made railcar track pans and berms to cater to increasing demand from petrochemical and oil & gas industries," says the Fact.MR analyst.

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Key Takeaways from Railcar Spill Containment Market Analysis

• The U.S. is estimated to reach a valuation of US$ 6.3 million, growing at a CAGR of nearly 6.2% over the forecast period.
• The market for railcar spill containment in Europe is likely to surge at a CAGR of more than 4% between 2021 and 2031.
• Japan and South Korea markets are anticipated to expand at a CAGRs of 3.5%, collectively accounting for around 42% share in the East Asia market.
• Railcar track plans are projected to remain the dominant market product, holding a value share of nearly 68% through 2021.
• Based on material, the demand for concrete-based railcar spill containment is predicted to grow by 1.5X over the assessment period.

Key Drivers

• Growing awareness regarding environmental hazards due to chemical spillage is spurring the demand for railcar spill containment products.
• Imposition of numerous government regulations is boosting the sales of railcar spill containment products.
• Ongoing development and product launches in the landscape are driving the growth of the market.

Key Restraints

• High cost of railcar spill containment products is a factor restraining the market growth.
• The COVID-19 epidemic is hampering the sales of railcar spill containment amidst lockdown.

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Competitive Landscape

Leading players operating in the railcar spill containment market are focusing on acquisitions, portfolio expansion, manufacturing expansions, strategic collaboration, and brand development as their key strategies to strengthen their footprint in the market. For instance,

• Justrite safety group announced acquisition of Eagle Manufacturing in 2018. The acquisition with assist the company to provide better service to customers with industrial safety products including rail car spill containment.
• In 2018, Enpac, an American company, announced a launch of its new product 5483-YE Double IBC Dispensing Station. The products is made up of plastic to endorse it between the roads and rail.

Some of the prominent players operating in the railcar spill containment market profiled by Fact.MR are:

• Eagle Manufacturing
• Enpac
• Complete Environmental Product
• The Century Group
• Ultra tech International
• Safe Rack
• Basic Concepts Inc.
• Pactec
• Safe Harbor Access Systems
• Polystar Containment
• Aldon Company Inc.
• GEI Works
• Clean It Up

More Valuable Insights on Railcar Spill Containment Market

Fact.MR, in its new report, offers an unbiased analysis of the global railcar spill containment market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in railcar spill containment market with detailed segmentation:

• By Product
• Railcar Track Pans
• Railcar Track Berms
• Railcar Containment Mats
• By Material
• Fibreglass Railcar Track Pans
• Reinforced Concrete Railcar Track Berms
• Aluminium
• Stainless Steel
• Galvanised Steel
• Polyethylene
• Poly Vinyl Chloride
• By End Use
• Railcar Spill Containment for Power Plants
• Railcar Spill Containment Oil & Gas Industries
• Railcar Spill Containment Petrochemical Industries
• Railcar Spill Containment Others Industries

Key Questions Covered in the Railcar Spill Containment Market Report 

• The report offers insight into railcar spill containment demand outlook for 2021-2031
• The market survey also highlights projected sales growth railcar spill containment market between 2021 and 2031
• Railcar spill containment market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
• Railcar spill containment market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others

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SOURCE Fact.MR