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

Fact MR Study

The Fact MR offers comprehensive railcar spill containment market analysis, covering factors affecting sales across key segments including product type, material, and end use. It also offers insights into leading railcar spill containment market players and strategies adopted by them to improve sales.

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