Wilmington, Delaware, United States, Aug. 08, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The value of the global silos market was worth around US$ 187.7 Mn in 2021. The market is expected to rise at a CAGR of 3.3% during the forecast period, from 2022 to 2031. The global silos market size is likely to reach value of US$ 252.8 Mn by 2031. The need for bulk storage silos is increasing around the globe as a result of expansion in end-use sectors including plastic, food, chemicals, and tires. Especially in comparison to other storage solutions, silos offer a greater capacity for storage, which is expected to present promising growth opportunities for the stakeholders operating in the silos market.
In the forthcoming years, aluminum silos are one of the key market segments in silos market. This segment is anticipated to observe high growth due to rising demand in end-use industries like tires and plastic industries. Stainless steel silos are also expected to observe considerable rise in popularity in the forthcoming years. The leading manufacturers in the global silos market are always trying to enhance the design of silos and to broaden their global presence to boost their streams of income.
Due to the advantages of silos and their increasing usage across a range of end-use businesses, the global silos market is anticipated to expand at a healthy rate in the forthcoming years. Demand analysis of silos market predict that Industries are looking for storage facilities, which will probably result in less storage on the factory floor. As a result, there is an increase in usage of silos. In addition, manufacturers want to boost the availability of farm silos, functional silos, silo bags, and silos for storage. This is done in an effort to diversify their sources of income.
The region with the highest value share in the global silos market is Asia Pacific. Due to the expansion of several end-use businesses in the region, the need for silos is rising throughout Asia Pacific. The regional demand for silos is also being driven up by an increase in government spending across a range of end user industries.
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Key Findings of Market Report
- Silos, which are composed of materials like aluminum and stainless steel, are structural constructions used to store large goods. Tire, food, plastics, and chemical producers are always working to improve their production capacity and decrease waste. The use of silos in these end use industries is anticipated to increase as a result.
- According to a demand research of the silos market, silos are widely utilized for bulk storage purposes across a wide spectrum of industries. Since silos are much taller than other storage options and only take up a small amount of land, they are more advantageous to end-use companies. In addition, silos give end users more control over storage than smaller storage bins that are dispersed over a broader area as they make it simpler and more efficient for them to monitor the quality of their products.
- A number of countries are now increasing their production capacity, opening up profitable prospects for the expansion of the silos customer base. Higher performance demands and space optimization are likely to drive further changes in the market's needs for effective storage solutions. Additionally, this factor is likely to increase the demand for silos across the globe.
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Global Silos Market: Growth Drivers
- In order to meet the demands of a diverse spectrum of end users, companies are constantly making R&D investments. For the purpose of gathering and keeping track of data, they are creating silos with built-in sensors as well as safety equipment. Global firms are making efforts to draw customers and grow their market share.
- When it comes to type, standard silos are anticipated to command the largest market share in the near future. For numerous small and medium-sized businesses, standard silos up to 500m3 are both practical and sufficient. Their demand is being driven by this across several businesses.
Global Silos Market: Key Players
Some of the key market players are
- Kreyenborg GmbH & Co. KG
- P+W Metallbau GmbH & Co. KG
- Pneucon Heavy Projects Pvt. Ltd
- BM Silo
- GEA Group AG
- Technosilos AP
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Global Silos Market: Segmentation
Type
- Standard Silos (Below 500 m³)
- Field Assembled Silos (500 m³ - 2500 m³)
Material
- Aluminum
- Stainless Steel
End Use Industry
- Food Industry
- Chemical Industry
- Tire Industry
- Plastic Industry
Distribution Channel
- Direct Sales
- Indirect Sales
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