Tank Liners: How Smart Sensors and IoT Devices are Revolutionizing the Industry?
Tank liners are protective films or barriers used specifically to prevent leakage, spillage, corrosion, and abrasion of industrial tanks containing different liquids, chemicals, fluids, and hazardous materials. Almost all end-use industries, including food and beverages, construction and manufacturing, and life sciences deploy industrial liners to reduce the cost of repair and maintenance, enhance the safety of the workforce, and lower the possibility of environmental degradation.
Innovations and Technology Integration Creating New Investment Opportunities
In the last few years, several new technologies have been introduced in the tank liners industry to improve the quality of protective films and barriers. For instance, IoT-enabled devices and smart sensors are increasingly embedded in liners to monitor various parameters such as volume of liquid, temperature, moisture, pressure, and more. The data collected by these advanced tools is then used to manage these storage tanks better. Moreover, the information captured is then used to forecast potential issues and challenges that are likely to occur in the near future. Thus, smart tank liners help storage facility operators engage in predictive analysis, thereby reducing the cost and time required for repair and maintenance.
Another important innovation in the landscape of tank liners is the adoption of additive manufacturing techniques such as 3D printing. The most obvious benefit of using this advanced technology is that it aids industrial facilities in designing customizable tank liners that suit their storage tank parameters perfectly. Moreover, the wastage associated with regular production methodologies is also reduced drastically, which assists businesses in lowering their input costs, thus increasing their profitability in the long run.
Strategic Alliances Opening New Avenues for Growth
Recently, Allied Market Research published a report on the tank liner market, which highlighted that the industry, which accounted for $476.0 million in 2023, is anticipated to gather a revenue of $777.1 million by 2032, growing at a CAGR of 5.4% during 2024-2032. The strategic alliances established by major companies are expected to contribute to the expansion of the industry in the coming period. For instance, in June 2021, Avantor, Inc., a biotechnology company, announced that it had signed a definitive agreement to acquire RIM Bio, a major supplier of tank liners and bag assemblies. The acquisition is expected to strengthen Avantor’s portfolio substantially and is predicted to strengthen the position of the company in the near future.
In June 2023, Ringmetall SE, a machine industry company, announced the acquisition of Liner Factory GmbH & Co. KG, a German industrial packaging liners provider. Liner Factory GmbH & Co. KG is one of the biggest companies in the tank liners sector and supplies its solutions to various food and beverage suppliers. The acquisition by Ringmetall SE is estimated to place the company as one of the major players in the market in the coming period.
In summary, growth of the tank liner industry is attributed to rise in use of smart technologies and IoT-powered devices by major players in the sector. Moreover, strategic alliances by top businesses are anticipated to increase the revenue share of the market in the years to come.