August 08, 2022 08:30 ET | Source: Transparency Market Research Transparency Market Research

Albany, New York, UNITED STATES

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

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Global Silos Market: Growth Drivers

Global Silos Market: Key Players

Some of the key market players are

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