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Growth in end-use industries such as chemicals, food, plastic, and tire is driving the global demand for bulk storage silos. Silos provide larger storage capacity compared to other storage options. Silos made of aluminum are expected to witness a higher CAGR during the forecast period due to the increase in demand for these in end-use industries such as plastic and tire. Demand for stainless steel silos is also anticipated to rise significantly during the forecast period. Key manufacturers operating in the global silos market are constantly working toward design improvements in silos as well as expanding their global reach to broaden their revenue streams.

Silos are structural designs to store bulk materials and are made of materials such as stainless steel and aluminum. Manufacturers of plastics, food, tire, and chemicals are continuously focusing on increasing their production capability and reducing wastage. This is expected to boost the demand for silos in these industries.

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The global silos market is expected to grow at a decent pace during the forecast period, owing to the favorable properties and rise in application of silos in various end-use industries. Industries seek storage facilities, which are likely to reduce plant floor storage. This is leading to a rise in demand for silos. Apart from this, manufacturers are aiming to diversify their revenue streams by increasing the availability of silo bags, farm silos, functional silos, and silos in agriculture.

Storage Space Optimization and Convenience in Handling Bulk Raw Materials Augmenting Silos Demand

Demand analysis of silos market indicates that silos are being extensively used for bulk storage applications in various industries. Silos provide a greater advantage to end-use industries, as they are significantly taller than other storage solutions and hold a small land area. Moreover, silos provide greater control for storage, as end-users can easily and effectively control the condition of their products compared to smaller storage bins that are spread across a larger area.

Silos enable efficient material handling, as time and labor associated with handling and moving materials in Gaylord boxes get reduced. The usage of silos also enables to lower waste and other disposable costs. Furthermore, an efficient method for storing chemicals is required in processing plants that use dry bulk chemicals such as quicklime, hydrated lime, soda ash, and magnesium oxide in large quantities. Silos not only help store and protect dry chemicals from weather conditions, but also help in effective transfer and handling of chemicals. End-users can save on raw material costs by purchasing raw materials in bulk due to the adoption of silos. This is expected to drive the adoption of silos across the globe during the forecast period.

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Increase in Production Capabilities to Propel Global Silos Market

The outbreak of COVID-19 caused global supply chain disruptions, making end-use industries realize the importance of having a proper storage system for bulk materials such as hopper silos, delivery silos, and flat bottom silos. Various countries are now expanding their production capabilities, thus creating lucrative opportunities for silos market share expansion. Market requirements for efficient storage systems continue to evolve, driven by higher performance requirements as well as space optimization. This is also augmenting the global demand for silos.

Manufacturers are increasingly investing in R&D to cater to the needs of a wide range of end-users. They are developing silos with integrated sensors and safety accessories to collect and monitor data. Efforts are being made by global players to attract consumers and increase their market share. Apart from product development, capacity expansion is also an important factor for increasing business opportunities. Entering new geographies and expanding business in untapped markets are expected to further create new business opportunities for manufacturers of silos during the forecast period.

Convenience Factor Boosting Demand for Standard Silos

In terms of type, the global silos market has been bifurcated into standard silos and field-assembled silos. Standard silos are expected to hold the highest market share during the forecast period. Standard silos, which range up to 500m3, are convenient as well as sufficient for many small and medium-scale industries. This is driving their demand in various industries.

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Corrosion-free Properties of Stainless Steel Silos Benefiting Manufacturers

In terms of material type, the global silos market has been divided into stainless steel silos and aluminum silos. Silos made of stainless steel are expected to account for the highest market share during the forecast period. Stainless steel silos are primarily used in end-use industries due to their corrosion-free properties. Thus, they can be used in any weather condition, both indoors and outdoors. Stainless steel silos are also contamination free. This is driving their demand in the food industry.

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