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2024 U.S. Industry Statistics & Market Forecast - Metal Tank (Heavy Gauge) Manufacturing
Market Size & Industry Statistics
The total U.S. industry market size for Metal Tank (Heavy Gauge) Manufacturing:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2019 2020 2021 2022 2023 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|
| Market Forecast ($ millions) | ||||||
| Projected Industry Growth Rate (%) | ||||||
Industry Insights
The metal tank manufacturing industry is experiencing several key trends that are significantly impacting its operations. Firstly, the industry is witnessing an increasing demand for customized and flexible tanks that can be specifically designed to meet the needs of the customer. This is a result of changing customer preferences and requirements, which are driving manufacturers to create more adaptable solutions.Secondly, the industry is experiencing a growing emphasis on environmental sustainability. This trend is mainly driven by regulatory pressures and the desire to reduce the carbon footprint associated with the manufacturing process. As a result, tank manufacturers are increasingly exploring eco-friendly materials and adopting sustainable manufacturing practices.
Thirdly, the industry is rapidly adopting new technologies and digitalisation in its operations. The use of technologies such as artificial intelligence, automation, and robotics is enabling manufacturers to streamline their production processes, reduce material wastage and enhance overall efficiency.
Lastly, the industry is witnessing a growing shift towards smaller, more compact tanks that can be easily transported and installed. This is particularly driven by the growing need for mobility and portability in various industries such as oil and gas, mining, and water treatment.
In summary, the metal tank manufacturing industry is experiencing significant trends such as customization, environmental sustainability, technology adoption, and compactness that are shaping its operations and driving manufacturers to adapt accordingly.
U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) | |
|---|---|---|
| Total Revenue | Order at top of page |
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| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Metal Tank (Heavy Gauge) Manufacturing company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Metal Tank (Heavy Gauge) Manufacturing industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
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| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
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| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Metal Tank (Heavy Gauge) Manufacturing measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
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| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
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| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 6% | Order at top of page |
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| Chief Executives | 0% | |||
| General and Operations Managers | 3% | |||
| Office and Administrative Support Occupations | 9% | |||
| Production Occupations | 59% | |||
| Assemblers and Fabricators | 11% | |||
| Miscellaneous Assemblers and Fabricators | 8% | |||
| Metal Workers and Plastic Workers | 29% | |||
| Machine Tool Cutting Setters, Operators, and Tenders, Metal and Plastic | 7% | |||
| Machinists | 8% | |||
| Machinists | 8% | |||
| Welding, Soldering, and Brazing Workers | 8% | |||
| Welders, Cutters, Solderers, and Brazers | 8% | |||
| Other Production Occupations | 14% | |||
| Computer Numerically Controlled Tool Operators and Programmers | 5% | |||
| Transportation and Material Moving Occupations | 6% | |||
Metal Tank (Heavy Gauge) Manufacturing Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Metal Tank (Heavy Gauge) Manufacturing industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Metal Tank (Heavy Gauge) Manufacturing industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Metal Tank (Heavy Gauge) Manufacturing industry. |
Source:
Innovation News
- Jan 19, 2024: Compco Columbiana trademarks "TANKHEAD EXPRESS" - Metal tank heads for use with industrial pressure vessels, water heater tanks, propane tanks, and cryogenic liquid tanks
- Sep 05, 2023: Compco Columbiana trademarks "" - metal tank heads for use with industrial pressure vessels, water heater tanks, propane tanks, and cryogenic liquid tanks
- Jul 25, 2023: MMLJ trademarks "DB350" - Abrasive blast cleaning machines
- Aug 20, 2020: MMLJ patents Rust Inhibiting System And Method Of Use
- Jul 02, 2020: Dari-Tech patents Cleaning Systems And Methods For Rotary Screen Separators
- Apr 30, 2020: Performance Pulsation Control patents Mini-dampeners At Pump Combined With System Pulsation Dampener
Recent Federal Contracts for Metal Tank (Heavy Gauge) Manufacturing- Apr 01, 2024: AIRGAS USA, LLC (Long Beach, CA) awarded $18,653
- Mar 28, 2024: ROSWELL LIVESTOCK & FARM SUPPLY INC (Roswell, NM) awarded $21,523
- Mar 27, 2024: GREER STEEL INC (Lakewood, WA) awarded $10,933
- Mar 27, 2024: GETINGE USA SALES, LLC (Wayne, NJ) awarded $105,539
- Mar 05, 2024: JBL.-PRS. JV LLC (Summerville, SC) awarded $13,148
- Mar 04, 2024: SUNPOWER, INC (Athens, OH) awarded $25,976
- Apr 01, 2024: AIRGAS USA, LLC (Long Beach, CA) awarded $18,653
- Mar 28, 2024: ROSWELL LIVESTOCK & FARM SUPPLY INC (Roswell, NM) awarded $21,523
- Mar 27, 2024: GREER STEEL INC (Lakewood, WA) awarded $10,933
- Mar 27, 2024: GETINGE USA SALES, LLC (Wayne, NJ) awarded $105,539
- Mar 05, 2024: JBL.-PRS. JV LLC (Summerville, SC) awarded $13,148
- Mar 04, 2024: SUNPOWER, INC (Athens, OH) awarded $25,976
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