There are approximately 3,300 chemical industries based out of Spain. These companies add to the economy by generating approximately 670,000 direct as well as induced jobs. The Spanish chemical sector contributes roughly 5.8% of its GDP through both direct and indirect means. Roughly 3.5% of the active population is hired due to the booming chemical market within Spain.
Due to the high employment rate within the country, the tax generation increases. A value of roughly USD 23.6 Thousand is generated as a part of the per capita income tax and social security payments. The export capacity of the Spanish chemical industry plays a key role in the aggravation of this market. Spain is currently the second-largest exporter of chemical-based products. Roughly 58% of the country’s production goes to foreign markets. The R&D expenditure for this sector accounts for roughly 22% of the overall market revenue generated. Global Market Database is a world’s first dynamic B2B Market Research Platform which provides free market research tools.
Spanish Chemical Market Report indicates that the sales increased by over 32% since 2007 and the industrial production experienced a slump by roughly 15%. The data obtained for the Spanish chemical industries is from chemical market database created by CEFIC. Market research reports from Global Market Database adds as an additional information source that supports the current data. GMD is a cloud-based market research platform that offers data across 600+ markets and 12 different industries. The platform provides robust search results with respect to changing market trends. The market database is updated on a quarterly basis which hereafter provides more accuracy with respect to forecast as well as scenario analysis.
Principle for the functioning of Cryotanks
The term Cryotank refers to the storage of super cold fuels. This includes liquid hydrogen, liquid oxygen, liquid nitrogen, etc. Cryogenic Tanks are typically used to store product streams at low temperatures. These tanks can be used to transport the material at a fixed temperature and pressure. Therefore, they prevent the degradation of the element over a span of time.
This storage facility is constructed on the principle of a vacuum bottle. These vessels prevent a change in temperature for the storage of the material. They are majorly composed of carbon steel or stainless steel. To maintain the operating conditions within the tank, the inner pressure vessel is hereby surrounded by a layer of insulation. The insulation layer is composed of an absorbent material that provides greater vacuum stability. The effective thermal insulation minimizes product losses and enables lengthy storage times of low-temperature liquefied gases. Global Market Database is an effective market research tool that gives its users market wise quantitative inputs.
Key innovations in the Spanish Market
Lapesa is a Spain based company that has been producing Cryogenic tanks since 1964. The company produces a range of storage facilities from domestic to industrial applications. These tanks can be used for the storage and transport of gases, liquid fuels, chemical products, and fluids in general.
The company devised static tanks classified as horizontal above ground, horizontal below ground, and vertical below ground tanks. These storage amenities are used to contain LPG in both underground as well as over ground facilities. Upon request, the company also specializes in the optimized design of the tanks with respect to a plant’s geographic location. Owing to the intensive range of diameters, tanks ranging from 1 to 400 m3 of storage volume are developed under this facility. The tank has integrated cathodic protection that hereby prevents it from undergoing corrosion. The cathodic protection equipment consists of magnesium anodes with connecting wires and terminals. These equipment are suitable for a specific tank size and surface area.