Storage Tank Market is Projected to Witness 3.68% CAGR by 2030

Market Research Future (MRFR) has published a cooked research report on the “Storage Tank Market” that contains the information from 2022 to 2030.
Global Storage Tank Market Research Report

Storage tanks are nothing but containers that are used to store liquid or semi-solid products such as petroleum products, chemicals, milk, water, and petrochemicals. They are available in various shapes such as vertical and horizontal cylindrical, open top and closed top, and flat bottom, cone bottom, slope bottom, and dish bottom. There are two types of storage tanks–aboveground storage tanks (ASTS) and underground storage tanks (USTS).

Market Synopsis

The Global Storage Tank Market was valued at USD 6.20 billion in 2021; it is expected to reach USD 8.58 billion in 2030, growing at 3.68% CAGR.

The rapidly changing climate and topography and increasing water pollution have reduced drinking water reserves across the globe. The growing number of industrial plants and rising usage of chemicals generate a huge amount of chemical waste that is either dumped in nearby water bodies or discarded in the ground without neutralizing the chemical effects. This depletes the quality of underground water while minimizing its availability for consumption. The rising percentage of pollutants, specifically in metro cities, has generated opportunities for the distilled water industry. Additionally, a few geographies with a high percentage of arsenic and lead in water make it unfit for consumption. Such circumstances have accelerated the establishment of distilled water units across countries.

The unplumbed seabeds are being explored by crude oil companies for the extraction of oil and gas. Many oil reserves are unexplored, and crude oil companies are investing in oil and gas sea-bed exploration to attain a high volume of conventional fuel. A few of the coveted offshore petroleum reserves across the world include the US coasts, Brazilian coasts, the Arctic region, Antarctica, Ultra Deep Waters, and the South China Sea. The deepwater reserves potential is still unmeasured, and countries such as China, the US, India, and Brazil are racing to dig deep to extract crude oil and lubricants. According to International Energy Agency (IEA), global oil demand is expected to grow by 5.7 mb/d during the tenure of 2019-2025 at an annual rate of 950 kb/d. In addition, the non-OPEC oil supply augmented by 4.5 mb/d to reach 69.5 mb/d by 2025. Countries such as U.S., Brazil, Guyana, UAE, and Iraq are a few of the largest suppliers of crude oil.

Like most industries, the automation & equipment industry got affected by the emergence of COVID-19. In the first few months of the pandemic, the growth of the equipment industry slumped, characterized by declining revenues and disruption of the supply chain and manufacturing facilities operating with a partial workforce in their production line. however, accelerated the key mobility value chain trends that were still in the pipeline before the emergence of the pandemic. The industrial automation & equipment industry is expected to be more advanced, connected, and digital in the coming years. The players operating in the industry are working on pragmatic plans focused on cash flows, debt levels, and critical operations.

Competitive Landscape

The Global Storage Tank Market is characterized by the presence of many regional and local vendors. The global market is highly competitive, with all the players competing to gain a larger market share. The vendors compete based on cost, product quality, reliability, and aftermarket services. Therefore, vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.

TOYO KANETSU K.K, ISHII IRON WORKS CO., LTD, PFAUDLER, CST INDUSTRIES, INC, MCDERMOTT, PERMIANLIDE, and FOX TANK COMPANY are the major players in the market, competing in terms of a variety of applications for the Global Storage Tank Market and their components, as well as efficiency, reliability, affordability, and advanced technology. The primary focus of the players is to provide advanced products to aid in increasing adoption, which could help strengthen a country's growth with advanced products.

Segmentation

Based on Installation Type

• Aboveground Storage Tanks: An aboveground storage tank (AST) is a huge industrial container for storing liquids such as petroleum products, crude oil, gases, gasoline, water, and chemicals. The 40 CFR 112 regulates aboveground storage tanks, which is why they are labeled "bulk storage containers". These containers are used for various things, including storing oil before it is used, while it is being used, and before it is distributed in the market. Due to the significant pressure produced between the tank and the soil, aboveground storage tanks are prone to pitting and crevice corrosion.


• Underground Storage Tanks: A tank and any underground piping connecting to the tank that has at least 10% of its total volume underneath is known as an UST. It stores liquid chemicals that will be preserved, treated, and used later. Petroleum and dangerous chemical substances are typically stored in underground storage tanks. For instance, according to the US Environmental Protection Agency, around 542,000 USTs contain petroleum or hazardous substances across the country. UST systems are classified into four types such as steel or aluminum, composite overwrapped with filament windings, metal matrix composite, and composite tanks with polymer liner.

Based on Product

• Hazardous: Any item or material developing an unjustifiable risk to health, safety, or property when transported in commerce is referred to as hazardous material. Identifying dangerous substances is the first step in eliminating their hazards. This is followed by adequate packaging, handling, and storage. Flammable and combustible liquids such as crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene, Liquefied Petroleum Gas (LPG), and other chemicals such as benzene, toluene, and mercury are present in almost every workplace.


• Non-Hazardous: Ash, sludges, lubricants, grinding dust, and liquids contaminated with non-hazardous chemicals are examples of common industrial pollutants that are considered non-hazardous in most counties. Growth media such as agar and Dulbecco's Modified Eagle Medium (DMEM), non‐toxic buffer solutions, aqueous stains & and dyes, water, gelatin, mineral oil, amino acids & salts, sugars, and others are considered as non‐hazardous products. Moreover, the rapidly increasing population & urbanization, recycling of industrial wastewater, and water scarcity contribute to the growth of this segment in the global market.

Based on Material

• Steel: Steel is an iron-carbon alloy with a carbon content of around 2%. It is used to manufacture anything from sewing needles to oil tankers, and it is by far the most widely used material for building the world's infrastructure. In addition, steel is durable, cost-effective, trustworthy, resistant to corrosion, toughness, and low thermal conductivity at cryogenic temperatures. Steel's one-of-a-kind mix of features and characteristics enables it to fulfill the demands of today's modern storage tanks.


• Concrete: Storage tanks are made of concrete are capable of meeting the requirements coming with storage of different fluids. In the wastewater and water industries, concrete storage tanks are widely used due to higher chemical resistance and lower build costs, especially for storing water and specialty chemicals. Concrete water storage tanks are the most common type of water tank. They have high durability and are strong.


• Polyethylene: Polyethylene is the optimal storage tank material for many chemicals because of its exceptional strength, lightweight durability, and low cost. Polyethylene Is the preferred material for storing inorganic acids and bases such as sodium hypochlorite, sulfuric acid, ferric, alums, polymers, and various other compounds. These are chemicals that are widely utilized in wastewater treatment and various industrial processes.


• Others: Other materials used for manufacturing storage tanks include thermoplastic, fiberglass, and aluminum. Fiberglass storage tanks are available in capacities of up to 300 tonnes. They are one of the most widely used media for storing various substances, including industrial chemicals, water, fuel, and other liquids, both below and above ground.

Based on Industry Vertical

• Oil & Gas: As the world's primary fuel source, oil & gas is a key industry and has a significant impact on the global economy. The oil & gas industry is one of the world's most valuable industries, generating an estimated ~USD 3.3 trillion in income each year. A steady increase in the energy outlook and growing import-export activity in the petroleum industry also propels the market upward. Moreover, increased R&D activity on synthetic natural gas (SNG) technology, growing usage of Liquefied Natural Gas (LNG) as a ship fuel, rising institutional investor investments, increasing Compressed Natural Gas (CNG) infrastructure, and growing refineries in many countries across the globe drive the growth of the oil and gas segment during the assessment period.


• Chemicals: One of the ancient manufacturing industries is the chemical industry. It not only fulfills the necessities of the general public on a regular basis, but it also contributes considerably to a country's industrial and economic prosperity. Chemicals are widely used in various consumer goods and several industries such as agriculture, manufacturing, construction, service industries, and others. Rubber and plastic products, textiles, garments, petroleum refining, pulp & paper, and primary metals are all major industrial customers.


• Water: Drinking water provision and wastewater disposal and treatment services are provided by the water industry to the residential, commercial, and industrial sectors of the economy. The rising construction activities, industrialization activities, increasing government regulation of wastewater, and increase in demand for potable water around the world as a result of population development can be attributed to the growth of the water segment.


• Food & Beverage: The food & beverage industry is one of the most rapidly growing industries worldwide. Restaurants, cafeterias, cafés, fast-food joints, pubs, delis, food manufacturing operations, catering enterprises, food transportation services, and others are all part of the food and beverage industry. Growing breweries or wineries industries and increasing mass dairy production increase the demand for storage tanks, ultimately increasing the growth of the food & beverage segment during the assessment period.


• Others: Other industries include pharmaceutical, cosmetic, agriculture, construction, textile, pulp & paper, and plastics & rubber products.

Based on Region

• North America: In the US, water usage has increased in the industrial and commercial sectors, resulting in an increased need for water storage tanks. As the world's oil and gas sectors have grown, water storage systems have become more common. Globally, the market is optimistic, with businesses such as CST Industries (US) and McDermott (US) leading the way. CST Industries, Inc. (US), a prominent player in the North American water storage systems business, has relied on inorganic approaches to maintain its market position.


• Europe: Europe makes up a considerable portion of the storage tank market. The region is importing near-record amounts of liquefied natural gas as the extended heat pushes cooling demand and decreases water supply for hydropower generating. The EU has proposed 22 large-scale LNG (liquefied natural gas) import terminals, all of which would be located within Europe, except the terminals proposed in Ukraine and Russia. The storage tank businesses in the region were in terrible financial straits, with many requesting to shut down or drastically decrease their operations.


• Asia Pacific: The presence of several market players in the region, such as Toyo Kanetsu K.K. (Japan), Ishii Iron Works Co., Ltd (Japan), is driving the growth of the regional market. The municipal sector held the greatest proportion of the Asia-Pacific water storage tank systems among the main end-use industries. The municipality is a major consumer of the water tank; they are in charge of water distribution and delivery to cities, municipalities, and domestic and public service organizations.


• Rest of the World: The Rest of the World comprises the Middle East & Africa and Latin America. Storage tank construction in the Middle East is very well progressed; however, not all tanks are built on a suitable foundation, and many require specific foundation procedures to ensure that the design parameters are met. Ground repair of tank foundations has a demonstrated track record in the region. Due to their commercial worth and social relevance, industrial-scale tanks are typically massive and heavily laden structures that are used to store fluids and must remain in continuous service.