Storage Tank Market Size is expected to cross USD $17.72 billion by 2028 at a CAGR of 4.25% during the forecast period 2022-2030
According to the latest research report, a 4.25 per cent compound annual growth rate of a CAGR is predicted for the storage tank market size through 2028, bringing in USD 17.72 billion between 2022-2030. USD 13.12 billion was the estimated value of the market in 2021.
Water, petrochemicals, chemicals, petroleum byproducts, milk, and other semi-solids may be stored in storage tanks. It is possible to get them in various forms, such as cylinders that are either vertically or horizontally aligned and closed or open tops.
The worldwide storage tank industry is expanding rapidly because of the increasing use of solar thermal power innovation and its attendant growth in power generating capacity. Many hazardous items may be stored in tanks, such as crude oil and wastewater. Oil and gas production is rising, and water usage in manufacturing and commerce is also rising. These factors all contribute to the market's overall size. An increase influences the market's expansion in storage facilities to reduce fuel use. Poly storage tanks and chemical holding tank replacements boost the market's expansion. Materials including petroleum, garbage, water, pharmaceuticals, and other dangerous chemicals may be stored in ASTs, which fulfil high industry requirements and regulations. USTs may be used to store petroleum products or potentially harmful chemicals. As of 2015, these tanks were erected in accordance with EPA UST standards, which were in force in India and the nations that did not have a State Program Approval in place at the time.
This report contains all the information on the global storage tank market analysis and the market strengths. The report also includes the culmination of dynamics, segmentation, key players, regional analysis, and other essential factors. And a detailed analysis of the global storage tank market forecast to 2030 is also included in the report.
The storage tank business was unaffected by the new COVID-19 epidemic. After the outbreak, the pandemic caused substantial growth in the world's energy consumption, particularly from the manufacturing industry. The storage tank market was also able to develop consistency throughout the year 2020 because of the rise of the energy market. Despite the pandemic's interruptions, the energy price steadily declined in 2020, contributing to the industry's growth. During the time period under consideration, increased consumer demand is expected.
As the global oil and gas sector continues to rise, so does the need for storage tanks to enhance fuel-efficiency, the growing usage of water in residential and manufacturing settings, and an expansion in the restoration of outdated chemical tanks.
Despite this, the rapidly expanding pharmaceuticals and paper and pulp sectors in developing countries are expected to drive demand for storage tanks in the coming years. This industry has a lot of room to develop, given the rising popularity of transportable water tanks.
The significant starting construction expenditures of storage tanks used to store hazardous materials and, improper installation and insufficient operation & maintenance services are limiting the market's development potential.
There is also a growing need for storage tanks in various industries, including healthcare coverage, food service, technology, automobile, building and pharmaceuticals. Nevertheless, the industry is expected to be restrained in the next several years by high operational expenses in storage tank building and increases in raw material prices.
Cumulative Growth Analysis
Water storage tanks are in great demand in rural and urban regions because of the growing population. Freshwater is scarce in both developed and underdeveloped nations. There has been an increase in the demand for water storage tanks due to a scarcity of water supply in many locations. Furthermore, water storage tank needs are being boosted by worldwide building and industrialisation activity.
Growing concerns about saving water and a rise in government control of sewage are the primary factors driving this market's development. As a result, water storage tanks are in the growing market for various corporate and industrial applications, notably in refineries, where water treatment, recycling, and softening are all essential. With a rapidly expanding population and development projects in Asia, this region is expected to be an attractive storage tank market growth.
Value Chain Analysis
The worldwide storage tank market is split by installation method, product, material, industrial vertical, and geography. According to installation type, the worldwide market has been segmented into aboveground and underground storage tanks (UST). The worldwide market has been split into hazardous and non-hazardous based on the product. The worldwide market has been divided into steel, polyethene, concrete, and other materials based on their properties. Sectors of the worldwide market have been divided based on industrial verticals, such as oil & gas, food & beverage, chemicals, water, etc.
The market is segmented based on the installation method, product, material, industrial vertical, and geography. The global storage tank market trends are expected to witness decent growth during the forecast period.
Insights By Application
Based on the application, the market is segmented into Potable Water, Water Conservation, Wastewater, Industrial Wastewater, Fire Protection, and Plumbing & Engineering Solution
Insights By end-users
The market is segmented into Municipal, Industrial, Commercial, and Residential based on the propulsion types.
Four primary regions have been identified in the worldwide storage tank market: North America, Europe; Asia-Pacific; and the Rest of the World. As of 2018, Asia-Pacific had the most outstanding of the worldwide storage tank market share, and it is expected to expand at the fastest rate in the coming years. Because of the expanding need for plastic water tanks, water storage tanks, food and beverage production, and the construction of transportation infrastructure for liquid natural gas, India and China have seen a rise in the use of storage tanks. Another factor fueling this market's development is the increasing expenditure by companies from the Middle East and South America.
India and China control a significant portion of the LNG storage tank industry due to their extensive investments in LNG transportation infrastructure. The developing food and beverage industries and the increasing need for plastic water tanks for storage contribute to the growth of the storage tank market value in the area.
As a result, many businesses are putting more emphasis on organic development methods, including new introductions and approval. Acquisitions and joint ventures, and partnerships were the most common inorganic development techniques seen in the industry. These initiatives have facilitated the growth of the business and client base of market participants. Because of the growing worldwide need for water storage tanks, market players in this sector may expect profitable growth possibilities in the future.
Major Key Players
The ZAL Centre has revealed the installation of a massive 20-meter hydrogen tank to increase aviation capacities by a factor of twenty-fifteen on August 9, 2021. Adding a sizeable gaseous hydrogen storage tank to ZAL's infrastructure has significantly increased the company's hydrogen production capacity.
The following report comprises of –
Market Outlook By Application Type
Market Outlook By Material Type
Market Outlook By Storage Capacity
Market Outlook By End Use
Market Outlook By Installation Type
Market Outlook By Region
|CAGR||4.25% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Installation Type , Product ,Material and Industry|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||CST Industries (US), McDermott (US), PermianLide (US), Highland Tank & Manufacturing Company, Inc. (US), Fox Tank Company (US), T.F. Warren Group (Canada), Superior Tank Co., Inc. (US), TOYO KANETSU K.K. (Japan), Ishii Iron Works Co., Ltd (Japan), Pfaudler (US), and MEKRO Sp. z o.o. (Poland).|
|Key Market Opportunities||
|Key Market Drivers||
The global storage tank market’s growth rate is 4.25% CAGR.
Fox Tank Company (US), McDermott (US), CST Industries (US), Highland Tank & Manufacturing Company, Inc. (US), PermianLide (US) have been the key players actively invested in the market.
The mounting oil and gas industry, the swelling adoption of storage tanks, the upward use of water in the industrial and commercial sector, and the replacement of aging chemical storage tanks are the key factors driving the global market.
The type, product, material, industry vertical are the specific segments of the market.
Asia-Pacific is to have the largest share in the global storage tank market and would grow at the highest rate.