Storage Tank Market Overview:
Global Storage Tank Market Size was valued at USD 6.4 Billion in 2022. The Storage Tank Market industry is projected to grow from USD 6.63 Billion in 2023 to USD 8.86 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.68% during the forecast period (2023 - 2032). Growing Infrastructure Investments, Growing Adoption of Industrial Chemical Fuels, Expansion of the Petrochemical Industry, Growing Focus on Renewable Energy, Growing Demand for Oil and Gas Storage, and Stricter Environmental Regulations., are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Storage Tank Market Trends
Rising demand for oil and gas storage and growing demand for water storage is driving the market growth
Storage tank sales have increased significantly in recent years, propelled by a number of causes including the expanding petrochemical sector, rising oil and gas consumption, and rising infrastructure construction spending. Storage tanks are essential for keeping a variety of materials like petroleum, chemicals, water, and renewable energy sources safe. They offer a reliable way to store these materials, ensuring their accessibility when needed. The market for storage tanks is driven by the rising demand for petrol and oil. There is a need for sufficient storage facilities to hold crude oil, refined goods, and natural gas due to the rising global energy consumption. Storage tanks make it possible to store these resources effectively and safely, guaranteeing a consistent supply to fulfill the world's energy demands. The growth of the storage tank market has been propelled by expenditures in infrastructure development. The need for storage tanks is growing as nations try to enhance their metropolitan centers, industrial facilities, and transportation systems. Cement, aggregates, and other materials needed for construction are stored in these tanks to ensure a steady supply to assist infrastructure projects. The storage tank market has been significantly influenced by the petrochemical sector. Petrochemicals are used in the production of plastics, chemicals, fertilizers, and pharmaceuticals, among other things. The demand for storage tanks to hold raw materials, intermediates, and finished goods rises along with the demand for petrochemical products.
The demand for storage tanks has also been boosted by the increased emphasis on renewable energy sources like solar and wind. Energy from renewable sources is stored in storage tanks, guaranteeing a constant supply even when the weather is unfavorable for power generating. These tanks increase the efficiency and dependability of renewable energy systems by storing extra energy during periods of peak production and releasing it when needed. Strict environmental restrictions have also fueled the demand for storage tanks in addition to these other factors. Strict regulations have been put in place by governments and regulatory agencies around the world to guarantee the secure handling and storage of hazardous materials. In order to comply with these rules and reduce environmental dangers, storage tanks with cutting-edge safety features and leak detection systems are increasingly being used. Rapid urbanization and industrialization have also fueled the market for storage tanks. Water, chemicals, and other materials needed for industrial processes and urban expansion must be kept in storage tanks as companies develop and urban areas expand. In order to support the development of diverse sectors and urban infrastructure, these tanks offer a dependable and effective storage solution.
Additionally, the market for storage tanks has been significantly influenced by the demand for water storage. The need for water storage tanks has increased due to worries about water scarcity and the growing world population. In areas with scarce water resources or sporadic water availability, these tanks provide a sustainable water supply by storing water for domestic, commercial, and industrial uses. The market for storage tanks has also benefited greatly from technological improvements. Storage tanks now have more effective, long-lasting, and secure designs and materials. In order to optimize operations and lower the danger of accidents, advanced monitoring and control systems have been placed into storage tanks. These systems provide real-time monitoring of levels, temperature, and pressure. The expansion of the storage tank market has been aided by the rising exploration and production efforts in the oil and gas sector. Storage tanks are needed to hold the extracted resources before they are transferred to refineries or distribution networks as new oil and gas reserves are discovered. Thus, driving the Storage Tank Market revenue.
Storage Tank Market Segment Insights:
Storage Tank Market Type Insights
The global Storage Tank Market segmentation, based on type includes Aboveground Storage Tanks and Underground Storage Tanks. The aboveground storage tanks segment dominated the market, accounting for 57% of market revenue. In comparison to USTs, ASTs have reduced construction costs and quicker installation, inspection, and maintenance processes. They can be composed of materials including steel, fiberglass, and concrete and come in a variety of sizes and designs, including horizontal and vertical cylindrical tanks.
Storage Tank Market Product Insights
The global Storage Tank Market segmentation, based on Product, includes Hazardous and Non-Hazardous. The hazardous segment dominated the market, accounting for 61% of market revenue. Materials that represent a risk to the environment, human health, or both are stored in hazardous tanks, which are created specifically for this purpose. These materials might be toxic compounds, caustic chemicals, flammable liquids, or other dangerous ones. Depending on the particular business and the kinds of hazardous materials being stored, some sub segments may dominate.
Figure 1: Global Storage Tank Market, by Product, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Storage Tank Market Material Insights
The global Storage Tank Market segmentation, based on Material, includes Steel, Concrete, Polyethylene, and Others. The polyethylene segment accounted for the largest market share of 37%. Plastic tanks, often known as polyethylene tanks, are inexpensive, adaptable, and lightweight storage options. They are frequently used to store non-hazardous materials such as water, chemicals, and many more. Tanks made of polyethylene have benefits including corrosion resistance, simplicity in installation, and adaptability in shape and size.
Storage Tank Market Industry Vertical Insights
The global Storage Tank Market segmentation, based on Industry Vertical, includes Oil & Gas, Chemicals, Water, Food & Beverage, and Others. The oil & gas segment dominated the market, accounting for 41% of market revenue. For a variety of uses, including the storage of crude oil, refined petroleum products, and natural gas, the oil and gas sector heavily relies on storage tanks.
Storage Tank Market Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Storage Tank Market dominated this market in 2022 (45.80%). Due to the region's large oil and gas industry, chemical manufacturing sector, and strict environmental restrictions, it also has well-established storage tank markets in addition to significant oil refineries, petrochemical complexes, and strategic petroleum reserves. Further, the U.S. Storage Tank Market held the largest market share, and the Canada Armor Materials market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL STORAGE TANK MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia-Pacific Storage Tank Market accounts for the second-largest market share. This is due to the expanding industrialization, urbanization, and increasing energy consumption. Further, the China’s Storage Tank Market held the largest market share, and the Indian Storage Tank Market was the fastest growing market in the Asia-Pacific region.
The Europe Storage Tank Market is expected to grow at the fastest CAGR from 2023 to 2032. In order to move towards cleaner energy sources, there is an increasing focus on the storage of renewable fuels, including hydrogen and biofuels. Moreover, the German Storage Tank Market held the largest market share, and the UK Storage Tank Market was the fastest growing market in the European region.
Storage Tank Market Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Storage Tank Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Storage Tank Market industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Storage Tank Market industry to benefit clients and increase the market sector. In recent years, the Storage Tank Market industry has offered some of the most significant advantages to medicine. Major players in the Storage Tank Market, including TOYO KANETSU K.K, Ishii Iron Works Co., Ltd , Pfaudler MEKRO Sp. Z O.O , CST Industries, Inc , McDermott , PERMIANLIDE , HIGHLAND TANK & MANUFACTURING COMPANY, INC , FOX TANK COMPANY, F WARREN GROUP INC, SUPERIOR TANK CO., INC, are attempting to increase market demand by investing in research and development operations.
TOYO KANETSU K.K.is the Japanese business company Providing engineering, procurement, construction, and maintenance (EPCM) services for storage tanks, terminals, and related infrastructure. The organisation, which has its corporate headquarters in Tokyo, Japan, has made a significant imprint on the international market by providing comprehensive solutions in the field of storage tank engineering and construction. The company has vast expertise designing and building many types of storage tanks, including aboveground and subterranean tanks, for a variety of industries, including water, petrochemicals, oil and gas, and chemicals. The company's knowledge spans every stage of a project's lifespan, from engineering design and feasibility studies to fabrication, building, and commissioning. The services offered by the business include the creation of intricate engineering drawings, the acquisition of supplies and tools, construction management, and quality assurance.
Ishii Iron Works Co., Ltd. is a Japanese business that specialises in the creation, production, and setup of pressure vessels and storage tanks. Ishii Iron Works was founded in 1914 and has its headquarters in Tokyo, Japan. It has a solid reputation for its high-quality products and knowledge of storage tank solutions. For a variety of sectors including oil and gas, petrochemicals, chemicals, water, and food processing, the company offers a comprehensive range of storage tanks, including aboveground and underground tanks as well as pressure vessels. Ishii Iron Works is renowned for its capacity to adapt solutions in accordance with client needs and project specifications.
Storage tanks made by Ishii Iron Works are created in compliance with laws and regulations from throughout the world, guaranteeing its reliability, sturdiness, and safety. The company's skilled engineers provide effective and structurally sound tank solutions using cutting-edge design software and technologies.
Key Companies in the Storage Tank Market include
- TOYO KANETSU K.K
- Ishii Iron Works Co., Ltd
- Pfaudler MEKRO Sp. Z O.O
- CST Industries, Inc
- HIGHLAND TANK & MANUFACTURING COMPANY, INC
- FOX TANK COMPANY
- F WARREN GROUP INC
- SUPERIOR TANK CO., INC
Storage Tank Market Industry Developments
January 2021: Pfaudler declared that it has opened a fully functional facility in Liyan., China.
July 2021: CST Industries, Inc., announced a strategic extension of their market with Adams Brothers Inc., a manufacturer of process equipment, wherein the latter will handle the eastern United States, Virginia, and North Carolina.
Storage Tank Market Segmentation
Storage Tank Market Type Outlook
- Aboveground Storage Tanks
- Underground Storage Tanks
Storage Tank Market Product Outlook
Storage Tank Market Material Outlook
Storage Tank Market Industry Vertical Outlook
- Oil & Gas
- Food & Beverage
Storage Tank Market Regional Outlook
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Latin America
Market Size 2022
USD 6.4 Billion
Market Size 2023
USD 6.63 Billion
Market Size 2032
USD 8.86 Billion
Compound Annual Growth Rate (CAGR)
Market Forecast Period
Market Forecast Units
Value (USD Billion)
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Type, Product , Material, Industry Vertical and Region
North America, Europe, Asia Pacific, and the Rest of the World
The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled
TOYO KANETSU K.K, Ishii Iron Works Co., Ltd , Pfaudler MEKRO Sp. Z O.O , CST Industries, Inc , McDermott , PERMIANLIDE , HIGHLAND TANK & MANUFACTURING COMPANY, INC , FOX TANK COMPANY, F WARREN GROUP INC, SUPERIOR TANK CO., INC
Key Market Opportunities
Rapid Industrialization and Urbanization Fuel, Growing Demand for Water Storage and Technological Advancements
Key Market Dynamics
Rising Demand for Oil and Gas Storage and Increasing Investments in Infrastructure Development.
Storage Tank Market Highlights:
Frequently Asked Questions (FAQ) :
The global Storage Tank Market size was valued at USD 6.4 Billion in 2022.
The global market is projected to grow at a CAGR of 3.68% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are TOYO KANETSU K.K, Ishii Iron Works Co., Ltd , Pfaudler MEKRO Sp. Z O.O , CST Industries, Inc , McDermott , PERMIANLIDE , HIGHLAND TANK & MANUFACTURING COMPANY, INC , FOX TANK COMPANY, F WARREN GROUP INC, SUPERIOR TANK CO., INC.
The Aboveground Storage Tanks category dominated the market in 2022.
The Hazardous had the largest share in the global market.
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