Storage Tank Market is projected to be worth USD 17.72 billion by 2028, registering a CAGR of 4.25% during the forecast period (2022-2030). The market was valued at USD 13.12 billion in 2021.
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). ASTs can be used to store materials such as petroleum, waste matter, water, chemicals, and other hazardous materials, all while meeting strict industry standards and regulations. USTs are used for storing either petroleum or certain hazardous substances. These tanks are built according to the US Environment Protection Agency (EPA) UST regulations, which were effective from 2015 in India and the states without a State Program Approval.
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Prominent Players –
The Prominent Players operating in the global storage tank market are:
CST Industries (US)
Highland Tank & Manufacturing Company
Fox Tank Company (US)
T.F. Warren Group (Canada)
Superior Tank Co.
TOYO KANETSU K.K. (Japan)
Ishii Iron Works Co.
and MEKRO Sp. z o.o. (Poland).
The high initial installation costs of storage tanks that are used for storing hazardous products and faulty installation and the inadequate operating and maintenance services are hindering the market growth. However, the rapid industrialization and urbanization, the rising demand for CNG vehicles, rapidly developing petrochemical, food & beverage, pharmaceutical, and pulp & paper industries in emerging nations, and the growing demand for portable water tanks are providing ample opportunities for growth of this market.
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Geographically, the global storage tank market has been segmented into four major regions– North America, Europe, Asia-Pacific, and the rest of the world. In 2018, Asia-Pacific held the largest share in the global storage tank market and is projected to grow at the highest rate during the forecast period. This can be attributed to the developing manufacturing sector, increasing population, and growing adoption of storage tanks in China and India due to the development of infrastructure for transporting LNG, growing demand for water storage tanks, plastic water tanks, and growing food & beverage industry. The growing investment by manufacturers in emerging economies of the Middle East & Africa and South America is also driving the growth of this market.
By Installation Type
Aboveground Storage Tanks (AST)
Underground Storage Tanks (UST).
Rest of the World
North America is projected to witness significant growth due to the growing production of shale gas across the country and growing water storage tank maintenance service companies such as SUEZ and Maguire Iron in North America.
The report for global storage tank market of Market Research Future covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.