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11630 SW 97 Street, Miami, Florida 33176, US
11630 SW 97 Street, Miami, Florida 33176, US
According to the research reports by MRFR, Storage Tank Market Research Report: Information, by Industry Vertical, Product, Installation Type, Material, and Region – Forecast till 2030, the storage tank market is predicted to acquire a valuation USD 17.72 billion by the end of 2030. The report further predicts the market to flourish at a robust CAGR of over 4.25% during the assessment timeframe from 2022 to 2030.
Storage Tank Market Overview:
Water, petroleum byproducts, milk, chemicals, petrochemicals, and other semi-solids can be stored in storage tanks. It is possible to get them in several forms, such as horizontally or vertically supported cylinders and closed or open tops. The global market for storage tanks has grown immensely in the last few years. The central aspect supporting the market’s growth is the rising usage of solar thermal power innovation and its consequent growth in power generating capacity. Several dangerous items, like wastewater and crude oil, may be stored in tanks.
Report Coverage
|
Metrics |
Details |
|
Market Size |
2030: USD 17.72 billion |
|
CAGR |
4.25% CAGR (2022-2030) |
|
Base Year |
2021 |
|
Forecast Period |
2022-2030 |
|
Key Market Opportunities |
Rapid industrialization and urbanization rising demand for CNG vehicles Rapidly developing petrochemical, food & beverage, pharmaceutical, and pulp & paper industries in emerging nations Growing demand for portable water tanks |
Oil and gas production is growing, and water usage across manufacturing and commerce is also rising. All of these aspects are projected to influence the growth of the market. A rise influences the market’s growth in storage facilities to lower fuel use. Poly storage and chemical holding tanks are substitutes for the market’s growth. USTs may be utilized to store petroleum products or possibly toxic chemicals.
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Storage Tank Market USP Covered
Market Drivers
The global market for storage tanks has grown immensely in recent years owing to the aspects like growth in the oil industry, the need for storage tanks to enhance fuel efficiency, expansion in the restoration of outdated chemical tanks, and expanding usage of water in residential and manufacturing settings.
Market Restraints
On the other hand, the significant changes in starting construction of storage tanks may restrict the market’s performance.
Storage Tank Market Segment Analysis
Based on the material used, the polyethylene tank segment is anticipated to dominate the global market for storage tanks over the assessment timeframe. The primary aspect supporting the segment’s growth is durability, cost-effectiveness, and lightweight.
Based on the end-users, the residential segment is projected to lead the global market for storage tanks over the assessment timeframe. The rapidly growing population and increasing housing starts across the globe is the central aspect boosting the demand for these tanks.
Based on the application areas, the water conservation segment is predicted to dominate the global market for storage tanks over the coming years.
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COVID-19 Impact
The global health crisis in the form of COVID-19 has had a massive impact on the majority of the industry sectors across the globe. The rapid spread of the disease managed to impact financial and industrial activities across almost 225 nations worldwide. Like all other industry sectors, the global market for storage tanks has also witnessed several unexpected challenges during the pandemic. The travel restrictions and social distancing norms imposed by the governments disrupted the supply chain networks. However, the after the outbreak, the pandemic in some ways boosted the growth in demand for these storage tanks across the world’s energy consumption, especially in the manufacturing industry. The global market for storage tanks was also capable of growing consistently even during the pandemic, given the increase in the energy market. In spite of the pandemic’s interruptions, the energy price gradually fell in 2020, supporting the market’s growth. The global market for storage tanks is anticipated to grow substantially over the coming years.
Storage Tank Market Regional Analysis
The global market for storage tanks is analyzed across five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The research reports by MRFR suggest that the Asia-Pacific region is anticipated to dominate the global market for storage tanks over the evaluation period. The region secured the top position worldwide in the year 2018 in terms of market share. The main factor supporting the growth of the regional market is the growing requirement for plastic water tanks, food and beverage production, and the construction of transportation infrastructure for liquid natural gas and water storage tanks across the nations like China and India. Furthermore, the rising portion of the LNG storage tank industry because of the extensive investments in LNG transportation infrastructure is another prime aspect boosting the growth of the regional market.
The storage tanks market for the Latin American and, Middle East & African regions is likely to grow substantially over the coming years. The primary factor contributing to the growth of the regional market is the increasing expenditure by companies across these regions.
Storage Tank Market Competitive Analysis
The global market for storage tanks has leading players such as:
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.
