Storage Tank Market overview
The Storage Tank Market is expected to have a CAGR of 3.68% and USD 8.86 Billion by 2032.
Storage tanks are simply containers used to store liquid or semi-solid items, including petroleum, chemicals, milk, water, and petrochemicals. They are available in different shapes such as open top and closed top, flat bottom, vertical and horizontal cylindrical, cone bottom, slope bottom, and dish bottom. Aboveground storage tanks (ASTs) and underground storage tanks (USTs) are the two types of storage tanks (USTs). Petroleum, waste matter, water, chemicals, and other hazardous items can all be stored in ASTs while adhering to tight industry norms and regulations. USTs are used to store either petroleum or hazardous materials. These tanks are built in accordance with the US Environmental Protection Agency (EPA) UST regulations, which went into effect in India and states without a State Program Approval in 2015.
Key Factors Driving the Market:
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Key Companies in the Storage Tank Market include
Storage Tank Market Segmentation
The global storage tank market has been segmented on the basis of installation type, product, material, and industry vertical.
Storage Tank Market Type Outlook
Storage Tank Market Product Outlook
Storage Tank Market Material Outlook
Storage Tank Market Industry Vertical Outlook
Storage Tank Market Regional Outlook
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Storage Tank Market Regional analysis
The Storage Tank Market is studied in the major parts of the world. The principal places are Asia Pacific, Europe, North America, and the rest of the world. The Asia Pacific dominated the market in 2018 and is expected to grow at the same rate in the forecast period. Due to the increasing need for plastic water tanks, water storage tanks, and many others, India and China dominate the market. Other regions will also increase the market in the forecast period.
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