Storage Tank Market Size, Opportunities And Strategies 2024-2033

Global storage tank market size is expected to reach $18.95 Bn by 2028 at a rate of 5.5%, segmented as by type, aboveground storage tanks, underground storage tanks

Jul 26, 2024 - 15:50

Storage Tank Market Size, Opportunities And Strategies 2024-2033

Overview and Scope

The storage tank refers to tanks or containers that are employed to hold liquids, compressed gases, or mediums used for the short-or long-term storage of heat or cold. A particular tank can serve one or both purposes, depending on its location within the system and its type of configuration.

Sizing and Forecast

The storage tank market size has grown steadily in recent years. It will grow from $14.61 billion in 2023 to $15.3 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to industrial revolution and urbanization, advancements in material sciences, petroleum and oil industry expansion, regulatory compliance and safety standards, chemical industry growth.

The storage tank market size is expected to see strong growth in the next few years. It will grow to $18.95 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to resilient storage solutions, hydrogen storage demand, industrial expansion and infrastructure development, stricter environmental regulations, shift towards LNG and gas storage. Major trends in the forecast period include modular and customized solutions, remote monitoring and IoT integration, green and sustainable practices, rise in chemical and petrochemical industries, water conservation solutions.

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Segmentation & Regional Insights

The storage tank market covered in this report is segmented –

1) By Type: Aboveground Storage Tanks, Underground Storage Tanks

2) By Material: Steel, Concrete, Polyethylene, Other Materials

3) By Application: Petroleum Industry, Chemical Industry, Grain and Oil Industry, Food Industry, Other Applications

North America was the largest region in the storage tank market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the storage tank market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

Increasing water scarcity in several regions is the key factor driving the storage tank market going forward. Water scarcity limits access to safe water for drinking and for practicing basic hygiene at home, in schools, and in healthcare facilities. Storage tanks are used to store water and make it accessible for multiple uses, including drinking, irrigation, fire suppression, and others. For instance, according to the United Nations International Children's Emergency Fund (UNICEF), a US-based agency, half of the world’s population could be living in areas facing water scarcity by as early as 2025. By 2040, around 1 in 4 children worldwide will be living in areas of extremely high water stress. Therefore, increasing water scarcity in several regions is driving the storage tank market.

Key Industry Players

Major companies operating in the storage tank market report are McDermott International Inc., PermianLide LLC, Sintex Industries Limited, Pfaudler Group, Toyo Kanetsu K.K., Synalloy Corporation, Caldwell Tanks Inc., Snyder Industries Inc., CST Industries Inc., Highland Tank & Manufacturing Company Inc., ZCL Composites Inc., Crom Corporation, Tank Connection Affiliate Group, DN Tanks Inc., Containment Solutions Inc., Poly Processing Company LLC, Tanco Engineering Inc., Tarsco LLC, Modern Welding Company Inc., Fisher Tank Company, Fox Tank Company, Superior Tank Co Inc., Fiber Technology Corporation Inc., Ishii Iron Works Co Ltd, MEKRO Sp. z o.o., Norwesco Industries, Heartland Tank Companies, Steel Tank and Fabricating Corporation, Tankmart International LLC, Motherwell Tank Protection Limited

The storage tank market report table of contents includes: