Categories: Market Research

Global Storage Tank Market Size and Forecast 2023-2032| McDermott (US), CST Industries (US), PermianLide (US), Fox Tank Company (US), Highland Tank & Manufacturing Company Inc., (US),

The Storage Tank Global Market Report 2023 by The Business Research Company, provides storage tank market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Storage Tank Global Market Report 2023, the market size will grow from $14.22 billion in 2022 to $15.16 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global storage tank is expected to grow to $19.55 billion in 2027 at a CAGR of 6.6%.

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 practising 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

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The storage tank market 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

Product innovations are a key trend gaining popularity within the storage tank market. Companies operating in the storage tank market are developing new products to strengthen their position in the market. For instance, in November 2020, Eddyfi Technologies, the world leader in advanced non-destructive testing solutions operating in storage tanks, launched its new FloormapX, a patented magnetic flux leakage array tank floor scanner. The tank floor scanner helps in ensuring the safety and integrity of storage tanks and prevents leakage and decontamination.

The storage tank market report table of contents includes:

1. Executive Summary

2. Storage Tank Market Characteristics

3. Storage Tank Market Trends And Strategies

4. Storage Tank Market – Macro Economic Scenario

5. Storage Tank Market Size And Growth

26. Africa Storage Tank Market

27. Storage Tank Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Storage Tank Market

29. Storage Tank Market Future Outlook and Potential Analysis

30. Appendix

Top Major Players: