Storage Tank Market Growth, Trends, Scope, Competitor Analysis and Forecast 2030

Storage Tank Market Size & Forecast

The global storage tank market was valued at approximately USD 12.98 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.52% from 2024 to 2030. By 2030, the market is expected to reach USD 13.02 billion, driven by rising demand for safe and efficient storage solutions in various industries.

Storage Tank Market Overview

Storage tanks are essential infrastructure used for storing gases, liquids, and hazardous materials for short or long-term periods. These tanks serve diverse industries, including petroleum, water, chemicals, waste, and energy. With applications ranging from energy generation to wastewater management, storage tanks play a crucial role in meeting global demands for resources while adhering to strict safety and environmental standards.

The global market for storage tanks is experiencing significant growth, largely due to the increasing adoption of concentrated solar power (CSP) technology and the expansion of energy generation capabilities worldwide. Additionally, the energy sector, especially the growing LNG storage demand, further propels market expansion.

Storage Tank Market Scope

The global storage tank market is segmented based on product type, material, industry vertical, and region:

• Product Type: Hazardous and non-hazardous storage tanks
• Material: Steel, concrete, polyethylene, and others
• Industry Vertical: Oil & gas, chemical, water, food & beverage, and more
• Region: North America, Europe, Asia-Pacific, Middle East & Africa, and South America

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Storage Tank Market Drivers

Several factors are driving the global storage tank market, including:

1. Increasing Energy Demand: The rising need for energy storage solutions in both conventional and renewable energy sectors.
2. Urbanization & Industrial Growth: Expanding industrialization and urban development, particularly in emerging economies, lead to higher demand for storage tanks in manufacturing and energy applications.
3. Rising Environmental Standards: Stricter environmental and safety regulations compel industries to adopt advanced storage solutions, ensuring compliance with global standards.
4. Advancements in LNG Storage: The growing demand for liquefied natural gas (LNG) storage tanks, driven by energy markets and international trade.

Storage Tank Market Trends

1. Growing Adoption of High-Manganese Steel in LNG Storage: Steel is increasingly used in LNG storage tanks due to its durability and ability to withstand extreme temperatures.
2. Shift Toward Non-Hazardous Storage Solutions: As industries focus on sustainability, non-hazardous storage tanks are gaining popularity, particularly for water and waste storage.
3. Integration of Smart Technologies: Innovations in sensor technology and IoT are enhancing the operational efficiency and safety of storage tanks, especially in the oil & gas sector.

Storage Tank Market Segmentation

By Product

• Hazardous
• Non-Hazardous

By Material

• Steel
• Concrete
• Polyethylene
• Others

By Industry Vertical

• Oil And Gas
• Chemical
• Water
• Food And Beverage
• Others

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Storage Tank Market Key Players

The key players dominating the global storage tank market include:

• McDermott (US)
• Tank Connection (US)
• CST Industries (US)
• PermianLide (US)
• Fox Tank Company (US)
• Highland Tank & Manufacturing Company Inc. (US)
• T.F. Warren Group (Canada)
• OYO Kanetsu KK (Japan)
• Superior Tank Co. Inc. (US)
• Snyder Industries Inc. (US)

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Regional Analysis

• Asia-Pacific (APAC): Holds the largest market share of 32.67%, driven by the rapid industrialization and urbanization in countries like China and India. The rising adoption of storage tanks in LNG transport and water storage systems is contributing significantly to the market growth.
• North America: Accounts for 21.1% of the global market share, supported by the robust shale gas production in the U.S. and a growing need for water storage tank maintenance services.
• Europe: Exhibits strong growth due to expanding industries in chemicals and petrochemicals.
• Middle East & Africa (MEA): Growing investment in oil and gas infrastructure boosts demand for storage tanks in this region.
• South America: Emerging economies and increasing industrial projects drive the demand for storage tanks.

Key Questions Answered

1. What is the size of the global storage tank market in 2023 and its growth forecast through 2030?
2. Which factors are driving the growth of the storage tank market?
3. What are the key market trends shaping the industry?
4. How is the storage tank market segmented by product, material, and industry vertical?
5. Which regions are expected to show the highest market growth?
6. Who are the key players in the global storage tank market, and what are their recent developments?

Conclusion

The storage tank market is poised for steady growth due to increasing industrial demand, especially in the energy and water sectors. The development of new materials and technologies further enhances the market’s potential, positioning it as a key player in global infrastructure. Investors and industry stakeholders can expect significant opportunities across various regions, particularly Asia-Pacific and North America.

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