Global Storage Tank Market By Type (Pressurized, Non-Pressurized), By Application (Oil and Gas, Chemical Industry, Water and Waste Water Treatment, Pharmaceuticals), By Region, And Segment Forecasts,...

Storage tanks are defined as containers that are used to hold compressed gasses, liquids, or mediums used for the short or long term storage of cold or heat. Storage tanks hold wide applications such as to store petroleum, water, chemicals, waste matter, and other hazardous materials while meeting strict industry regulations and standards.

The global storage tank market was valued at USD 210.9 billion in 2022 and is expected to grow to USD 781 billion by 2031 at a CAGR of 14.1%.

Drivers:

Shift in energy

Increasing demand for renewable energy sources such as solar, wind and biofuels increase the requirement of storage tanks for storing energy generated from intermittent sources and for supporting the change to a low-carbon economy. 

Water Scarcity and change in climate

There are growing concerns for water scarcity, pollution and climatic changes that raise the need for investments in water infrastructure, desalination plants and water conservation measures. This elevates the demand for storage tanks in water and wastewater sectors.

Restraints:

Environmental concerns:

There is a potential risk of spills, leaks and environmental contamination that are associated with storage tanks. These risks can result in public opposition, regulatory scrutiny and liability concerns and may affect project approvals and permitting processes.

Land use and zoning restrictions:

Storage tank installation requires large availability of suitable land. There is a limited availability of suitable land with zoning restrictions and land use regulations. These factors can hamper the development of new storage tank facilities or the expansion of the new ones.

Opportunities:

Significant opportunities are presented by the global storage tank market and these are driven by the increasing demand for energy and water storage, advancements in industrial infrastructure, and the growth of the chemical, oil and gas, and water treatment industries. There is a  rising focus on sustainable energy solutions and the increasing need for efficient storage systems in renewable energy projects, such as solar and wind power, which further boost market potential. Additionally, the expansion of pharmaceutical and food and beverage industries, which require advanced storage solutions for raw materials and finished products, creates new avenues for market growth. Emerging economies, particularly in Asia-Pacific and Latin America, offer lucrative prospects due to rapid industrialization and urbanization, necessitating enhanced storage capacities.

Market by System Type Insights:

The Global Storage Tank Market is divided into two system types; the above-ground storage tanks (AST)and the below-ground storage tanks (BST). Above-ground storage tanks (AST) are very popular because they are easy to maintain, inspect, and they have fewer environmental risks than the benzene ethylidene (BST). Despite the fact that they take up no space that can be seen, storage tanks located underground are used more in regions where space is limited or when aesthetics are an issue. Growing dependence on this commodity among oil, gas, chemicals and water treatment industries has played the critical role of driving the market forward by improving the life expectancy and performance of storage systems with regard to the two types. 

Market by End Use Insights:

The global storage tank market is separated by end use into various industries such as oil and gas, chemical, water and wastewater, and food and beverage. Furthermore, the oil and gas sector is leading in the demand for crude oil storage, refined products and LNG. Moreover, the petrochemical sector is propelling this market forward by necessitating various chemicals and hazardous materials storage. Growth in the water and wastewater sector is as a result of growth in industrialization and urbanization leading to the requisite for efficient water storage methods. In the same breath, in order to maintain the quality of their products and adhere to safety standards, the food and beverage industry requires specialized tanks. In general, this market is steered by durability, high performance and cost effectiveness in storage for these different fields.

Market by Region Insights:

The increasing demand for petroleum, natural gas and water storage solutions are driving significant growth throughout different regions of the world such as in the carbon tank market. North America leads as a substantial market mainly within the USA and Canada because of its strong industrial setup and current shale gas explorations. Europe follows, with substantial investments in upgrading and expanding storage infrastructure, particularly in countries like Germany, the UK, and Russia. Due to rapid industrialization and urbanization in China, India and Southeast Asia, the Asia-Pacific region has the highest growth rate leading to higher demand for chemical, oil and water storage tanks. In contrast, the Middle East and Africa present great opportunities for investments because they contain abundant oil as well as gas reserves being important areas where new storage facilities have been constructed to facilitate energy transportation. Latin America, particularly Brazil and Mexico, shows promising growth potential with expanding petrochemical and industrial sectors driving storage tank demand. 

Competitive Scenario:

There is intense competition among key players of the market which are driven by the increasing demand for energy and chemical storage solutions across various industries. Major companies, such as CST Industries, McDermott International, and Tarsco, support and strengthen advanced technologies and strategic partnerships to enhance their market presence. The competitive landscape is marked by continuous innovations in tank design and materials to improve durability and efficiency. Additionally, regional players are expanding their footprints through mergers and acquisitions, and are focusing to capture a larger share of the growing market which will be driven by rapid industrialization and stringent environmental regulations.

 Scope of Work:

Market Segmentation:

By type:

• Aboveground Storage Tanks

• Underground Storage Tanks 

By geography:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Asia 

By system type:

• Fixed Roof System

• Floating Roof System

• Open Top System

• Closed System

• Single-Walled System

• Double-Walled System

 By end use:

• Domestic

• Institutional

• Industrial

• Municipal 

Key Developments:

There has been significant developments in recent years which have been driven by technological advancements and regulatory changes. Increasing adoption of advanced materials for tank construction to enhance durability and safety, the rise of IoT and automation for real-time monitoring and maintenance, and a growing focus on environmental sustainability, prompting innovations in tank design to minimize emissions and reduce environmental impact are some of the considered key trends. Apart from these, a noticeable shift towards larger capacity tanks is there, to meet growing storage demands across industries like oil and gas, chemicals, and water treatment. These developments are playing a major role in shaping a dynamic market landscape with a strong emphasis on efficiency, safety, and sustainability.

FAQs

Q1. How much is the Storage Tank Market? 

The global Storage Tank Market size was valued at USD 24,407.2 Billion in 2023. 

Q2. Which region held the largest market share in the Storage Tank Market? 

North America had the largest share in the global market. 

Q3. Who are the key players in the Storage Tank Market?

The key players in the market are TOYO KANETSU K.K, Ishii Iron Works Co., Ltd , Pfaudler MEKRO Sp. Z O.O , CST Industries, Inc , McDermott , PERMIANLIDE , HIGHLAND TANK & MANUFACTURING COMPANY, INC , FOX TANK COMPANY, F WARREN GROUP INC, SUPERIOR TANK CO., INC.