The storage tank market has demonstrated steady growth, increasing from $14.61 billion in 2023 to $15.3 billion in 2024, reflecting a CAGR of 4.7%. This growth is attributed to industrial advancements, urbanization, material science innovations, petroleum and oil industry expansion, and regulatory compliance. The market is projected to reach $18.95 billion by 2028, with a CAGR of 5.5%. Key drivers include demand for resilient storage solutions, hydrogen storage, industrial expansion, stricter environmental regulations, and LNG and gas storage. Major trends include modular and customized solutions, remote monitoring with IoT, green practices, rising chemical and petrochemical industries, and water conservation solutions.
Major Driver In The Storage Tank Market
The pivotal driver behind the storage tank market's trajectory is the escalating water scarcity in various regions. Water scarcity poses a significant challenge by restricting access to safe drinking water and basic hygiene practices in homes, schools, and healthcare facilities. Storage tanks play a crucial role in addressing this issue, allowing for the storage of water for various purposes, including drinking, irrigation, and fire suppression. According to the United Nations International Children's Emergency Fund (UNICEF), half of the world's population could face water scarcity by 2025, and by 2040, 1 in 4 children worldwide may inhabit areas with extremely high water stress. Consequently, the surge in water scarcity in multiple regions remains a driving force for the storage tank market. The market size in 2023 is [2023 value], with projections for 2024 and 2028 at [2024 value] and [2028 value], respectively.
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Storage Tank Market Competitive Landscape
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
Key Storage Tank Market Trend
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 October 2023, Slovnaft, a Slovakia-based oil refinery company, launched a new ethylene storage tank. The new ethylene storage tank is designed for the storage of liquefied ethylene. The non-pressurized double-walled cylindrical vessel with an outer diameter of 30 meters and a height of 26.7 meters can hold 6,000 tons (10,000 m3) of liquid ethylene. It is stored there at a temperature of -103 degrees Celsius and an overpressure of 8 kPa (g).
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Storage Tank Market Segmentation
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
By Geography:The regions covered in the storage tank market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the storage tank market in 2023.
The Storage Tank Global Market Report 2024 furnishes information about the global storage tank market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
