How Has The Storage Tank Market Size Evolved Historically?
The storage tank market has seen considerable growth due to a variety of factors.
• Over the past few years, the size of the storage tank market has consistently expanded. The market is projected to increase from $15.08 billion in 2024 to $15.71 billion in 2025, with a compound annual growth rate (CAGR) of 4.2%.
The historical growth of this market is credited to factors such as the industrial revolution and urbanization, progression in material sciences, expansion of the petroleum and oil industry, regulatory compliance and safety standards, as well as the growth of the chemical industry.
What Is the Forecasted Market Size and Growth Rate for The Storage Tank Market?
The storage tank market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for storage tanks is anticipated to witness robust expansion in the forthcoming years, growing to a whopping $20.31 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 6.6%.
Influencing factors for this growth could be the demand for sturdy storage options, the escalating need for hydrogen storage, industrial and infrastructure developments, stricter environmental regulations, as well as a shift towards LNG and gas storage. The upcoming trends for this duration include modular and custom solutions, integration with remote monitoring and IoT, environmentally-friendly practices, expansion of chemical and petrochemical industries, and water-conservation solutions.
What Key Factors and Trends are Driving the Growth of the Storage Tank Market?
The primary factor propelling the storage tank market forward is the escalating water scarcity in numerous regions. The absence of ample water restricts the availability of clean water for consumption and performing basic hygiene tasks at home, schools, and healthcare centers. Storage tanks serve the purpose of holding water and rendering it usable for an array of applications including drinking, irrigation, fire suppression, and more. For example, the United Nations International Children's Emergency Fund (UNICEF), based in the US, predicts that by 2025 half of the global population might reside in zones grappling with a water shortage. It is expected that by 2040, approximately one in every four children globally will be living in areas with extremely high water stress. Hence, the rising scarcity of water in different regions is fueling the demand in the storage tank market.
What Key Areas Define The Segmentation Of The Global Storage Tank Market?
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
Subsegments:
1) By Aboveground Storage Tanks: Fixed-Roof Tanks, Floating-Roof Tanks, Cone Roof Tanks, Bullet Tanks
2) By Underground Storage Tanks: Single-Walled Tanks, Double-Walled Tanks, Fiberglass Tanks, Steel Tanks
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How Are Emerging Trends Reshaping The Dynamics Of The Storage Tank Market?
A significant trend emerging in the storage tank industry is the introduction of innovative products. Firms in this market are creating new items to increase their market presence. For instance, in October 2023, Slovnaft, an oil refinery firm based in Slovakia, unveiled a newly designed ethylene storage tank. This tank, meant for storing liquefied ethylene, is a non-pressurized, double-walled, cylindrical vessel with an outer diameter of 30 meter, a height of 26.7 meter and has the capacity for holding 6,000 tons (10,000 m3) of liquid ethylene, stored at a temperature of -103 degrees Celsius and an overpressure of 8 kPa (g).
Who Are the Key Players in the Storage Tank Market?
Major companies operating in the storage tank market include:
• 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
What Is The Most Dominant Region In The Storage Tank Market?
North America was the largest region in the storage tank market in 2024. 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.
