Selbyville, Delaware,, March 06, 2024 (GLOBE NEWSWIRE) --
The storage tank market is expected to reach USD 41 billion by 2032, as reported in a research study by Global Market Insights Inc.
The market is growing due to the increasing demand from various industries, technological advancements, and rising environmental concerns. The industrial infrastructure worldwide is expanding. With the rising demand for oil & gas, chemicals, water, and other liquid substances, there is a corresponding need for efficient and secure storage solutions. According to the IEA, India’s demand for oil is anticipated to reach 6.6 million barrels every day by 2030.
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Furthermore, stringent regulations governing environmental protection and safety standards have spurred investments in advanced storage tank technologies that minimize leakage, corrosion, and environmental risks. The adoption of automation and digitalization solutions in storage tank management has enhanced operational efficiency, safety, and reliability, further driving market expansion.
The storage tank market share from the underground storage tanks segment is predicted to witness substantial growth through 2032 as these tanks are widely used for storing petroleum products, water, and chemicals, particularly in urban areas where space constraints make aboveground installations impractical. The increasing adoption of underground storage tanks across various industries, coupled with technological advancements ensuring enhanced durability and leak detection capabilities, is driving the growth of this segment.
The storage tank market share from the chemical industry application segment is expected to generate massive revenue in the market by 2032 as storage tanks are used for storing raw materials, intermediates, and finished products. With the chemical sector witnessing steady growth globally, there is a parallel demand for reliable and secure storage solutions to ensure uninterrupted production processes. As a result, manufacturers are focusing on developing specialized storage tanks tailored to the specific requirements and safety standards of the chemical industry.
Europe storage tank market size will expand significantly through 2032, driven by factors such as stringent environmental regulations, infrastructure development, and the presence of key industry players. Countries like Germany, the UK, France, and Italy are witnessing substantial investments in storage tank infrastructure across various sectors including oil & gas, chemicals, and water treatment. Moreover, the region's emphasis on sustainability and energy transition is driving the adoption of advanced storage tank technologies such as double-walled tanks and corrosion-resistant materials. These factors are positioning the region as a fertile ground for the storage tank manufacturers & distributors to expand.
The competitive landscape of the global storage tank market is defined by ZCL Composites Inc., Worthington Industries, Tank Connection, Superior Tank Co. Inc., Snyder Industries, PermianLide, Pfaulder, Matrix Service Company, CST Industries, and Belding Tank Technologies Inc. among others.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2018 - 2032
Chapter 3 Storage Tank Market Insights
3.1 Industry ecosystem analysis
3.2 Technology & innovation landscape
3.3 Key news and initiatives
3.4 Regulatory landscape
3.5 Impact forces
3.5.1 Growth drivers
3.5.1.1 Increase in oil & gas exploration activities
3.5.1.2 Rising demand for bulk storage facilities
3.5.1.3 Growing focus on water conservation and wastewater treatment
3.5.1.4 Rapid urbanization
3.5.2 Industry pitfalls & challenges
3.5.2.1 High initial investments
3.5.2.2 Changes in regulations
3.6 Consumer buying behavior analysis
3.7 Growth potential analysis
3.8 Porter’s analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Industry rivalry
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
