Dublin, Sept. 20, 2024 (GLOBE NEWSWIRE) -- The "U.S. Frac Tanks Market Size, Share & Trends Analysis Report By Type (Open Top, Closed Top), By Application (Oil & Gas, Construction), By Region, And Segment Forecasts, 2024 - 2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. frac tank market size is anticipated to reach USD 127.3 million by 2030, registering a CAGR of 5.2% from 2024 to 2030
The primary driver is the robust oil and gas sector activity, particularly the continued exploration and production of shale oil and gas. Hydraulic fracturing, or fracking, is critical in extracting these resources, requiring substantial volumes of water, chemicals, and proppants. Frac tanks are indispensable in storing and transporting these materials, ensuring efficient and uninterrupted fracking operations. The high level of drilling and fracking activities, especially in prolific shale regions like the Permian Basin and the Bakken Formation, fuels the demand for frac tanks. 
The U.S. has significantly boosted its natural gas production by approximately 30 billion cubic feet per day over the past 15 years. Frac tanks, characterized by their quarter-inch corrugated walls, are essential in the hydraulic fracturing industry for the efficient storage of materials such as sand, water, and chemical additives. These components are crucial for the fracking process, and the design of these tanks ensures the safe and effective containment of these materials.
A variety of equipment is essential for construction activities, notably for dewatering tasks and storing fuel and other liquids. The ability to store water conveniently enables workers to have a readily available supply for activities such as mixing concrete, cleaning the site, and controlling dust at drilling locations. In addition to these applications, frac tanks are frequently employed in the hydrostatic testing of pipelines involved in constructing natural gas infrastructure.
Frac tanks also play a crucial role in waste management within refineries. They are used to segregate and store waste products and by-products until they can be processed, treated, or disposed of properly, minimizing the environmental impact of refinery operations. In addition to storage, frac tanks can be employed in other processes, such as separation, where water and oil can be temporarily stored separately as they are treated or prepared for further processing.
Innovations in frac tank design and materials significantly drive market growth. Manufacturers are continually developing more durable, efficient, and cost-effective frac tanks to meet the industry's evolving needs. Modern frac tanks often feature advanced leak prevention technologies, improved mobility, and modular designs, which enhance their utility in various fracking scenarios. These advancements not only improve operational efficiency but also reduce environmental risks, making them more attractive to operators.
Frac tank manufacturers are adopting several strategies, such as acquisitions, mergers, joint ventures, new product launches, and geographical expansion, to enhance market penetration and cater to changing technological demands from various end-use applications, including residential, commercial, and industrial applications.
For instance, in September 2023, Dragon Products acquired a new 19-acre production tank manufacturing plant in San Angelo, Texas. The newly acquired facility is expected to continue to build API-certified production tanks. The acquisition was driven by increased customer demand for surface production equipment of Dragon in the Permian Basin.
U.S. Frac Tanks Market Report Highlights
- The closed top type segment held the largest share of the global revenue in 2023. These frac tanks are used for temporary liquid storage in fracking, where safe and reliable on-site liquid storage is required. These tanks range from 8,400 gallons to 21,000 gallons.
- The environmental remediation application segment is expected to show lucrative growth over the forecast period. Frac tanks use remediation equipment, such as pumps, filters, and treatment systems, to facilitate cleanup. They are integral components of mobile remediation units, providing temporary storage for treated or untreated liquids until they can be safely transported off-site or discharged in compliance with regulatory standards.
- The Southwest region segment held the largest share of the global revenue in 2023. The Energy Information Administration (EIA) reports that gross natural gas withdrawals in the Permian region recorded a new annual high in 2022 at 21.0 billion cubic feet per day (Bcf/d), a 14% increase from the 2021 average. This production growth can be attributed to the region's response to fluctuations in crude oil prices, as most natural gas production in the Permian Basin is associated with oil wells.
- In October 2023, CST Industries, a market player in storage solutions, announced a strategic partnership with Aquastore Canada East as its authorized dealer. This alliance is expected to expand CST Industries' presence and facilitate the delivery of its high-quality storage solutions to Eastern Canada.
Companies Featured
- Dragon Products
- Texoma MFG LLC
- Wichita Tank
- Pinnacle Manufacturing
- Sabre Manufacturing
- Geneva Equipment
- KOKS Group bv
- H & H Welding LLC
- JWF Industries, Inc
- CST Industries
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 152 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $90.2 Million |
| Forecasted Market Value (USD) by 2030 | $127.3 Million |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | United States |
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
2.1 Market Snapshot
2.2 Type & Application Segment Snapshot
2.3 Competitive Landscape Snapshot
Chapter 3 U.S. Frac Tank Market: Variables, Trends & Scope
3.1 Concentration and Growth Prospect Mapping
3.2 Industry Value Chain Analysis
3.2.1 Raw material and component outlook
3.2.2 Manufacturer outlook
3.2.3 Distribution outlook
3.2.4 End-Users outlook
3.3 Regulatory Framework
3.3.1 Impact of regulations on the U.S. frac tank market
3.4 Market Dynamics
3.4.1 Market Driver Analysis
3.4.2 Market Restraint Analysis
3.4.3 Market Opportunity Analysis
3.5 Competitive Pricing Analysis
3.6 Economic Mega Trends
3.6.1 Impact of The COVID-19 on the market
3.6.2 Russia-Ukraine war impact on U.S. frac tank market
3.7 Industry Analysis Tools
3.7.1 Porter's analysis
3.7.2 Macroeconomic analysis
Chapter 4 U.S. Frac Tank Market: Type Estimates & Trend Analysis
4.1 U.S. Frac Tank Market: Type Outlook
4.2 U.S. Frac Tank Market: Type Movement Analysis & Market Share, 2023 & 2030
4.3 U.S. Frac Tank Market Estimates & Forecasts, By Type, 2018 - 2030 (USD Billion)
4.3.1 Open Top Market estimates and forecasts, 2018 - 2030 (USD Million)
4.3.2 Closed Top Market estimates and forecasts, 2018 - 2030 (USD Million)
4.3.3 Mix Tank Market estimates and forecasts, 2018 - 2030 (USD Million)
4.3.4 Double Wall Market estimates and forecasts, 2018 - 2030 (USD Million)
4.3.5 Gas Buster Market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 5 U.S. Frac Tank Market: Application Estimates & Trend Analysis
5.1 U.S. Frac Tank Market: Application Outlook
5.2 U.S. Frac Tank Market: Application Movement Analysis & Market Share, 2023 & 2030
5.3 U.S. Frac Tank Market Estimates & Forecasts, By Application, 2018 - 2030 (USD Million)
5.3.1 Oil & gas Market estimates and forecasts, 2018 - 2030 (USD Million)
5.3.2 Construction Market estimates and forecasts, 2018 - 2030 (USD Million)
5.3.3 Environmental remediation Market estimates and forecasts, 2018 - 2030 (USD Million)
5.3.4 Shipyards and Airports Market estimates and forecasts, 2018 - 2030 (USD Million)
5.3.5 Refinery Market estimates and forecasts, 2018 - 2030 (USD Million)
5.3.6 Other applications Market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 6 U.S. Frac Tank Market: Region Estimates & Trend Analysis
6.1 Northeast
6.1.1 Northeast Frac Tank Market Estimates & Forecasts, 2018 - 2030 (USD Million)
6.2 Southeast
6.3 Midwest
6.4 Southwest
6.5 West
Chapter 7 U.S. Frac Tank Market: Competitive Landscape
7.1 Recent Developments & Impact Analysis, By Key Market Participants
7.2 Vendor Landscape
7.3 Company/Competition Categorization
7.4 Company Market Positioning
7.5 Participant's Overview
7.6 Financial Performance
7.7 Product Benchmarking
7.8 Company Market Share Analysis, 2023
7.9 Company Dashboard Analysis
7.10 Company Heat Map Analysis
7.11 Strategy Mapping
Chapter 8 U.S. Frac Tank Market: Company Profiling
For more information about this report visit https://www.researchandmarkets.com/r/hqed2u
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
