Pune, Sept. 27, 2024 (GLOBE NEWSWIRE) -- Storage Tank Market Report Scope:
“According to SNS Insider Research, The Storage Tank Market size was valued at US$ 24.34 billion in 2023 and is projected to reach US$ 44.82 billion by 2032, growing at a CAGR of 7.02% over the forecast period 2024-2032.”
Transformative Innovations Drive Growth in the Storage Tank Market Amid Rising Energy Demands and Sustainability Efforts
The storage tank market has come a long way with the development of new materials and manufacturing processes. The use of high-performance materials to manufacture storage tanks, which are more durable and more resistant to corrosion such as fibreglass-reinforced plastic (FRP), stainless steel and polyethylene reduces maintenance costs and improves operational efficiency. In addition, the use of GPS monitoring systems has enabled live tracking to enable real-time monitoring meaning better control over resources.
Growing energy consumption is a key driver of market growth Oil and gas exploration and production activities are increasing vigorously in the face of growing demand for safe storage solutions in crude oil, refined products, and natural gas. In addition to this, the rising importance of water conservation & management has led to an increase in demand for water storage tanks in residential and industrial sectors. The chemical industry additionally requires specially designated storage for both hazardous and non-hazardous chemicals. This is a massive market and there are plenty of opportunities in it, especially when deals with renewable energy come about. The world is moving towards renewable energy and there is an upward requirement of storage options for biofuels, hydrogen & other renewable energy materials. Things can get even better for those businesses that are able to innovate in these sectors. Moreover, the growing infrastructure in developing countries are responsible for increasing demand of efficient water and waste management system further boosting the market.
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Major Players Analysis Listed in this Report are:
- CST Industries, Inc.
- Balmoral Tanks Ltd
- McDermott International Inc.
- Containment Solutions, Inc.
- DN Tanks
- Caldwell Tanks
- Sintex Industries Ltd
- Emiliana Serbatoi S.r.l.
- Carbery Plastics Limited
- Nova Plastic Industries L.L.C.
- PermianLide
- Superior Tank Co., Inc.
- Wheeler Tank Manufacturing
- T.F. Warren Group
- Highland Tank & Manufacturing Company
- Belding Tank Technologies, Inc.
- Plascore, Inc.
- Hughes Tank Company
- ModuTank, Inc.
- ZCL | Xerxes & Other Players
Storage Tank Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 24.34 Billion |
| Market Size by 2032 | USD 44.82 Billion |
| CAGR | CAGR of 7.02% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Drivers | • Increasing oil and gas consumption is driving the demand for storage tanks, crucial for storing crude oil, refined products, and natural gas in the energy supply chain. |
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Segmentation Analysis: Dominance of Aboveground Storage Tanks and Hazardous Materials in 2023 Revenue Shares
By Type: The aboveground storage tanks (ASTs) held the largest revenue share of 69.02% in 2023. These tanks are commonly used due to their ease of installation, maintenance, and inspection. Their visibility allows for quick identification and addressing of leaks or damages, making them ideal for storing fuel, processing chemicals, and treating water. The demand for ASTs is anticipated to remain robust as industries seek efficient and accessible storage solutions.
By Product: Hazardous storage tanks accounted for the largest revenue share of 63.89% in 2023. These tanks are specifically designed to securely hold substances that pose significant dangers to health, safety, and the environment. Constructed with robust materials and innovative safety features, hazardous tanks are critical in sectors like oil and gas, chemicals, and waste management, ensuring regulatory compliance and risk mitigation.
By Material: Steel tanks represented the largest revenue share of 58.04% in 2023. Known for their robustness and longevity, steel tanks can withstand high temperatures and pressures, making them essential in industries such as oil and gas, chemicals, and water treatment. Their ability to be manufactured in various shapes and sizes enhances their versatility across multiple applications.
By Application: The oil and gas sector held the largest revenue share of 35.06% in 2023. As one of the largest consumers of storage tanks, this industry relies heavily on secure and efficient storage solutions for crude oil, refined products, and natural gas. The continuous demand for energy and the expansion of exploration and production activities are expected to sustain the need for storage tanks in this sector.
Storage Tank Market Key Segmentation:
By Type
- Aboveground Storage Tanks
- Underground Storage Tanks
By Product
- Hazardous
- Non-Hazardous
By Material
- Steel
- Concrete
- Polyethylene
- Others
By Application
- Oil & Gas
- Chemicals
- Water
- Food and Beverage
- Others
Regional Analysis: North America Leads the Storage Tank Market, While Asia-Pacific Seizes Growth Opportunities
North America: The North America region dominated the storage tank market with a share of 42.06% in 2023, driven by a strong industrial foundation and significant infrastructure growth. The thriving oil and gas industry, particularly in the US, necessitates advanced storage solutions for crude oil, refined products, and natural gas. Strict environmental regulations and safety measures require high-quality storage tanks to ensure safe containment and minimize environmental risks.
Asia-Pacific: The Asia-Pacific region is experiencing rapid growth in the storage tanks market, fueled by robust industrial development, urban expansion, and infrastructure advancements. Countries like China, India, and Japan are making significant investments in the oil and gas, chemicals, and water treatment sectors, thereby increasing the demand for advanced storage solutions.
Recent Development
In June 2024: Hypro unveiled a new range of cryogenic storage tanks designed for the global market, enhancing its portfolio with advanced, high-capacity solutions. These tanks cater to the increasing demand for safe and efficient cryogenic storage, ensuring reliability and performance.
In September 2023: Utkarsh Pipes launched a new product line, Utkarsh Water Tanks. These tanks offer durable and efficient water storage solutions, reinforcing Utkarsh’s commitment to quality and innovation in the storage tank market.
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Table of Contents -Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Storage Tank Market Segmentation, By Type
8. Storage Tank Market Segmentation, By Product
9. Storage Tank Market Segmentation, By Material
10. Storage Tank Market Segmentation, By Application
11. Regional Analysis
12. Company Profiles
12. Company Profiles
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